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IVR

Invesco Mortgage Capital Inc.

6/19/2013, 4:27 AM ET

Quote & Headlines Market Currents StockTalk

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Monday, June 17, 4:20 PM Invesco Mortgage Capital (IVR) declares $0.65/share quarterly dividend, in line with previous. Forward yield 14.27 %. For shareholders of record June 27. Payable July 26.Ex-div date June 25 (PR) Comment! [Dividends]
Monday, June 17, 4:15 PM Another mortgage REIT holds the line on dividends with Invesco Mortgage (IVR) declaring a $0.65/share payout for Q2. Annualized, it's a 14.3% yield. The current stock price of $18.23 compares to March 31 book value/share of $20.42. (PR) Comment! [Financials, Breaking News]
Monday, June 17, 3:05 PM Rate worries have the mREIT sector (REM -1.6%) turning sharply lower again. Leading the way today is Javelin Mortgage (JMI -5.9%) - the non-agency mREIT externally managed by Armour Residential (ARR -1.7%) - after a downgrade to Sell at Barclays, which also cuts its price target to $14 from $21. Others: Annaly (NLY -3.1%), Chimera (CIM -2.1%), Invesco (IVR -2%), Two Harbors (TWO -2.2%), Hatteras (HTS -2.1%). 10 Comments [Financials, On the Move]
Thursday, June 13, 10:08 AM Armour Residentail (ARR +4.8%) surges after holding its monthly distribution steady at $0.07/share. Capstead Mortgage (CMO +2%) gains as well after maintaining its quarterly payout at $0.31. The mREIT sector (REM +1.5%). Some other names moving: Invesco (IVR +2.1%), Two Harbors (TWO +1%), Hatteras (HTS +1.6%), Anworth (ANH +1.8%), Western Asset (WMC +3.4%), PennyMac (PMT +2.1%). 14 Comments [Financials, On the Move]
Friday, June 7, 11:23 AM It's not a misprint, but Western Asset Mortgage's (WMC -0.7%) annualized dividend yield is north of 20% after the recent big decline in its stock price, writes Marc Courtenay. At $18.48, the stock is also trading below March 31 book value of $19.42. "We may have already seen the bottom for mRETIs ... buy low and then buy more if the shares go even lower," he writes. Spread risk around as well, he says, suggesting Annaly (NLY) and Invesco (IVR) in addition. 17 Comments [Financials]
Friday, June 7, 10:26 AM "I would not overestimate retail investors' knowledge of how this business works," says Armour Residential (ARR) co-CEO Scott Ulm. Income players love mREITs (MORT), but when rates rise, losses come quick. "We believe mREITs are not appropriate for most individual investors," writes Edward Jones' Kate Warne as the brokerage warns its 12K advisors to steer clients clear. Ulm remains hopeful: "As bonds become cheaper, reinvestment becomes more profitable." With rates up today, the sector is lower again: Annaly (NLY -0.8%), American Capital (AGNC -2%), CYS (CYS -1.1%), Western Asset (WMC -0.6%), Invesco (IVR -0.6%), Hatteras (HTS -0.8%). Comment! [Financials]
Tuesday, June 4, 11:18 AM If you believe California housing, MFA Financial might be your mREIT of choice. Of the company's $5.4B non-agency portfolio, 46.1% of the underlying loans are in California. Next is Florida with 7.9%. MFA has outperformed other non-agency players (JMI, DX, IVR, MTGE) over the last year. Also of interest is the disappearing universe of non-agency MBS - it was $2.25T pre-crisis and now only about $900B. (KBW Mortgage Conference presentation) Comment! [Financials]
Tuesday, June 4, 9:28 AM More from CYS Investments at KBW (previous): The speed (page 9) with which mortgage rates have increased in unlike anything seen even during the financial crisis, says CEO Kevin Grant. He muses over whether Bernanke's May testimony (taper) was confused messaging or an intentional market test. The punishment inflicted on mREITs (MORT) is well-known, but don't forget: Refinance activity will crater - gain on sale windfall to banks may be over, home affordability is now diminished, banks will be pushed to Treasurys over credit risk as the ROE on government paper is now improved. Grant's talk (webcast) is one all mREIT investors will value. 25 Comments [Financials]
Wednesday, May 29, 3:20 PM Some green creeps into the mortgage REIT sector (MORT) after a panicky morning. Sector giants AGNC and NLY post small gains, while hybrid Invesco (IVR +2.8%) and agency adjustable-rate player Hatteras (HTS +3.1%) have moved strongly higher. Not only did insiders step in to buy plunging Armour Residential today, but they were also buyers (I, II) of sister-company Javelin Mortgage (JMI -2.3%) which got hit with a downgrade to Hold at Citigroup. At the morning's low of $14.69, the stock was trading at a 20% discount to March 31 book value. 6 Comments [Financials, On the Move]
Tuesday, May 28, 1:33 PM Growing thoughts of a tapering and then ending of QE∞ triggers panicky selling in the mREIT sector (MORT -2.3%) as Treasury yields hit their highest level in more than a year (the 10-year at 2.12%), and mortgage prices slide as well (MBB -0.4%). Leading the way is a 5.3% decline in American Capital Agency. Annaly (NLY -2.7%), Two Harbors (TWO -3%), Anworth (ANH -2.2%), Western Asset (WMC -4.7%), Apollo Residential (AMTG -3.7%), Javelin (JMI -4.3%), Invesco (IVR -1.8%), MFA Financial (MFA -1.5%). 83 Comments [Financials, On the Move]
Friday, May 24, 3:00 PM After a 13% decline over the last two months and now trading about 5% below book value, Invesco Mortgage (IVR) gets its 2nd insider buy in a week, with CIO John Anzalone adding about 9% to his stake in the company with a 2,100 share purchase Wednesday at $19.61 each (previous: CEO's purchase). 2 Comments [Financials]
Friday, May 17, 2:26 PM Invesco Mortgage (IVR) CEO Richard King added a bit more than 10% to his stake in the company yesterday, purchasing 5K shares at $19.92 each. The stock has dipped more than 5% since earnings on May 1 and at $19.92 trades below March 31 reported book value of $20.42. Comment! [Financials]
Thursday, May 16, 12:43 PM It's a nice bounce for the mortgage REITs (MORT +1.3%) today as a string of weak economic data leads to a big drop in Treasury yields, the 10-year off 6 bps to 1.88%. Leading gains is Western Asset Mortgage (WMC +3.3%) following yesterday's 8% post-earnings drubbing. CEO Jim Gavin took advantage, adding 12.8% to his stake by buying about $42K worth of stock at $19.96 each. Other movers include: (CMO +2.1%), (NLY +1.9%), (ARR +2.6%), (IVR +1.8%). 6 Comments [Financials, On the Move]
Friday, May 10, 2:39 PM Gary Kain-led American Capital Agency (AGNC -2.8%) and American Capital Mortgage (MTGE -2%) lead the decline in an all-red mREIT sector (MORT -1%) today, with AGNC taking out its post-earnings low from last week. On the earnings call, Kain said upward pressure on rates had cooled to start Q2 and book value was headed higher, but markets may not be cooperating. The 10-year yield is up 8 bps today to a near 2-month high. Others: Annaly (NLY -1.2%), Invesco (IVR -1.2%), MFA (MFA -1.8%), Western Asset (WMC -1.3%). 12 Comments [Financials, On the Move]
Tuesday, May 7, 8:36 AM Invesco Mortgage Capital (IVR) is upgraded to Buy at Ladenburg Thalmann with price target of $23. The post-earnings dip in the stock price makes the valuation attractive and the company's entry into the RMBS securitization business could be a very profitable one. Comment! [Financials]
Friday, May 3, 7:25 AM A check of some other mortgage REITs premarket after AGNC reported a big loss in Q1: NLY -1%, IVR -0.4%, HTS -0.7%, CYS -0.7%, MFA -0.3%, CMO -2.3%, DX -1.8%, WMC -3.3%.
3 Comments [Financials, On the Move]