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JAVELIN Mortgage Investment Corp. Announces Monthly Dividend Rate of $0.15 Per Share for Fiscal Year 2014GlobeNewswire (Wed, 8:00AM)
GlobeNewswire (Mon, 9:10AM)
GlobeNewswire (Aug 27, 2013)
GlobeNewswire (Aug 5, 2013)
GlobeNewswire (Jun 13, 2013)
JAVELIN Mortgage Investment Corp. Announces Pricing of Public Offering of 6,000,000 Shares of Common StockGlobeNewswire (May 8, 2013)
GlobeNewswire (May 7, 2013)
JAVELIN Mortgage Investment Corp. Reports 15.8% Annualized ROE From Taxable REIT Income for Initial Operating PeriodGlobeNewswire (Mar 21, 2013)
GlobeNewswire (Mar 19, 2013)
GlobeNewswire (Dec 17, 2012)
JAVELIN Mortgage Investment Corp. Announces November and December 2012 Monthly Dividend Rate of $0.23 Per ShareGlobeNewswire (Nov 7, 2012)
JMI vs. ETF Alternatives
JMI is a newly-organized Maryland corporation formed to invest in and manage a leveraged portfolio of agency mortgage-backed securities, non-agency mortgage-backed securities and other mortgage-related investments. More
Wednesday, Dec 188:24 AM|Wednesday, Dec 188:24 AM| Comment!
Monday, Dec 1612:43 PM
Monday, Dec 1612:43 PM| Comment!
- As part of its 2M share buyback program, Javelin Mortgage (JMI -1.6%) will buy back 516K shares owned by Phillip Goldstein's Bulldog Investors at $12.7574 per share (a nickel less than the volume-weighted average price on Friday), and Bulldog agrees to pull its slate of nominees to the board.
- Bulldog has agitated for Javelin to speed up the pace of buybacks while the stock remains so far below book value (at $12.66 currently, the stock is at a 13.8% discount to Sept. 30 book of $14.69).
- Adding the shares from this deal, Javelin will have spent $15.275M YTD buying back about 9% of the float.
- Press release
Friday, Dec 611:42 AM
Friday, Dec 611:42 AM| 12 Comments
- There's a bit of green spreading across the mREIT sector this morning as Treasurys reverse an early plunge following the strong jobs report - the 10-year yield is now off 3 basis points to 2.85% after climbing to 2.93% just after the 8:30 ET release.
- However, there's no relief for sector leaders Annaly (NLY -1%) and American Capital Agency (AGNC -1.5%), both of which continue to reel following Goldman's Sell recommendation yesterday - each have carved out new 52-week lows this morning. There may be plenty of players in the mREIT sector, but for the institutional big boys who have the Goldman report on their desks, there's just NLY and AGNC. Others in the red include: Armour (ARR -0.7%) and CYS Investments (CYS -1.1%).
- Posting gains: Chimera (CIM +0.8%), Invesco (IVR +0.2%), Hatteras (HTS +0.2%), Dynex (DX +0.7%), New York Mortgage (NYMT +0.3%), Apollo Residential (AMTG +0.7%), Javelin (JMI +1.1%), AG Mortgage Investment (MITT +2.3%).
- Related ETFs: REM, MORT, MORL.
Friday, Nov 224:29 PM
Friday, Nov 224:29 PM| 4 Comments
- Phillip Goldstein's Bulldog Investors adds to its stake in Javelin Mortgage (JMI), now reporting the ownership of more than 1M shares, or 7.65% of the company.
- In a letter to the board, Goldstein confirms Bulldog's intention to nominate its own directors at the next board meeting and calls on the company to speed up the repurchase of shares (the board has authorized 2M) while the stock remains at a discount to book value.
- Javelin reported a book value of $14.69 as of September 30 vs. today's close of $11.74, putting the stock at a 20% discount to book.
- SEC Form 13D
Wednesday, Oct 306:59 AM
Wednesday, Oct 306:59 AM| Comment!
- Taxable REIT income of $7.3M, or $0.54 per share.
- Book value per share of $14.69 is off 6.6% from $15.72 at the end of Q2, and compares to last night's close of $11.94, putting the stock at an 18.7% discount.
- Net interest margin of 1.72% is down 3 basis points from Q2.
- The board authorizes a 2M share repurchase program, nearly 15% of the float.
- Press release.
- JMI no trades premarket.
Wednesday, Oct 306:12 AM
Monday, Sep 304:15 PM
Tuesday, Sep 242:45 PM
Tuesday, Sep 242:45 PM| 16 Comments
- The mREIT (REM -0.5%) environment has turned favorable, says Maxim's Michael Diana, but non-agency players are his favorites due to less leverage and exposure to higher home prices. His favorite picks:
- Ellington Financial (EFC +1.2%) - a non-REIT which gives it "the ability to hedge and trade on an unrestricted basis [and profit from] volatility." His target price is $28 (Ellington Residential EARN is the REIT version).
- Two Harbors (TWO -0.3%) - “due to substantial non-Agency and hedging expertise, as well as diversification.” The price target is $11.50.
- American Capital Mortgage (MTGE +1.2%) - price target $25.
- Eleven mREITs have cut their dividends this quarter, but pricing below book value still leaves yields high - 13.9% average for agency REITs, and 13.1% for hybrids.
- Other buy-rated mREITs at Maxim: AMTG, DX, AGNC. Hold-rated: MITT, ARR, HTS, JMI.
- Related ETFs: MORT, MORL.
Friday, Sep 2010:22 AM
Friday, Sep 2010:22 AM| 17 Comments
- The mREIT (REM -1.7%) stocks sink under another wave of hefty dividend cuts overnight, with the sector gorillas Annaly (NLY -2.6%) and American Capital (AGNC -3%) slashing their payouts by 12.5% and 24% respectively. American Capital however, continues buying back its shares at a discount to book value at a fast pace.
- American Capital's non-agency cousin, American Capital Mortgage (MTGE -1.2%) cut its dividend 12.5%, and also continues to retire stock below book value. Western Asset Mortgage (WMC +0.7%) held the line on its dividend.
- Other movers include: Chimera (CIM -1.3%), Hatteras (HTS -1.9%), Capstead (CMO -2.2%), Javelin (JMI -3.3%).
- Relevant ETFs: MORT, MORL.
Thursday, Sep 199:13 AM
Thursday, Sep 197:33 AM
Wednesday, Sep 185:42 PM
Wednesday, Sep 182:29 PM
Wednesday, Sep 182:29 PM| 24 Comments
- Most stocks are partying in wake of the Fed not commencing its QE taper today, but one sector of note is the beaten down mortgage REIT (REM +2.8%) group.
- Annaly (NLY +3.2%), American Capital (AGNC +3.5%), (MTGE +2.4%), Armour (ARR +3.4%), Two Harbors (TWO +3.4%), CYS Investments (CYS +3.7%), Anworth (ANH +2.8%), Western Asset (WMC +2.2%), Javelin (JMI +2%), AG Mortgage (MITT +2.1%), Arlington Asset (AI +1.6%).
- Yesterday, KBW called out CYS Investments as one of the more aggressive plays for those believing rates might head lower.
- ETFs of note: MORT, MORL.
Thursday, Aug 291:02 PM
Thursday, Aug 291:02 PM| 35 Comments
- In a major about-face, Jeff Gundlach turns bullish on the mortgage REIT sector (REM +0.7%), telling CNBC he spots value as many are trading at 10% or more discounts to net asset value. He specifically mentions Annaly (NLY +1.3%) as being a buy. Reported book value as of June 30 is $13.03 vs. the current price of $11.50.
- Other popular names trading at big discounts (though not mentioned by Gundlach): AGNC, ARR, IVR, HTS, CYS, CMO, MTGE, DX, WMC, JMI, EARN, to name a few.
- Other mREIT ETFs: MORT, MORL.
- He's also a fan of closed-end income funds trading at wide discounts to NAV. None are mentioned, but PDI, PFN, and PFL come to mind. DoubleLine's own DBL is trading right about at NAV.
- Of Apple's (AAPL +0.6%) big run to $500? "All the easy money has been made ... It's kind of dead money."
Monday, Aug 1910:04 AM
Monday, Aug 1910:04 AM| 35 Comments
- One trader takes note of Annaly Capital (NLY -2.1%) - it's fallen through the 2008 panic low all the back to 2005 levels hit amid a prolonged rate hike cycle and when the dividend had to be cut to $0.10 (it was $0.40 last quarter).
- Others of note: Armour (ARR -1.9%), CYS Investments (CYS -2.4%), AG Mortgage (MITT -2%), Capstead (CMO -1.3%), Javelin (JMI -2.3%), American Capital (MTGE -0.9%).
- Related ETFs: REM, MORT, MORL.
Friday, Aug 161:24 PM
Friday, Aug 161:24 PM| 42 Comments
- It's thin trading conditions, but the 10-year Treasury yield jumps 9 bps all of a sudden to 2.86%, touching a new 2-plus-year high. This despite weaker-than-expected consumer and housing data this morning.
- TLT -0.8%, TBT +1.7%.
- The move is taking a toll on stocks, where the S&P (SPY -0.4%) has slipped more than half a percent off the session high.
- The mortgage REITs (REM -1.7%), (MORT -1.5%), (MORL -3.5%) quickly react to the downside. Leading are: Armour (ARR -2.9%), CYS (CYS -4.2%), Javelin (JMI -3.5%), Hatteras (HTS -2.3%), (MFA -2.6%), Annaly (NLY -1.9%), American Capital (AGNC -1.8%), Dynex (DX -1.4%).
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Ocean Man:: This price is a 20% discount to book value, and buying back shares below BV further increases BV.
jimbo-hawks:: Thanks. Why am I paying college tuition when I can just get on SA and read your Stocktalks/Instablog
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67g8i32:: Bid/ask of &ORC usually are 100 shares most of the time. But now the bid/ask are 400000/90000 etc. funny! Maybe, who cares.