GlobeNewswire (Thu, 5:06PM)
GlobeNewswire (Jan 6, 2014)
JAVELIN Mortgage Investment Corp. Announces Monthly Dividend Rate of $0.15 Per Share for Fiscal Year 2014GlobeNewswire (Dec 18, 2013)
GlobeNewswire (Dec 16, 2013)
JAVELIN Mortgage Investment Corp invests in and manages a portfolio of agency mortgage-backed securities, non-agency mortgage-backed securities and other mortgage-related investments, which it refer to as its target assets.
Friday, Mar 73:45 PM
Friday, Mar 73:45 PM| 2 Comments
- Hardest hit in the mREIT sector today is Javelin Mortgage (JMI -5.3%) after reporting core EPS of $0.45, down from $0.54 in Q3, but inline with the current monthly payout of $0.15.
- Book value per share fell to $14.28 from $14.69 at the end of Q3 (if you add the dividend back, it actually rose a few pennies), leaving the stock (before today's decline) trading at a premium to book. Net interest margin of 1.78% gained six basis points with CPR falling to 4% from 5.4%.
- Leverage declines to 4.9:1 from 6.48:1 as the agency portfolio falls to $802M from $1.3B and the non-agency to $284.3M from $267.2M.
- 1.5M shares repurchased at average price of $12.72 each during Q4, leaving about 12M shares outstanding.
- The company previously announced a boost in the buyback authorization to 3M shares.
- Press release
Thursday, Mar 65:53 PM
Thursday, Mar 67:19 AM
Thursday, Mar 67:19 AM| 1 Comment
- The stock repurchase authorization is raised to 3M shares from 2M previously. With the boost, the company currently has permission to buy back another 1.49M shares.
- Thomas Guba - on the board since 2012 - is appointed lead independent director.
- Javelin is externally managed by the same team which externally manages Armour Residential (ARR) and Armour made nearly identical moves today, though Javelin's buyback program - under pressure from an activist investor - has previously been more aggressive than Armour's.
- Press release
- JMI no trades premarket
Thursday, Jan 1610:00 AM
Thursday, Jan 1610:00 AM| 2 Comments
- It's mission accomplished at Javelin Mortgage (JMI) for Phil Goldstein's Bulldog Investors, but there are other "vulnerable companies," says JMP's Steve Delaney. “Management doesn’t have a lot to stand on if the REIT’s stock is trading at 80 percent of its book value."
- Javelin has returned 33% since Bulldog disclosed a stake (and called for fast buybacks) late last summer even as the rest of the sector - including giants Annaly (NLY) and American Capital Agency (AGNC) - continued to decline. Goldstein has deferred to comment on his next target but has said he's eyeing both equity and mortgage REITs.
- Anworth Mortgage (ANH) - trading in the area of a 30% discount to book - is a "clear target" for an investor like Goldstein, says Delaney. The company repurchased 2.8M shares in Q4 and boosted its authorization to another 5M.
- Annaly and American Capital are likely too big to be targets, says Delaney, as is a smaller shop with a big backer like Leon Black's Apollo Residential Mortgage (AMTG).
- Related ETFs: REM, MORT, MORL
Monday, Jan 138:49 AM
Monday, Jan 138:49 AM| 2 Comments
- Javelin Mortgage (JMI) is quietly 27% higher since late November amid agreeing with dissident investor Phillip Goldstein's Bulldog Investors to speed up its share repurchase program.
- The stock was at a 20% discount to book just before Thanksgiving when Bulldog raised its stake and threatened to try and shake up the board. The company has since boosted its buybacks and Bulldog has pulled its slate of board nominees. At $14.86 at the close on Friday, the stock now trades at a slight premium to September 30 book value - premiums to book are rare in the mREIT sector today.
Wednesday, Dec 182013, 8:24 AM|Wednesday, Dec 182013, 8:24 AM| Comment!
Monday, Dec 162013, 12:43 PM
Monday, Dec 162013, 12:43 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 62013, 11:42 AM
Friday, Dec 62013, 11:42 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 222013, 4:29 PM
Friday, Nov 222013, 4:29 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 302013, 6:59 AM
Wednesday, Oct 302013, 6:59 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 302013, 6:12 AM
Monday, Sep 302013, 4:15 PM
Tuesday, Sep 242013, 2:45 PM
Tuesday, Sep 242013, 2:45 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 202013, 10:22 AM
Friday, Sep 202013, 10:22 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 192013, 9:13 AM
Thursday, Sep 192013, 7:33 AM
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