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AG Mortgage Investment Trust, Inc. Announces Fourth Quarter Common Stock Dividend of $0.60 per ShareBusiness Wire (Thu, 5:00PM)
Business Wire (Nov 14, 2013)
Business Wire (Nov 5, 2013)
AG Mortgage Investment Trust, Inc. Schedules Third Quarter 2013 Earnings Release and Conference CallBusiness Wire (Oct 15, 2013)
Business Wire (Sep 9, 2013)
Business Wire (Sep 4, 2013)
AG Mortgage Investment Trust, Inc. Announces Preferred Stock Dividends Payable on September 17, 2013Business Wire (Aug 15, 2013)
Business Wire (Aug 7, 2013)
AG Mortgage Investment Trust, Inc. Schedules Second Quarter 2013 Earnings Release and Conference CallBusiness Wire (Jul 17, 2013)
AG Mortgage Investment Trust, Inc. Announces Second Quarter Common Stock Dividend of $0.80 per ShareBusiness Wire (Jun 6, 2013)
Business Wire (May 14, 2013)
Business Wire (May 6, 2013)
AG Mortgage Investment Trust, Inc. Schedules First Quarter 2013 Earnings Release and Conference CallBusiness Wire (Apr 25, 2013)
AG Mortgage Investment Trust, Inc. Announces First Quarter 2013 Common Stock Dividend of $0.80 per ShareBusiness Wire (Mar 5, 2013)
Business Wire (Mar 5, 2013)
AG Mortgage Investment Trust, Inc. Schedules Fourth Quarter 2012 Earnings Release and Conference CallBusiness Wire (Feb 22, 2013)
Business Wire (Feb 14, 2013)
Business Wire (Jan 24, 2013)
Business Wire (Dec 20, 2012)
MITT vs. ETF Alternatives
Friday, Dec 611:42 AMMinus sector giants, mREITs head higher
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.
Thursday, Dec 55:12 PM
Monday, Dec 23:48 PMNo bid for mortgage REITS as yields rise
Monday, Dec 23:48 PM| 36 Comments
- There's no mercy for the mREIT sector (REM -1.6%) as this morning's strong economic data sends the 10-year Treasury yield five basis points higher to 2.80%. Among the new 52-week lows today are sector giants Annaly (NLY -1.6%) and American Capital Agency (AGNC -1.8%).
- Also down sharply are Armour (ARR -2.4%), CYS Investments (CYS -2.4%), Dynex (DX -2.5%), American Capital Mortgage (MTGE -2.8%), AG Mortgage (MITT -2.4%), and Arlington Asset (AI -3.1%).
- Management matters, and investors have clearly lost some faith in the leadership of Annaly and American Capital - both of which trade at more than 20% discounts to book value. The newest favorite is that of Ellington Financial (EFC), where management has mostly been able to preserve book value this year. Company structure may have helped too - Ellington is a partnership, not a REIT and has somewhat more flexibility with its portfolio. The stock trades at just a 6% discount to October 31 reported book.
- ETFs: MORT, MORL
Friday, Nov 223:11 PMMortgage REITs continue to slide
Friday, Nov 223:11 PM| 8 Comments
- A nice backup in rates (the 10-year Treasury yield is off 4 bps to 2.75%) is of no help to the mortgage REITs (REM -0.3%), with sector kingpins Annaly (NLY -1.4%) and American Capital Agency (AGNC -1.2%) both hunkered down (NLY earnings call, AGNC earnings call) for the Fed taper, and both hitting 52-week lows today.
- Earlier this week, AGNC and MTGE CIO Gary Kain took his case all the way to Asia at the Citi financial services conference in Hong Kong (transcript). Yes, book value has been hit by higher rates, but also by how much the market is willing to pay for it. Whereas AGNC traded at an average of 110%-120% of book over the past 4-5 years, it's now at sub-90%.
- Discounts can last for awhile, he admits, but also reminds this isn't some opaque bank balance sheet, but instead an easily valued, highly liquid portfolio of assets trading at $0.85-$0.90 on the dollar. As long as it persists, American Capital will continue selling MBS for $1 and buying back stock at a discount.
- Previous: Kain makes a similar case
- Related ETFs: MORT, MORL
- Other sector stocks: Armour (ARR), Two Harbors (TWO -0.8%), CYS (CYS +0.1%), AG Mortgage (MITT -0.5%)
Tuesday, Nov 57:19 AMAG Mortgage Investment reports 2.6% decline in book value; trades at 14.3% discount
Tuesday, Nov 57:19 AM| Comment!
- Core earnings of $0.45 per share compares to $0.83 in Q2. Quarterly dividend is $0.60.
- Book value of $19.26 per share is off 2.6% from the end of Q2, and compares to last night's close of $16.51, putting the stock at a 14.3% discount to book.
- $1.59 per share of undistributed taxable income v.s $1.78 in Q2.
- Investment portfolio slides to $3.9B from $4.5B amid rotation out of 30-year fixed paper into shorter durations. Non-agency portfolio slips to 29% of total from 31.8%.
- Net interest margin of 2.12% is up 16 basis points from Q2.
- CC at 10 ET.
- Q3 results, press release.
- MITT no trades premarket.
Tuesday, Nov 56:42 AM
Tuesday, Nov 512:05 AMNotable earnings before Tuesday’s open
Tuesday, Nov 512:05 AM| Comment!
- AFSI, AKRX, AMED, AMG, AOL, ARCC, ARCO, ASH, BCRX, BDX, BPI, CCC, CHTR, COCO, CTSH, CVS, D, DLPH, DNR, DTV, DWRE, DX, DXM, EMR, ENR, EXH, EXLP, EXPD, FE, GLDD, GTIV, HCA, HCN, HL, HPT, HSIC, HST, HW, ICE, IFF, ISIS, KORS, KWK, LBTYA, LPX, MITT, MNTA, MOS, MPEL, MPW, NNN, NTLS, NXST, ODP, OMX, OWW, OXF, OZM, PMC, PQ, RDC, REGN, REN, RHP, RIGL, RRD, RRGB, SRE, TGH, TMUS, TRGT, TRP, VSI, XPO, ZBRA, ZINC, ZTS
Monday, Nov 45:30 PMNotable earnings before Tuesday’s open
Monday, Nov 45:30 PM| Comment!
- AFSI, AKRX, AMED, AMG, AOL, ARCC, ARCO, ASH, BCRX, BDX, BPI, CCC, CHTR, COCO, CTSH, CVS, D, DLPH, DNR, DTV, DWRE, DX, DXM, EMR, ENR, EXH, EXLP, EXPD, FE, GLDD, GTIV, HCA, HCN, HL, HPT, HSIC, HST, HW, ICE, IFF, ISIS, KORS, KWK, LBTYA, LPX, MITT, MNTA, MOS, MPEL, MPW, NNN, NTLS, NXST, ODP, OMX, OWW, OXF, OZM, PMC, PQ, RDC, REGN, REN, RHP, RIGL, RRD, RRGB, SRE, TGH, TMUS, TRGT TRP, VSI, XPO, ZBRA, ZINC, ZTS
Tuesday, Oct 293:23 PMTwo sell-siders offer tepid defense of American Capital
Tuesday, Oct 293:23 PM| Comment!
- "A good quarter, all things considered," says Nomura's Bill Carcache, maintaining his Hold rating and $22 price target on American Capital Agency (AGNC -8.7%) after Q3 results. Carcache seems copacetic with CIO Kain's defensive stance - a view not shared by all, judging by the earnings call and the direction of the stock today.
- KBW, meanwhile, maintains its Buy rating, but cuts the price target to $25.50 from $27. The team sees Kain loosening up on his "fully hedged" stance and lifting earnings power "north of the $0.80 dividend."
- You take what you get when you buy an actively managed mREIT like AGNC, says Nomura. Some quarters are going to be terrific, and others - like Q3 - will have a ton of activity with little to show for it.
- AGNC continues to be a major drag on the sector (REM -3.7%). Other names: Two Harbors (TWO -2.6%), Hatteras (HTS -2.9%), Anworth (ANH -3.8%), Western Asset (WMC -2.6%), Ellington (EFC -1.9%), (EARN -3%), AG Mortgage Investment (MITT -5.1%), Apollo Residential (AMTG -4.9%).
Tuesday, Sep 242:45 PMNon-agency REITS the way to go, says Maxim
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.
Wednesday, Sep 182:29 PMMortgage REITs lead the no taper party
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.
Tuesday, Sep 1011:58 AMAG Mortgage slides after slashing dividend
Tuesday, Sep 1011:58 AM| 1 Comment
- AG Mortgage Investment's (MITT -1.7%) Q3 dividend of $0.60 per share is a 25% cut from the previous $0.80. The annualized yield falls to 14.1%, maybe suggesting this isn't the last cut.
- The company last week joined those mREITs making executive suite changes amidst the rout in the sector, announcing the retirement of CFO Frank Stadalmaier to be replaced with Brian Sigman. Sigman recently left the CFO's job at Newcastle Investment (NCT).
Tuesday, Sep 107:38 AM
Tuesday, Aug 2011:08 AMAG Mortgage CEO adds to company stake
Tuesday, Aug 2011:08 AM| 3 Comments
- AG Mortgage Investment Trust (MITT +2.9%) CEO David Roberts took advantage of yesterday's sharp drop to add about 67% to his stake in the company, buying 4.9K shares at $16.78 on Monday and another 44.6K shares at $16.17.
- The stock's off 37% over the last three months.
- Earlier: Mortgage REIT sector bounces from yesterday's drubbing.
Monday, Aug 1910:04 AMMortgage REITs continue slide amid higher rates
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.
Wednesday, Aug 79:55 AM
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