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PR Newswire (Sep 6, 2012)
MTGE vs. ETF Alternatives
Company Description
American Capital Mortgage Investment Corp. is a real estate investment trust ("REIT") formed in 2011 that invests in and manages a leveraged portfolio of agency mortgage investments, non-agency mortgage investments and other mortgage-related investments. The Company is externally managed and... More
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- | Earnings
- | Dividends
- | M&A
- | On the move
- Wednesday, June 12, 2:53 PM Treasurys (TLT -1.2%) fail to catch a bid even as the Dow drops triple digits. Panicky action continues in income favorites (REM -1.3%), notably Armour Residential (ARR -4.7%), where the selling has now spread to its preferred shares, the series B off 2%. The common is off 28% over the last month. Some others: New York Mortgage (NYMT -2.7%), American Capital (MTGE -2.6%), Western Asset (WMC -3.9%), Annaly (NLY -1.7%), Dynex (DX -2.6%), New Residential (NRZ -3.6%), Ellington Financial (EFC -2.2%). 11 Comments [Financials, On the Move]
- Friday, June 7, 3:09 PM "I would not overestimate retail investors' knowledge of how this business works," says Scott Ulm, co-CEO of Armour Residential (ARR -1.3%). Income fans love mREITs (MORT -1.3%) but can suffer quick losses as rates rise. "We believe mREITs are not appropriate for most individual investors," says Edward Jones' Kate Warne, warning brokers to steer clients away from the sector. Ulm remains hopeful: "As bonds become cheaper, reinvestment becomes more profitable." Beneath a big rally for the averages, the sector is hit again today: American Capital (AGNC -2.6%), (MTGE -1.2%), Annaly (NLY -1.9%), Two Harbors (TWO -0.9%), Hatteras (HTS -1.9%), CYS (CYS -2.8%), Anworth (ANH -0.9%). 44 Comments [Financials, On the Move]
- Thursday, June 6, 4:28 PM With interest rate fears subsiding until at least 8:30 tomorrow morning, mREITs (MORT +1.9%) get a breather. Leading higher were American Capital (AGNC +3.4%), (MTGE +1.1%), Chimera (CIM +2.7%), Hatteras (HTS +2.4%), CYS Investments (CYS +1.9%), Javelin (JMI +4.7%), and Annaly (NLY +1.9%). One theme from conference presentations this week: Most have taken advantage of widening spreads to buy - if rates come in, they're set to profit. 11 Comments [Financials, On the Move]
- 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]
- Friday, May 31, 12:59 PM Renewed selling hits mREITs (MORT -1.2%) as Treasury yields turn decidedly higher, TLT -0.8%. Getting the worst of it today is Ellington Financial (EFC -3.3%) - a partnership, not a REIT; it's more trading shop, but still leveraged to credit and interest rates. It's recently IPOd mortgage REIT counterpart EARN -1.1%. Also notably lower is CYS Investments (CYS -2.6%), American Capital (AGNC -1.8%), (MTGE -1.5%), Annaly (NLY -1.3%), and Armour Residentail (ARR -1.3%). 15 Comments [Financials, On the Move]
- Wednesday, May 29, 10:01 AM The selling continues in the mortgage REIT space (MORT -3.4%), with one of today's biggest losers Chimera Investment (CIM -3.8%) a curious one as its exposure is credit risk not rate risk. Other tumblers: Armour (ARR -6.4%), New York Mortgage (NYMT -6.5%), Javelin (JMI -6.1%), MFA Financial (MFA -3.4%). There's little bid for American Capital - (AGNC -4.1%), (MTGE -3.3%) - with one trader noting Gary Kain's focus on owning pre-pay protected paper is another bet not paying off as rates rise. 27 Comments [Financials, On the Move]
- Thursday, May 23, 3:34 PM "Every business is going to have cycles (of) good times and bad times," says American Capital (AGNC, MTGE) CIO Gary Kain, speaking at a conference (transcript) (presentation), and not willing to admit this is a bad time. The reality, he says, is all those Fed purchases haven't tightened up mortgage spreads all that much. "(It's confusing to me ... I mean we didn't expect them to perform the way they did." 9 Comments [Financials]
- Monday, May 20, 3:11 PM The Russell 2000 (IWM) cracked 1,000 for the first time this morning, but the small cap sector is far from over-loved by the fund managers who invest in it, according to Credit Suisse's Lori Calvasina - they ended Q1 with cash holdings at a near 10-year high. Indexing (IJR, IWO, IWN XSLV are some others) beats most active management, but Calvasina screened for stocks owned by fewer than 50 small-cap funds with $500M-$1.5B market cap, and with favorable investment ratings. No surprise the answer is heavy on mREITs - MTGE, AMTG, PMT. Also coming up: OMX and WFR. Comment!
- Monday, May 13, 1:30 PM For those who've noticed American Capital Mortgage's (MTGE -3%) allocation to non-agency MBS has declined from a typical 30% to 20%, co-CIO Jeff Winkler (he's in charge of non-agencies, Gary Kain does agencies) says (JMP presentation) don't forget Q1's capital raise. The firm rapidly deployed the new funds into agency paper and will over time - as the non-agency market hopefully expands - move that money over. 1 Comment [Financials]
- Monday, May 13, 12:43 PM The mortgage REITs are lit up bright red (MORT -1.9%), again led by American Capital Agency (AGNC -3.5%) and American Capital Mortgage (MTGE -3%), with Annaly (NLY -3.1%) not far behind. Yes, the 10-year Treasury yield is a 3 bps higher, but there's also rare action in Fed Funds futures, now pricing in a whopping 50 bps in rate hikes by this time 2016. AGNC presents at the JMP Conference at 2 ET. 39 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]
- Monday, May 6, 3:50 PM American Capital Mortgage (MTGE -2.9%) was hurt by the Q1 decline in agency MBS prices, but CIO Gary Kain (CC transcript) (presentation) took advantage of a February capital raise by deploying funds into agency paper. As of Q1's end, the firm's agency portfolio grew to $11.026B vs. nonagency holdings of $727M - just 6% of the portfolio vs. about 10% at the end of Q4. Should agencies outperform in Q2, MTGE should be set up to take advantage. Comment! [Financials]
- Friday, May 3, 4:13 PM More on American Capital Mortgage Investment (MTGE) Q1 earnings: Like sister company AGNC (also with Gary Kain as CIO), MTGE reports a big mark-to-market loss ($1.66/share) on agency MBS. Loss partially offset by $0.64 gain on non-agency holdings. Spread income of $0.62 - NIM of 2.01%, off 6 bps from Q4. Book value of $24.25/share, down 5.8% from Dec. 31. Shares -2.3% AH after 3.5% loss in regular session. (PR) 19 Comments [Earnings, Financials, On the Move]
- Friday, May 3, 4:05 PM American Capital Mortgage Investment (MTGE): Q1 EPS of -$0.56. (PR) 1 Comment [Earnings, Breaking News, Financials]
- Friday, May 3, 12:10 AM Notable earnings after Friday’s close: MTGE Comment! [Earnings]
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Packrat1987: They need to make sure that their own estimates of Q2 taxable income will not materially change following the fed speak.
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Crimzen: Just curious. How would their taxable income change post-Fed speak?
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EASTCOASTG8R: Well, not me. I'm one to hang on until the last one leaves the ship on this one. -
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LATEST REPLIES
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Packrat1987: They need to make sure that their own estimates of Q2 taxable income will not materially change following the fed speak.
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Crimzen: Just curious. How would their taxable income change post-Fed speak?
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EASTCOASTG8R: Well, not me. I'm one to hang on until the last one leaves the ship on this one.
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Packrat1987
$MTGE's current book is still north of $23 as of 5/27 if you take into account current marks and old information.Stock well below on fears - View all 2 replies
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Packrat1987: $MTGE may have changed the amount of hedges due to active management, thus book value may be down only slightly. Panic seems overdone.
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Albert Alfonso: I believe you are correct. At current prices, discount to BV is about 7%.
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Energysystems: These mortgage reit's have been hammered, but I believe that the cheap money policies will continue to their benefit. -
SaltyDog62: I totally agree. This sector is oversold now, let's see what Q2 looks like.
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Albert Alfonso
$CYS, $MTGE, $AGNC are all cheap at these levels and are trading at large discounts to BV - View all 2 replies
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Dividend Living: I havnt seen these discounts to book value since november 2012. BV fears from rising rates are overblown just like spread fears in november -
obendezu: weak labor data pulls the s&p down and so AGNC an other stocks... but this very labor data will cause the fed to continue its QE!
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Packrat1987: Gary did not buy this out of his own pocket, it was awarded to I'm via performance plan.
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Packrat1987: 230 contracts I personally bought on the December $25 strike option. Cost average is 0.493. That is in addition to the 21,500 shares I have
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Packrat1987
Bought 20,500 $MTGE today at cost average 25.05. True value 27.77 for 10 pct premium to post spo divvy adjusted book value. - View all 3 replies
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Packrat1987: They just did a secondary at 25.70 a few weeks ago for 30 pct more shares. Another wont show up for a while and priced much higher then 25
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DaLatin: Yes,but. others seemed to hasten there secondaries & I have a nice chunk.So, i've got on stream & a dip I buy more
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Jack Rice: Both cool but mtge may have more growth headroom if you want that to go with the div. & mtge can move in & out of agency MBS. I'm long both.
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Albert Alfonso: for 18M shares, wow. That increase its float by 50%. I might go short this one
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chowzer: Divs are taxed at ordinary income rate and thus most suited to an IRA.