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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
- 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) 20 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]
- Thursday, May 2, 9:17 PM Swept up in the hit to American Capital Agency (AGNC -8.3% AH) is its sister firm American Capital Mortgage (MTGE -5.4% AH). MTGE differs from AGNC in that it invests in non-agency MBS as well as agency paper, but both share Gary Kain as CIO. AGNC's conference call is set for Friday at 11 ET - how much did February's dilutive secondary hit the Q1 numbers? 29 Comments [Financials, On the Move]
- Thursday, May 2, 5:35 PM Notable earnings after Friday’s close: MTGE Comment! [Earnings]
- Thursday, April 18, 11:17 PM Mortgage REITs (MORT) catch the eye of D.C., with the Financial Stability Oversight Council reportedly set to cite the industry as a potential source of market vulnerability. The companies have seen assets quadruple to over $400B since 2009, but Annaly (NLY) CEO Wellington Denahan notes their capital bases have risen as well. A Two Harbors (TWO) presentation (page 8) shows mREITs are relatively small players in the MBS market. Maybe the Fed and the GSEs just don't like the competition. Annaly and American Capital (AGNC) are the 2 biggest mREITs, with Two Harbors a distant 3rd. 42 Comments [Financials]
- Thursday, March 28, 8:25 AM The explosion in assets at mREITs may pose risks, but not all of mortgage investors are created alike. Gary Kain's (AGNC) assembled an all-star team of his former Freddie Mac colleagues used to dealing with far larger amounts of assets, but "others have no business having a balance sheet that big," says Compass Point's Jason Stewart. Armour Residential (ARR) is "pushing the limit of what their infrastructure can support." 15 Comments [Financials]
- Thursday, March 7, 4:43 PM American Capital Mortgage Investment Corp (MTGE) declares $0.90/share quarterly dividend, in line with previous. Forward yield 13.73%. For shareholders of record Mar. 20. Payable Apr. 26. Ex-div date Mar. 18. (PR) Comment! [Dividends]
- Tuesday, February 12, 1:41 PM MBS (MBB) are in a bit of a bear market, falling back to levels not seen since the Bank of Bernanke took aim at raising their prices (lowering yields) with QE∞ in September. A buyer at these prices is AGNC's and MTGE's Gary Kain, who says the pendulum has swung back to favoring agency MBS purchases instead of non-agency paper. 1 Comment [Financials]
- Tuesday, February 12, 11:09 AM Increasing book value in Q4 while most other agency REITs declined, American Capital Mortgage (MTGE) CIO Gary Kain says it was all about great performance in its non-agency holdings. But, ask an earnings caller (transcript), only 10% of assets were in non-agencies. Don't forget capital allocation, says Kain - 30% of the firm's capital was in the non-agency sector. It's a number sure to come down in Q1 as Kain says the better opportunities now are in agency MBS. 2 Comments [Financials]
- Tuesday, February 12, 9:14 AM American Capital Mortgage (MTGE) prices its 20M share secondary with gross proceeds of $513M ($25.65/share). Shares -3.5% premarket to $25.65. Shares closed yesterday at $26.57 vs. Dec. 31 book value of $25.74. (PR) 3 Comments [Financials, Breaking News]
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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 21,500 @ 24.58 today. $MTGE trading below adjusted current book value of 24.97 to 25.30. - View all 0 replies
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Albert Alfonso
$MTGE is holding up quite well today. I was hoping for an $AGNC size move down to add more - View all 0 replies
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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
LATEST REPLIES
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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.
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wallstreetpro2
Another all time high MTGE in pure BEAST MODE slightly overbought here but WTH im staying long - View all 2 replies
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worthless111: Smart move, this one holds well and soon add .90 to the beast mode..we should be rocking the house..economic stimulis help soon to make sure -
worthless111: the IR stays low..the spo does not drop it enough for me to get out and in and take any chances with this world shaking
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Saibus Research
Top 5 investment ideas of the week http://bit.ly/QTc51Q $AAPL $NVO $BIP $CYS $AGNC $NLY $MTGE $S - View all 2 replies
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Dr. Kris: Those are real spec plays, IMHO. Just make sure they're not paying a dividend while you're short or you'll be feeling pain! -
Ocean Man: You are so right Dr Kris. Both paid their quarterly div in mid-June, so safe for a while.
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Pessimistic Optimist: CYS just offered 30M on secondary.. cheaper share prices.. promote higher growth for shareholders?
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Patrick Harden
Armour Residential (ARR) to launch hybrid mREIT - Javelin Mortgage (JMI). Strategy is similar to MTGE. http://1.usa.gov/LzQivK - View all 3 replies
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Patrick Harden: Might just be a placeholder amount until they are able to gauge interest in the vehicle.
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 advised by American Capital MTGE Management, LLC, an affiliate of American Capital, Ltd. ("American Capital").