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NLY

Annaly Capital Management, Inc.

6/19/2013, 6:11 PM ET

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Wednesday, June 19, 4:35 PM Annaly Capital Management (NLY) declares $0.40/share quarterly dividend, 11% decrease from prior dividend of $0.45. Forward yield 12.31%. For shareholders of record July 1.Payable July 29.Ex-div date June 27. (PR) Comment! [Dividends]
Wednesday, June 19, 4:22 PM Annaly Capital (NLY) cuts its payout 11.1%, declaring a Q2 dividend of $0.40/share for an annualized yield of 12.3%. Shares +0.5% AH. (PR) 2 Comments [Dividends, Breaking News, Financials]
Wednesday, June 19, 3:13 PM Markets start to fall in earnest as the reality of a tapering and then ending in QE sinks in - even as the chairman is at pains to prove it's anything but a tightening move. The DJIA (DIA -0.8%) is off 145 points as the 10-year Treasury yield soars 15 bps to 2.33%, its highest level in 2 years. Reversing sizable early gains is the mREIT sector (REM -2.3%) - a leveraged holder of the paper the Fed will no longer be buying - with American Capital (AGNC -2%), (MTGE -1.5%), Annaly (NLY -2.2%), Invesco (IVR -2.5%), Two Harbors (TWO -3.5%), and Anworth (ANH -2.2%) leading the way. The greenback (UUP +0.9%) continues to fly higher. 16 Comments [On the Move]
Monday, June 17, 3:05 PM Rate worries have the mREIT sector (REM -1.6%) turning sharply lower again. Leading the way today is Javelin Mortgage (JMI -5.9%) - the non-agency mREIT externally managed by Armour Residential (ARR -1.7%) - after a downgrade to Sell at Barclays, which also cuts its price target to $14 from $21. Others: Annaly (NLY -3.1%), Chimera (CIM -2.1%), Invesco (IVR -2%), Two Harbors (TWO -2.2%), Hatteras (HTS -2.1%). 10 Comments [Financials, On the Move]
Thursday, June 13, 3:39 PM Mortgage REIT (REM +4.1%) rallies are accelerating as the day draws to a close. Sector giants Annaly (NLY +4.7%), American Capital Agency (AGNC +4.2%) are closing in on 5% gains, while CYS Investment (CYS +6.2%) and Western Mortgage (WMC +7.1%) are threatening 7%. Did everybody realize all at once that higher long end rates combined with ZIRP should allow mREIT managers to invest at very profitable spreads? 30 Comments [Financials]
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]
Friday, June 7, 11:23 AM It's not a misprint, but Western Asset Mortgage's (WMC -0.7%) annualized dividend yield is north of 20% after the recent big decline in its stock price, writes Marc Courtenay. At $18.48, the stock is also trading below March 31 book value of $19.42. "We may have already seen the bottom for mRETIs ... buy low and then buy more if the shares go even lower," he writes. Spread risk around as well, he says, suggesting Annaly (NLY) and Invesco (IVR) in addition. 17 Comments [Financials]
Friday, June 7, 10:26 AM "I would not overestimate retail investors' knowledge of how this business works," says Armour Residential (ARR) co-CEO Scott Ulm. Income players love mREITs (MORT), but when rates rise, losses come quick. "We believe mREITs are not appropriate for most individual investors," writes Edward Jones' Kate Warne as the brokerage warns its 12K advisors to steer clients clear. Ulm remains hopeful: "As bonds become cheaper, reinvestment becomes more profitable." With rates up today, the sector is lower again: Annaly (NLY -0.8%), American Capital (AGNC -2%), CYS (CYS -1.1%), Western Asset (WMC -0.6%), Invesco (IVR -0.6%), Hatteras (HTS -0.8%). Comment! [Financials]
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, 5:41 PM More from Gundlach: He doesn’t own any mortgage REITs now, and mREIT investors should "brace yourself for continued volatility," but he would buy Annaly (NLY) at $12. NLY is well-run but he sees the dividend going down, though not so much "you feel a lot of pain. I don’t think you’re going to see the dividend yield drop from 13% to below 6%, so if 6% is OK with you, then you’re fine.” (earlier: I, II, III, IV) 4 Comments [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]
Thursday, May 30, 10:04 AM Buy the (big) dip in the mREITs, say both KBW and RBC Capital. "We think the bond market has over-reacted and mREITs have over-reacted to that over-reaction," says KBW (presumably Bose George). Stocks to buy if the Fed cuts back earlier-than-expected: CMO, HTS, MFA, ANH, DX. Stocks if the Fed continues with the status quo: AGNC, NLY, WMC. RBC favors NLY, MFA, and HTS, but warns AGNC's higher leverage magnifies losses as well as gains. The sector (MORT +1.1%) is continuing with yesterday afternoon's bounce. 17 Comments [Financials]
Wednesday, May 29, 3:20 PM Some green creeps into the mortgage REIT sector (MORT) after a panicky morning. Sector giants AGNC and NLY post small gains, while hybrid Invesco (IVR +2.8%) and agency adjustable-rate player Hatteras (HTS +3.1%) have moved strongly higher. Not only did insiders step in to buy plunging Armour Residential today, but they were also buyers (I, II) of sister-company Javelin Mortgage (JMI -2.3%) which got hit with a downgrade to Hold at Citigroup. At the morning's low of $14.69, the stock was trading at a 20% discount to March 31 book value. 6 Comments [Financials, On the Move]
Tuesday, May 28, 1:33 PM Growing thoughts of a tapering and then ending of QE∞ triggers panicky selling in the mREIT sector (MORT -2.3%) as Treasury yields hit their highest level in more than a year (the 10-year at 2.12%), and mortgage prices slide as well (MBB -0.4%). Leading the way is a 5.3% decline in American Capital Agency. Annaly (NLY -2.7%), Two Harbors (TWO -3%), Anworth (ANH -2.2%), Western Asset (WMC -4.7%), Apollo Residential (AMTG -3.7%), Javelin (JMI -4.3%), Invesco (IVR -1.8%), MFA Financial (MFA -1.5%). 83 Comments [Financials, On the Move]

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