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MORL Declares Monthly Dividend, The First Reflecting Recent MREIT Cuts In The New Interest Rate Environment

Published Wed, 03 Jul 2013 07:59:40 -0400 on Seeking Alpha

ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN (MORL) declared a monthly dividend of $1.1045 with an ex-date of July11, 2013 and payable July 23, 2013. The previous monthly dividend in June was $0.1155. However, as was described in my article, MORL pays widely varying dividends each month, since most of the mREITs in the basket pay dividends quarterly on various different schedules. During any three month period, all of the components would have paid their dividends. Thus, the key comparison is with the $1.3213 dividend MORL paid in April. As I indicated earlier, I expected a reduction in MORL's dividend relative to April, since the two largest components of MORL, Annaly Capital (NLY) and American Capital Agency Corp. (AGNC) have recently cut their dividends. However, two of the components of MORL, Cypress Sharpridge Investments (CYS) and Rait Financial Trust (RAS) raised their dividends during the same period. This slightly...

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Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
RAIT FINANCIAL TRUST 2.22   0.7 3.16 0.36 15.86
AMERICAN CAPITAL AGENCY 17.79   0.0 -2.08 2.40 13.45
ANNALY CAPITAL MANAGEMENT 9.73   0.0 -0.98 1.20 12.32
CYPRESS SHARPRIDGE INV 7.11   13.9 0.51 1.04 0.00