Published Thu, 28 Feb 2019 10:15:52 -0500 on Seeking Alpha
Focus of Article:
The focus of PART 1 of this article is to analyze Annaly Capital Management Inc.’s (NLY) recent results and compare several of the company’s metrics to sixteen other mortgage real estate investment trust (mREIT) peers. This analysis will show past and current data with supporting documentation within three tables. Table 1 will compare NLY’s recent leverage, hedging coverage ratio, BV, and economic return (loss) to the sixteen other mREIT peers. Table 1 will also provide a premium (discount) to BV analysis using stock prices as of 2/25/2019. Table 2 will show a quarterly compositional analysis of NLY’s fixed-rate agency mortgage-backed securities (“MBS”) portfolio while Table 3 will show the company’s recent hedging coverage ratio over the past two quarters.
This article also discusses the importance of understanding the composition of NLY’s MBS and derivatives portfolios in light of recent events that have occurred. This includes a BV projection as of 2/22/2019. Providing NLY’s CURRENT BV projection (as of 2/22/2019) has a heightened level of importance this quarter due to the more positive relationship between investment/MBS and derivative instrument valuation fluctuations during the first half of the first quarter of 2019 (tightening of spreads).
I am writing this two-part article due to the continued requests that such an analysis be specifically performed on NLY at periodic intervals. Understanding the characteristics of a... Read more
|Stock name||Last trade||P/E||Earnings/Share||Dividend/Share||Dividend yield|
|ORCHID ISLAND CAPITAL||5.58||0.0||-0.29||0.96||17.75|
|ARLINGTON ASSET INVESTMENT||5.55||0.0||-1.21||0.90||16.58|
|CYPRESS SHARPRIDGE INV||6.32||6.0||1.05||1.00||15.15|
|CHERRY HILL MORTGAGE INVESTMENT||13.52||0.0||-3.91||1.60||14.40|
|NEW RESIDENTIAL INVESTMENT||14.98||18.0||0.83||2.00||13.28|
|ANWORTH MORTGAGE ASSET||3.39||0.0||-0.98||0.44||13.17|
|NEW YORK MORTGAGE TRUST||6.14||12.0||0.51||0.80||12.74|
|WESTERN ASSET MORTGAGE CAPITAL||9.83||10.7||0.92||1.24||12.58|
|AMERICAN CAPITAL AGENCY||15.64||0.0||-1.54||1.92||12.21|
|ARMOUR RESIDENTIAL REIT||17.26||0.0||-9.30||2.04||12.03|
|TWO HARBORS INVESTMENT||13.28||0.0||-2.81||1.60||12.02|
|INVESCO MORTGAGE CAPITAL||15.18||0.0||-1.01||1.80||11.80|
|AG MORTGAGE INVESTMENT TRUST||17.47||6.1||2.87||1.90||10.89|
|PENNYMAC MORTGAGE INV TRUST||22.24||9.5||2.35||1.88||8.50|
|BLACKSTONE MORTGAGE TRUST||36.16||14.5||2.49||2.48||6.94|
|ISHARES FTSE NAREIT MORTG PLUS CAPPED INDEX FUND||41.97||0.0||0.00||0.00||0.00|
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