Published Fri, 03 May 2019 14:32:51 -0400 on Seeking Alpha
On 4/24/2019, AGNC Investment Corp. (AGNC) reported results for the first quarter of 2019. AGNC reported net income of $265 million, other comprehensive income (“OCI”) of $400 million, comprehensive (total) income of $665 million, a non-tangible book value (“BV”) as of 3/31/2019 of $18.21 per common share, and a tangible BV as of 3/31/2019 of $17.23 per common share.
In PART 3 of my AGNC Q1 2019 income statement and EPS projection article, I projected the company would report the following amounts in relation to the first quarter of 2019: 1) net loss of ($9) million; 2) OCI of $390 million; and 3) comprehensive income of $381 million. In my prior AGNC Q1 2019 and 4/12/2019 BV projection article, I projected the company would report a non-tangible and tangible BV as of 3/31/2019 of $17.70 and $16.75 per common share, respectively.
While I correctly projected AGNC would report an increase in BV during the first quarter of 2019, the actual amount of the company’s increase was larger than I anticipated. This modest BV outperformance mainly stemmed from two key factors/decisions made by management which will be discussed, in detail, later in the article.
For readers mainly focused on dividend metrics, AGNC reported net spread and dollar roll income (when excluding any “catch up” premium amortization) of $279 million or $0.52 per common share for the first quarter of 2019. In comparison, I projected AGNC would report net spread and dollar... 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|
|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|
|NEW YORK MORTGAGE TRUST||6.14||12.0||0.51||0.80||12.74|
|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|
|AG MORTGAGE INVESTMENT TRUST||17.47||6.1||2.87||1.90||10.89|
|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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