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Annaly Capital's Dividend, BV, And Valuation Versus 19 mREIT Peers (Post Q1 2019 Earnings) - Part 1

Published Thu, 23 May 2019 04:51:41 -0400 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 nineteen 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 nineteen other mREIT peers. Table 1 will also provide a premium (discount) to BV analysis using stock prices as of 5/17/2019. 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 5/17/2019. Providing NLY’s CURRENT BV projection (as of 5/17/2019) has a heightened level of importance this quarter due to the more negative relationship between investment/MBS and derivative instrument valuation fluctuations during the first half of the second quarter of 2019.
I am writing this two-part article due to the continued requests that such an analysis be specifically performed on NLY versus its mREIT peers 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
DYNEX CAPITAL 15.16   0.0 -10.26 1.80 12.06
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
MFA FINANCIAL 7.39   10.4 0.71 0.80 10.81
CHIMERA INVESTMENT 19.57   21.5 0.91 2.00 10.23
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
CAPSTEAD MORTGAGE 7.41   0.0 -0.86 0.48 6.58
ISHARES FTSE NAREIT MORTG PLUS CAPPED INDEX FUND 41.97   0.0 0.00 0.00 0.00