Published Tue, 30 Jul 2019 00:35:29 -0400 on Seeking Alpha
On 7/24/2019, AGNC Investment Corp. (AGNC) reported results for the second quarter of 2019. AGNC reported a net loss of ($444) million, other comprehensive income (“OCI”) of $379 million, a comprehensive (total) loss of ($65) million, a non-tangible book value (“BV”) as of 6/30/2019 of $17.54 per common share, and a tangible BV as of 6/30/2019 of $16.58 per common share. As of 3/31/2019, AGNC had a non-tangible and tangible BV of $18.21 and $17.23 per common share, respectively.
In PART 3 of my AGNC Q2 2019 income statement and EPS projection article, I projected the company would report the following amounts in relation to the second quarter of 2019: 1) net loss of ($372) million; 2) OCI of $160 million; and 3) a comprehensive loss of ($212) million. In my prior AGNC Q2 2019 and 7/19/2019 BV projection article, I projected the company would report a non-tangible and tangible BV as of 6/30/2019 of $17.35 and $16.40 per common share, respectively.
As such, while I correctly projected AGNC would report a decrease in BV during the second quarter of 2019, the actual amount of the company’s decrease was slightly less severe versus my expectations. This minor BV outperformance mainly stemmed from a couple key factors/decisions made by management which will be discussed, in detail, later in the article.
mREIT Sector Q2 2019 Comparative BV Results:
Through 7/26/2019, five other mortgage real estate investment trust (“mREIT”) companies... 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|
|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|
|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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