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Fully Assessing AGNC Investment's Results For Q2 2019 (Includes August-October 2019 Dividend Projection)

Published Tue, 30 Jul 2019 00:35:29 -0400 on Seeking Alpha

Introduction/Recap:
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
CAPSTEAD MORTGAGE 7.41   0.0 -0.86 0.48 6.58
BLACKROCK 434.75   16.5 26.34 13.20 3.08
ISHARES FTSE NAREIT MORTG PLUS CAPPED INDEX FUND 41.97   0.0 0.00 0.00 0.00

ORCHID ISLAND CAPITAL - ORC
ORCHID ISLAND CAPITAL - ORC  


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