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AGNC Investment's Q3 2019 Income Statement And Earnings Projection - Part 2 (Includes Dividend Sustainability)

Published Mon, 07 Oct 2019 11:40:32 -0400 on Seeking Alpha

Author’s Note: Part 2 of this article is a continuation from Part 1, which provided a detailed projection of AGNC Investment Corp.’s (AGNC) income statement (technically speaking, the company’s “consolidated statement of comprehensive income”) for the third quarter of 2019 regarding the following accounts: 1) interest income; 2) interest expense; and 3) gain (loss) on sale of investment securities, net. Part 1 helps lead to a better understanding of the topics and analysis that will be discussed in Part 2.
Focus of Article:
The focus of Part 2 of this article is to provide a detailed projection of AGNC’s consolidated statement of comprehensive income for the third quarter of 2019 regarding the following account (including several “sub-accounts”): 4) “gain (loss) on derivative instruments and other securities, net”. Part 2 will also discuss AGNC’s projected net gain, net spread + net dollar roll (“NDR”) income, and earnings per share (“EPS”) amounts. For readers who just want the summarized account and EPS projections, I would suggest to scroll down to the “Conclusions Drawn” section at the bottom of the article.
By understanding the trends that occurred within AGNC’s operations during the third quarter of 2019, one can apply this information to sector peers as well. As such, the discussion/analysis below is not solely applicable to AGNC but to the fixed-rate agency mortgage real estate investment trust (mREIT) sector as a whole. This... 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
CHERRY HILL MORTGAGE INVESTMENT 13.52   0.0 -3.91 1.60 14.40
ANNALY CAPITAL MANAGEMENT 8.60   0.0 -3.32 1.20 14.00
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


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