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Annaly Capital's BV, Dividend, And Valuation Versus 20 mREIT Peers (Post Q4 2019 Earnings - Attractive Valuation)

Published Wed, 18 Mar 2020 05:38:06 -0400 on Seeking Alpha

Part 1 of this article compares NLY’s recent investment composition, leverage, hedging coverage ratio, quarterly BV, economic return, and current valuation to twenty mREIT peers.
Providing sector-wide metrics allows readers to better understand which mREIT companies will likely outperform (or underperform) peers during specific types of interest rate environments.
Part 1 also performs a detailed analysis of NLY’s MBS and derivatives portfolios as of 12/31/2019. This includes NLY’s projected performance during the first quarter of 2020 (through 3/13/2020).
My buy, sell, or hold recommendation, current BV projection (BV as of 3/13/2020), and updated price target for NLY is in the “Conclusions Drawn” section of the article.
As a direct result of the recent notable sector sell-off, many stocks (including NLY) are now attractively-very attractively priced (especially agency mREITs).
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 twenty 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 mortgage-backed securities (“MBS”)/investment composition, recent leverage, hedging coverage ratio, BV, and economic return (loss) to the twenty mREIT peers. Table 1 will also provide a premium (discount) to estimated CURRENT BV analysis using stock prices as of 3/13/2020. Table 2 will show a quarterly compositional analysis of NLY’s agency MBS portfolio while Table 3 will show the company’s recent hedging coverage ratio over the past two quarters.
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. This article also discusses the importance of understanding the composition of NLY’s... 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
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
ELLINGTON FINANCIAL 17.90   16.3 1.10 1.68 9.44
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

ORCHID ISLAND CAPITAL - ORC
ORCHID ISLAND CAPITAL - ORC  


Older articles featuring Orchid Island Capital (ORC):
Your Monthly Pay Dividend Dogs And Top Funds For April
93 Monthly Pay Dividend Dogs And 80 Top Yield Funds For March
89 Monthly Pay Dividend Dogs And 80 Top Yield Funds For February
AGNC Investment's Q4 2019 Income Statement And Earnings Projection - Part 2 (Includes Dividend Sustainability Metric)
2x Leveraged mREIT ETNs Offer Current Yields Above 17%
84 Monthly Pay Dividend Dogs And 80 Top Yield Funds For January
Annaly Capital's Dividend, BV, And Valuation Vs. 20 mREIT Peers - Part 2 (Includes Q1 2020 Dividend Projection)
50 Dividend Dogs With 10%-Plus Yield At $1-$10 Prices For December
The Current Case For 15%+ Yielding 2X Leveraged mREIT ETNs
86 Monthly Paying Top-Yield Dividend Dogs And 80 Funds For December

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