Published Mon, 21 Sep 2020 08:42:24 -0400 on Seeking Alpha
Seeking AlphaREITsAnnaly Capital's BV, Dividend, And Valuation Vs. 20 mREIT Peers - Part 1 (Post Q2 2020 Earnings - Continued Attractive Valuation)Sep. 21, 2020 8:42 AM ET|| About: Annaly Capital Management, Inc. (NLY), Includes: AGNC, AGNCM, AGNCN, AGNCO, AGNCP, AI, AI.PB, AI.PC, AIC, AIW, ANH, ANH.PA, ANH.PB, ANH.PC, ARR, ARR.PC, BXMT, CHMI, CHMI.PA, CHMI.PB, CIM, CIM.PA, CIM.PB, CIM.PC, CIM.PD, CMO, CMO.PE, DX, DX.PB, DX.PC, EFC, EFC.PA, GPMT, IVR, IVR.PA, IVR.PB, IVR.PC, MFA, MFA.PB, MFA.PC, MFO, MITT, MITT.PA, MITT.PB, MITT.PC, NLY.PD, NLY.PF, NLY.PG, NLY.PI, NRZ, NRZ.PA, NRZ.PB, NRZ.PC, NYMT, NYMTM, NYMTN, NYMTO, NYMTP, ORC, PMT, PMT.PA, PMT.PB, TWO, TWO.PA, TWO.PB, TWO.PC, TWO.PD, TWO.PE, WMCby: Scott KennedyScott Kennedy The REIT ForumThe #1 REIT Service Measured By Total ReturnsSummaryPart 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 6/30/2020. This includes NLY’s projected performance during the third quarter of 2020 (through 9/11/2020).
My buy, sell, or hold recommendation, current BV projection (BV as of 9/11/2020), and updated price target for NLY is in the “Conclusions Drawn” section of the article.
I also provide a list of the mREIT stocks I currently believe are undervalued (a buy recommendation), overvalued (a sell recommendation), or appropriately valued (a hold recommendation).
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... 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|
|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|
|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|
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