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American Capital Agency Corp. Message Board

  • no_mercy1@rocketmail.com no_mercy1 Oct 29, 2012 1:07 PM Flag

    Earnings released

    American Capital Agency Corp. Reports $3.98 Comprehensive Income Per Common Share And $32.49 Net Book Value Per Common Share
    Ticker Symbol: U:AGNC

    American Capital Agency Corp. Reports $3.98 Comprehensive Income Per Common Share And $32.49 Net Book Value Per Common Share
    PR Newswire

    BETHESDA, Md., Oct. 29, 2012

    BETHESDA, Md., Oct. 29, 2012 /PRNewswire/ -- American Capital Agency Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today reported comprehensive income for the third quarter of 2012 of $1.3 billion, or $3.98 per common share, and net book value of $32.49 per common share. Economic return, defined as dividends on common shares plus the change in net book value per common share, for the period was $4.33 per common share, or 59% on an annualized basis.

    THIRD QUARTER 2012 FINANCIAL HIGHLIGHTS

    $3.98 comprehensive income per common share, comprised of:
    $0.25 net income per common share
    $3.73 other comprehensive income ("OCI") per common share
    Driven by net unrealized gains on investments marked-to-market through OCI
    $0.79 net spread income per common share
    Comprised of interest income, net of cost of funds (including interest rate swaps) and operating expenses
    $0.86 per common share, excluding approximately $(0.07) per common share of "catch-up" premium amortization cost due to change in projected constant prepayment rate ("CPR") estimates
    $1.36 estimated taxable income per common share
    $1.25 dividend per common share declared on September 11, 2012
    $1.52 estimated undistributed taxable income per common share as of September 30, 2012
    Represents an increase of $26 million from $492 million as of June 30, 2012 to $518 million as of September 30, 2012
    On a per share basis, decreased $0.09 per common share from June 30, 2012
    $32.49 net book value per common share as of September 30, 2012
    Increased $3.08 per common share, or 10%, from $29.41 per common share as of June 30, 2012
    59% annualized economic return on common shares
    Comprised of $1.25 dividend per common share and $3.08 increase in net book value per common share
    OTHER THIRD QUARTER HIGHLIGHTS

    $90 billion investment portfolio as of September 30, 2012
    7.0x leverage as of September 30, 2012
    7.1x average leverage for the quarter
    9% actual portfolio CPR for the quarter
    9% actual portfolio CPR for the month of October 2012
    14% average projected portfolio life CPR as of September 30, 2012
    1.42% annualized net interest rate spread for the quarter
    1.53% annualized net interest rate spread for the quarter, excluding "catch-up" premium amortization cost due to change in projected CPR estimates
    1.50% net interest rate spread as of September 30, 2012
    $1.2 billion of net equity proceeds raised during the quarter from a follow-on common stock offering
    "We are very pleased with AGNC's performance during the third quarter as we were able to generate economic returns (dividends plus gains in our net asset value per common share) of $4.33 per common share for the quarter, or 59% on an annualized basis. Comprehensive income, which is essentially a mark-to-market earnings measure, was a record $1.3 billion or $3.98 per common share for the quarter. Year-to-date, AGNC has generated $8.53 per common share of shareholder value through the combination of $3.75 in dividends and increases in net asset value of $4.78 per common share, or a year-to-date annualized economic return of 41%," commented Gary Kain, President and Chief Investment Officer.

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    • Holy #$%$,, I need a minute to go through and digest all this.
      And a buy back!

    • no_mercy1@rocketmail.com no_mercy1 Oct 29, 2012 1:08 PM Flag

      American Capital Agency Corp. Announces $500 Million Share Buyback Program
      Ticker Symbol: U:AGNC

      American Capital Agency Corp. Announces $500 Million Share Buyback Program
      PR Newswire

      BETHESDA, Md., Oct. 29, 2012

      BETHESDA, Md., Oct. 29, 2012 /PRNewswire/ -- American Capital Agency Corp. (Nasdaq: AGNC) ("AGNC" or the "Company") announced today that its Board of Directors has authorized the repurchase of up to $500 million of its outstanding shares of common stock through December 31, 2013. The Company stated that it would be its intent only to repurchase shares when the repurchase price is less than its estimate of the current net book value of a share of common stock. When AGNC purchases its stock at a discount to book value, it increases the per share book value of the remaining shares.

      Shares may be purchased in the open market, including through block purchases, or through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing, manner, price and amount of any repurchases will be determined in the Company's discretion and the program may be suspended, terminated or modified at any time for any reason. AGNC does not intend to repurchase any shares from directors, officers or other affiliates. The program does not obligate the Company to acquire any specific number of shares, and all repurchases will be made in accordance with SEC Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases.

 
AGNC
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