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American Capital Agency Corp. Message Board

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  • instantwinbutton instantwinbutton Dec 9, 2012 10:10 PM Flag

    Does this remind anyone of ACAS?

    Why 1.25? I don't see net interest margins covering that distribution as of Q3. Do you think the sell off in MBS has improved NIM enough to cover the $1.25? I don't think the management would pay 1.25 again just because it needs to distribute excess gains. They don't like to pay out book value thus the cuts to a 1.25 dividend back in march from 1.40.

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    • Why not 1.25?

      Summary Financial Highlights
      (In Millions, Except Per Share Data)
      ............................................................Q3 2012....... Q2 2012.....................................
      Net Interest Income........................... $ 381 ...........$ 384 ...........................................
      Total Other Income, Net of Excise Tax $(250) ...........(612)...........................................
      Total Operating Expenses................... $ (40).......... $ (36)............................................
      Net Income (Loss) Available (Attributable)
      to Common Shareholders .....................$ 83.......... $ (264)...........................................
      Basic and Diluted Earnings per
      Common Share ...................................0.25........... $(0.88) ...........................................
      Comprehensive Income per
      Common Share.................................. $3.98........... $ 1.58...........................................
      Estimated Cumulative Undistributed
      REIT Taxable Income per Share........... $1.36 ..........$ 1.61 ...........................................

      Look especially at Q2 2012. Do you see Q3 doing worse? No, it was much better(wouldn't be hard), and yet Sept had a 1.25 dividend. So if Q3 was better than Q2, why these sour prognostications of .80 dividend.? Why the comparison to ACAS who, as pointed out, had nothing to do with the same business as AGNC?

      UTI means just that ..."Undistributed" taxable income.....IOW, where did they get the 1.25 dividend from for September??

      DocReits

      Sentiment: Strong Buy

    • I suspect that taxable income inclusive of interest income will equal/exceed $1.25 ... but we won't know that for sure until early Feb when they announce earnings. Per share income may also be up somewhat due to mgmt buying shares below book as mgmt authorized a $500M buyback last qtr. Also realize that agnc had $1.52/sh in undistributed taxable income as of Sept 30 .... .

    • instantwinbutton, we'll see. I'm banking on it getting cut in Q1.

      They have plenty of flexibility if management wants to use it in the form of undistributed gains, or the gains on their existing MBS.
      And keep in mind Core hasn't been covering the dividend.
      This isn't anything new.
      But they make income else where.

    • Because management said so (back in March).

      Sentiment: Buy

 
AGNC
22.30+0.16(+0.72%)Dec 26 4:00 PMEST

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