This article ("Buy This Undervalued Reit") from Motely Fool which came out at after the Market closed yesterday confirms what I have been saying. I can't find anyone at MF who does not view ARR very favorably. Below is simply the last part of the article:
Armour Residential is currently trading at an 11% discount to its fourth quarter book value, according to Reuters. In comparison, Annaly Capital Management and Two Harbors are trading at a 4% discount and 11% premium to their respectively book values, while American Capital Agency is trading in line with its book value. Therefore, Armour Residential, which has seen 3% appreciation since the beginning of the current year, is the most attractive option within the mortgage REIT sector.
Despite an earnings miss, Armour Residential reported growth in its taxable REIT income on higher gain on sale of MBS. Further, the company is offering monthly dividends (yielding 14.4%) that I believe are sustainable. Lastly, the company is most attractively valued compared to its peers. These reasons make me bullish on Armour Residential. "