That,s something every buyer and seller must work out for themselves.
I see it this way: Book Value + Good Will Premium - Fear Factor Discount = PPS
With Book value of $24.25 and little good will and a good dose of fear = a price below the $24.25 Book Value. Regaining the Good Will premium will take time and may never be fully recovered . I would not sell at this price but i would also not buy above at this time.
2. you're completely forgetting the speculative value of the income. pricing only the BV implies you consider only the zero-risk cost of capital as a possible income rate. this company earns several times that much on every dollar it holds in assets. unless something stupid happens, which is very rare.
YBF ,I read in a SA article that AGNC reported the Book Value of $24.25. You have said you consider Dividends as FREE money even though your Capital is at risk. You are welcome you your opinions i invest my money based on my opinions. Showing your backside will not gain you a dime.