With the quarter being what it was, the 'street' will probably like to see another quarter before pushing it upward. The book value is still expected to be under pressure as spreads widen and profitability expands, but the weakness in the last quarter is significant.
I do believe the end of QE and widening spreads will make this company fantastically profitable, but the shorter term ride is going to be a bit more choppy.
If you're looking for a catalyst, I think a "sustained" dividend announcement next month may help wash out the weakness in the stock. I do believe the dividend will be sustained.
I also want proof that AGNC "gets it" and has their hedging in order, and their portfolio properly placed to handle the speculation that QE3 is ending, as well as the ACTUAL end of QE3. An average quarter or better is all it will take. That timeframe means "three months" and not "one month" if they execute properly.