Tough call. Your right, it's really cheap compared to the reits I track for P/B.
If your in for the long run, maybe a good time to buy.
My guess though on Q4 earnings which are imminent they will not be great because they didn't close the Crexus deal and probably haven't dived much into non agency.
They are still flipping a ton of their portfolio to CPR and Selling Agency MBS for proft and it's killing them to have to go replace that with the over priced MBS.
Probably they did some or all of their buy back which might help buoy Q4 a bit.
Normally I would never recommend this stock.
Doc is right.
It's done terrible compared to the better mreit stocks over the past few years.
And quite frankly their management just stunk and missed the boat on what to do about the QE's the fed has thrown at it.
But at least their is a glimmer of hope for NLY.
Maybe they will close the Crexus deal sooner or later here.
They should hopefully branch into more non agency.
Mortgage rates may have bottomed.
MBS prices are down about a point recently and maybe about 1.5 - 2 points of their all time high.
I've been contemplating picking up the JAN14 or JAN15 $15 calls on NLY myself.