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American Capital Agency Corp. Message Board

kansaskeith 7 posts  |  Last Activity: Feb 3, 2015 5:06 PM Member since: Jul 16, 2008
  • Reply to

    They finally cut their monthly dividend.

    by kansaskeith Feb 3, 2015 2:48 PM
    kansaskeith kansaskeith Feb 3, 2015 5:06 PM Flag

    Here is a cut-and-paste from a post I made on this thread a little more than six months ago, July 24, 2014 -- and this is why I was a little bit surprised at the timing today: "Update, Thursday afternoon. The manager, Mr. Feltus, seemed generally upbeat in the conference call. He once again said, regarding the dividend, that nothing is forever. And he referred to the last paragraph in the company's written report that he said communicated exactly that. But in today's call he also indicated the divvy "is secure" for now, and by "now" he seemed to indicate one year and hopefully two. As I left the call, not one person had queued up to ask a question. Mr. Feltus must have known that, saying we could even ask about what the Red Sox should do if we wanted to. The operator was making one last offer so somebody may have come in later after I disconnected, but I doubt it. Generally seemed a relatively happy, and short, afternoon."

  • Reply to

    They finally cut their monthly dividend.

    by kansaskeith Feb 3, 2015 2:48 PM
    kansaskeith kansaskeith Feb 3, 2015 3:56 PM Flag

    Not sure about the others, but PHT hasn't lowered its div since its inception in 2002. Management has been telegraphing that it couldn't last forever, though this one today came a little faster than I had thought. In the conference call mid last year, I read Mr. Feltus to hint maybe a year or hopefully two, so I was taken a tad aback this afternoon.

  • Reply to

    They finally cut their monthly dividend.

    by kansaskeith Feb 3, 2015 2:48 PM
    kansaskeith kansaskeith Feb 3, 2015 3:23 PM Flag

    From Business Wire: "PHT's February distribution of $0.1150 per share represents a 16.4% decrease from the $0.1375 per share distribution paid in January. The Fund’s income and reserves supported a stable distribution of $0.1375 since the Fund’s inception in 2002. The prolonged low interest-rate environment has reduced the yields of securities throughout the high yield sector. As a result, the Fund’s maturing higher yielding securities have been replaced with new securities with lower yields, reducing the Fund’s income. This change better aligns the Fund's distribution rate with its current and projected level of earnings and reserves."

    Read more here: http://www.heraldonline.com/2015/02/03/6763412/pioneer-investments-declares-monthly.html#storylink=cpy

  • To 11.5 cents a share, effective this month.

  • kansaskeith by kansaskeith Dec 31, 2014 10:27 PM Flag

    1. It probably is worth noting that FFC closed 2014 8.86% higher than it closed 2013, 19.05 vs 17.50. Over the same year, the Dow Industrials were up 7.52% and the S&P 500 up 11.13%. All that was without dividends, which in FFC's case were considerable.

    2. Since last Friday's close - three days of trading - FFC went from a premium to NAV (4.62 % by my calculation) to a discount to a discount (3.7%). NAV today was actually up from last Friday when it was announced tonight (19.78 as opposed to 19.66), when in that same three days the sales price was down from 20.57 to 19.05. "Morningstar" shows that while FFC used to trade at a premium a lot, two and three years back, it's traded at a discount for much of 2013 and 2014 - roughly half the months. So I wonder - hopefully not wishful thinking - if it just hadn't gotten ahead of itself recently. Sure a painful correction if that's what it is, however.

  • Reply to

    Dividends: It's that time of year again

    by kansaskeith Dec 4, 2014 8:48 PM
    kansaskeith kansaskeith Dec 20, 2014 6:25 PM Flag

    And they followed past practice exactly. . . .

  • Around this time of year, after the December dividend has been declared, it's common to get a question or two on here along the lines of "hey, we used to get two dividends in December, what happened?" So, this explainer as to how PHT usually works it, with an expectation -- certainly not guaranteed -- that it may be handled the same this time around.

    The fund indeed normally does declare two dividends during the month, but the second one is what it calls its "January" dividend, declared and going ex- in December, taxable as December income, but paid in January.

    However, that latter dividend to my knowledge is never declared or announced until after the December dividend not only goes "ex" but is actually paid. And the payment date this year is Dec. 18. So we'll know along about the nineteenth or the twenty-second if PHT follows past practice and comes out with another dividend announcement. Until then, it would be premature to say "woe is me" and assume it's not going to happen.

    No guarantees, of course, particularly since the "kitty" out of which they make the payouts is shrinking. My personal guess is that past practice will be honored and we will get one more, but I do think sometime next year we might (finally) see the monthly amount shrink a little. Time will tell.

AGNC
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