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AGNC Investment Corp. (AGNC) UBS Financial Services Conference (Transcript)
AGNC Investment Corp. (AGNC) UBS Financial Services Conference (Transcript)
AGNC Investment (AGNC) Q4 2023 Earnings Call Transcript
AGNC Investment (AGNC) Q4 2023 Earnings Call Transcript
AGNC: Why I Bought The 11% Yielding Preferreds
I'm buying AGNC's Series C floating rate preferreds, which currently offer an 11% yield on cost and are trading just 5 cents above their liquidation price. The mREIT has five outstanding floating rate preferreds that offer an alternative and safer way to gain exposure to its portfolio of residential mortgage-backed securities. I've stayed away from the commons which are trading at a nearly 20% premium to net book value albeit with a substantial 15% annualized dividend yield paid monthly.
Preferreds Weekly Review: Agency mREITs Kick Off Earnings
We take a look at the action in preferreds and baby bonds through the fourth week of October and highlight some of the key themes we are watching. Preferred stocks were slightly lower as Treasury yields fell, driving yields above the COVID period. Mortgage REIT preferreds kicked off earnings and saw double-digit drops in book value.
AGNC Investment Corp. (AGNC) Q3 2023 Earnings Call Transcript
AGNC Investment Corp. (AGNC) Q3 2023 Earnings Call Transcript
Why The Agency MBS Sector Is Worth A Look Now
Agency MBS is an attractive asset class for income investors due to its cheap valuation, high quality, and diversification benefits. The option-adjusted spread for Agency MBS is elevated compared to corporate credit spreads, making it an appealing investment. There are various ways to invest in Agency MBS, including through mortgage REITs, leveraged CEFs, unleveraged ETFs, and mREIT preferreds.
Wild Times For Mortgage REITs
PennyMac Mortgage Trust caused confusion with their announcement on fixed-to-floating shares, requiring re-examination of these shares. Some REITs have stated they will use 3-month Term SOFR + 26.161 basis points as a substitute for 3-month LIBOR. AGNC has a higher dividend yield and consensus earnings yield compared to DX, but I strongly doubt this will lead to superior returns.
AGNC: A Hefty 15% Yield Against A Chaotic Post-Pandemic Zeitgeist
AGNC now yields 15% on the back of monthly cash dividends that have remained stable at $0.12 per share for the last three years. The mREIT's tangible net book value has faced pressure in recent years but is showing signs of stability. With the dividend fully covered by EPS, AGNC is set to remain a critical source of income as the current rate hike cycle enters its final phase.
AGNC: A Less Attractive Investment With A Massive 14% Yield
AGNC: A Less Attractive Investment With A Massive 14% Yield
Stick The Soft Landing
U.S. equity markets advanced to their highest levels of the year on an "inflation week" rally after the closely-watched CPI and PPI reports showed a continued sharp cooldown in price pressures. Closing at the highest levels since April 2022, the S&P 500 advanced 2.4% this week, while the other major equity benchmarks - the Mid-Cap 400 and Small-Cap 600 - gained 3%. Real estate equities- the sector with perhaps the most potential upside from a "soft landing" scenario- were among the leaders for a third straight week. The Equity REIT Index gained 2.9%.
AGNCN Financial details
AGNCN Financial Performance
Yearly Fundamentals Overview
Last date of statement is 2023-12-31
Metric | History | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 1.43 | -0.32 | 1.58 | 4.75 | 0.41 | |
Net income per share | 1.27 | -0.48 | 1.42 | -2.22 | 0.25 | |
Operating cash flow per share | 2.18 | 3.19 | 2.92 | 1.89 | -0.19 | |
Free cash flow per share | 2.18 | 3.19 | 2.92 | 1.89 | -0.19 | |
Cash per share | 20.37 | 2.24 | 21.73 | 2.12 | -5.68 | |
Book value per share | 20.42 | 20.2 | 19.49 | 14.66 | 13.35 | |
Tangible book value per share | 19.45 | 19.24 | 18.49 | 13.68 | 114.8 | |
Share holders equity per share | 20.42 | 20.2 | 19.49 | 14.66 | 13.35 | |
Interest debt per share | 182.54 | 118.41 | 108.46 | 81.04 | 102.99 | |
Market cap | 9.56B | 8.56B | 7.94B | 5.56B | 6.07B | |
Enterprise value | 8.95B | 7.72B | 7.07B | 4.63B | 5.63B | |
P/E ratio | 13.89 | -32.17 | 10.6 | -4.67 | 39.14 | |
Price to sales ratio | 12.4 | -49.46 | 9.49 | 2.18 | 24.17 | |
POCF ratio | 8.1 | 4.9 | 5.16 | 5.49 | -51.41 | |
PFCF ratio | 8.1 | 4.9 | 5.16 | 5.49 | -51.41 | |
P/B Ratio | 0.87 | 0.77 | 0.77 | 0.71 | 0.73 | |
PTB ratio | 0.87 | 0.77 | 0.77 | 0.71 | 0.73 | |
EV to sales | 11.61 | -44.6 | 8.45 | 1.82 | 22.42 | |
Enterprise value over EBITDA | 13.02 | -29.01 | 9.44 | -8.2 | 8.15 | |
EV to operating cash flow | 7.59 | 4.42 | 4.59 | 4.58 | -47.7 | |
EV to free cash flow | 7.59 | 4.42 | 4.59 | 4.58 | -47.7 | |
Earnings yield | 0.07 | -0.03 | 0.09 | -0.21 | 0.03 | |
Free cash flow yield | 0.12 | 0.2 | 0.19 | 0.18 | -0.02 | |
Debt to equity | 8.74 | 5.8 | 5.56 | 5.45 | 7.44 | |
Debt to assets | 0.85 | 0.79 | 0.84 | 0.83 | 0.86 | |
Net debt to EBITDA | -0.88 | 3.16 | -1.16 | 1.63 | -0.63 | |
Current ratio | 1.96 | 5.6 | 2.5 | 2.34 | 0.01 | |
Interest coverage | 0.32 | -0.39 | 9.99 | -0.9 | 0.3 | |
Income quality | 1.72 | -6.57 | 2.06 | -0.85 | -0.76 | |
Dividend Yield | 0.12 | 0.11 | 0.11 | 0.16 | 0.17 | |
Payout ratio | 1.66 | -3.65 | 1.15 | -0.73 | 6.48 | |
Sales general and administrative to revenue | 0.06 | -0.32 | 0.06 | 0.02 | 0.25 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0 | 0.01 | 0.01 | 0.01 | 0.01 | |
Capex to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
Capex to revenue | 0 | 0 | 0 | 0 | 0 | |
Capex to depreciation | 0 | 0 | 0 | 0 | 0 | |
Stock based compensation to revenue | 0.02 | -0.1 | 0.02 | 0 | 0.04 | |
Graham number | 24.18 | 14.85 | 24.94 | 27.03 | 8.68 | |
ROIC | 0.02 | -0.04 | 0.01 | 0 | 0.01 | |
Return on tangible assets | 0.01 | 0 | 0.01 | -0.02 | 0 | |
Graham Net | -153.07 | -113.43 | -71.51 | -70.97 | 9.71 | |
Working capital | 407M | 1.01B | 598M | 652M | -60.8B | |
Tangible asset value | 10.52B | 10.55B | 9.77B | 7.34B | 70.99B | |
Net current asset value | -101.21B | -69.51B | -56.86B | -42.74B | 438M | |
Invested capital | 8.74 | 5.8 | 5.56 | 5.45 | 7.44 | |
Average receivables | 5.34B | 5.2B | 5.34B | 5.3B | 5.87B | |
Average payables | 471M | 321.5M | 309.5M | 443M | 243M | |
Average inventory | 641M | 7.78B | 7.9B | 5.3B | 5.42B | |
Days sales outstanding | 4.82K | -443.06 | 4.57K | 17.18 | 16.89K | |
Days payables outstanding | 0 | 300.51 | 1.66K | 2.4K | 0 | |
Days of inventory on hand | 0 | 19.6K | 6.33K | 44.77K | 6.73K | |
Receivables turnover | 0.08 | -0.82 | 0.08 | 21.24 | 0.02 | |
Payables turnover | 0 | 1.21 | 0.22 | 0.15 | 0 | |
Inventory turnover | 0 | 0.02 | 0.06 | 0.01 | 0.05 | |
ROE | 0.06 | -0.02 | 0.07 | -0.15 | 0.02 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
Quarterly Fundamentals Overview
Last date of statement is 2023-12-31 for Q4
Metric | History | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 1.01 | -0.22 | 0.52 | -0.59 | 0.65 | |
Net income per share | 1.52 | 1.32 | 0.48 | -0.63 | 0.61 | |
Operating cash flow per share | 0.17 | 0.04 | -0.1 | -0.08 | -0.05 | |
Free cash flow per share | 0.17 | 0.04 | -0.1 | -0.08 | -0.05 | |
Cash per share | 13.44 | 2.28 | 1.44 | 1.29 | -5.23 | |
Book value per share | 13.85 | 13.45 | 13.16 | 11.98 | 12.28 | |
Tangible book value per share | 12.92 | 12.54 | 12.28 | 11.13 | 105.59 | |
Share holders equity per share | 13.85 | 13.45 | 13.16 | 11.98 | 12.28 | |
Interest debt per share | 76.03 | 99.77 | 84.52 | 99.45 | 92.32 | |
Market cap | 5.88B | 5.84B | 6.07B | 5.87B | 6.6B | |
Enterprise value | 4.96B | 4.96B | 5.44B | 5.46B | 6.16B | |
P/E ratio | 1.7 | 1.91 | 5.3 | -3.74 | 4 | |
Price to sales ratio | 10.23 | -45.27 | 19.63 | -15.91 | 14.99 | |
POCF ratio | 62.58 | 224.59 | -99.44 | -112.92 | -212.75 | |
PFCF ratio | 62.58 | 224.59 | -99.44 | -112.92 | -212.75 | |
P/B Ratio | 0.75 | 0.75 | 0.77 | 0.79 | 0.8 | |
PTB ratio | 0.75 | 0.75 | 0.77 | 0.79 | 0.8 | |
EV to sales | 8.63 | -38.42 | 17.59 | -14.79 | 13.99 | |
Enterprise value over EBITDA | 5.62 | -8.01 | 19.01 | -13.93 | 3.29 | |
EV to operating cash flow | 52.77 | 190.63 | -89.13 | -104.97 | -198.62 | |
EV to free cash flow | 52.77 | 190.63 | -89.13 | -104.97 | -198.62 | |
Earnings yield | 0.15 | 0.13 | 0.05 | -0.07 | 0.06 | |
Free cash flow yield | 0.02 | 0 | -0.01 | -0.01 | 0 | |
Debt to equity | 5.45 | 7.36 | 6.36 | 8.22 | 7.44 | |
Debt to assets | 0.83 | 0.87 | 0.83 | 0.87 | 0.86 | |
Net debt to EBITDA | -1.05 | 1.43 | -2.2 | 1.05 | -0.23 | |
Current ratio | 2.34 | 2.41 | 2 | 1.82 | 0.01 | |
Interest coverage | 2.61 | 0.66 | 0.54 | -0.61 | 0.75 | |
Income quality | 0.17 | -0.17 | -0.21 | 0.13 | -0.08 | |
Dividend Yield | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | |
Payout ratio | 0.26 | 0.31 | 0.85 | -0.64 | 0.66 | |
Sales general and administrative to revenue | 0.01 | -0.11 | 0.05 | -0.04 | 0.05 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
Capex to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
Capex to revenue | 0 | 0 | 0 | 0 | 0 | |
Capex to depreciation | 0 | 0 | 0 | 0 | 0 | |
Stock based compensation to revenue | 0.02 | 0.01 | 0.01 | -0.01 | 0.01 | |
Graham number | 21.76 | 20 | 11.89 | 13.03 | 13.01 | |
ROIC | 0.03 | -0.02 | 0 | 0.02 | -0.01 | |
Return on tangible assets | 0.02 | 0.01 | 0 | -0.01 | 0.01 | |
Graham Net | -55.61 | -87.79 | -78.13 | -89.96 | 8.93 | |
Working capital | 652M | 774M | 431M | 362M | -60.8B | |
Tangible asset value | 7.34B | 7.27B | 7.35B | 6.92B | 70.99B | |
Net current asset value | -42.74B | -57B | -51.78B | -61.74B | 438M | |
Invested capital | 5.45 | 7.36 | 6.36 | 8.22 | 7.44 | |
Average receivables | 644.5M | 233M | 247M | 229.5M | 5.96B | |
Average payables | 661.5M | 516.5M | 490M | 437.5M | 221M | |
Average inventory | 9.91B | 10.42B | 10.76B | 10.43B | 6.43B | |
Days sales outstanding | 18.78 | -241.4 | 43.11 | -75.85 | 2.38K | |
Days payables outstanding | 1.15K | 326.03 | 0 | 101.48 | 0 | |
Days of inventory on hand | 21.5K | 7.01K | 0 | 2.55K | -356.58 | |
Receivables turnover | 4.79 | -0.37 | 2.09 | -1.19 | 0.04 | |
Payables turnover | 0.08 | 0.28 | 0 | 0.89 | 0 | |
Inventory turnover | 0 | 0.01 | 0 | 0.04 | -0.25 | |
ROE | 0.11 | 0.1 | 0.04 | -0.05 | 0.05 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
AGNCN Frequently Asked Questions
What is AGNC Investment Corp. stock symbol ?
AGNC Investment Corp. is a US stock , located in Bethesda of Md and trading under the symbol AGNCN
Is AGNC Investment Corp. buy or a sell ?
2 stock analysts have 2 predictions with a medium analyst target price of $12. The lowest prediction is $12 and the highest is $12
What is AGNCN stock prediction ?
What is AGNC Investment Corp. stock quote today ?
AGNC Investment Corp. stock price is $25.13 today.
Is AGNC Investment Corp. stock public?
Yes, AGNC Investment Corp. is a publicly traded company.