Nomura Securities on Consumer Finance: Agency Mortgage REITS 1Q12 Wrap-Up
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Price: $9.21 -1.6%
Rating Summary:
13 Buy, 11 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
13 Buy, 11 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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Nomura Securities on Consumer Finance: Agency Mortgage REITS 1Q12 Wrap-Up
Analyst, Bill Carcache, said, "Overall, the mortgage REITs delivered solid risk-adjusted returns during 1Q12, despite continued low rates. Book value growth supplemented dividend stability across the broader sector, enabling economic returns to rise significantly above 4Q11 levels. However, total returns for the group were roughly unchanged on a sequential basis. American Capital Agency (Nasdaq: AGNC) remains our top pick in the space and we exited 1Q12 with greater conviction in our bullish investment thesis around management’s consistent ability to optimize risk and return through best-in-class asset selection. We believe that dividends are sustainable for both AGNC and CYS Investments (NYSE: CYS), and we are reiterating our Buy rating on both."
Analyst, Bill Carcache, said, "Overall, the mortgage REITs delivered solid risk-adjusted returns during 1Q12, despite continued low rates. Book value growth supplemented dividend stability across the broader sector, enabling economic returns to rise significantly above 4Q11 levels. However, total returns for the group were roughly unchanged on a sequential basis. American Capital Agency (Nasdaq: AGNC) remains our top pick in the space and we exited 1Q12 with greater conviction in our bullish investment thesis around management’s consistent ability to optimize risk and return through best-in-class asset selection. We believe that dividends are sustainable for both AGNC and CYS Investments (NYSE: CYS), and we are reiterating our Buy rating on both."
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