AGNC Funding Corp.’s AGNC third-quarter 2024 internet unfold and greenback roll revenue per widespread share (excluding estimated “catch-up” premium amortization profit) of 43 cents missed the Zacks Consensus Estimate of 47 cents. Additionally, the underside line declined from the 65 cents reported within the earlier quarter.
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Adjusted internet curiosity and greenback roll revenue of $420 million moved down 12.9% from the earlier quarter.
The corporate reported a third-quarter complete revenue per widespread share of 64 cents in opposition to a complete lack of 13 cents within the prior quarter.
Inside AGNC’s Headlines
Internet curiosity bills have been $64 million in contrast with $3 million within the prior quarter. The Zacks Consensus Estimate was pegged at $219.3 million.
AGNC Funding’s common asset yield on its portfolio was 4.73% within the third quarter, up from 4.69% reported within the prior quarter.
The mixed weighted common value of funds, inclusive of rate of interest swap, was 2.52% in contrast with 2% within the prior quarter.
The common internet curiosity unfold (excluding estimated “catch-up” premium amortization advantages) was 2.21%, down from 2.69% within the earlier quarter.
As of Sept. 30, 2024, AGNC’s common tangible internet ebook worth “in danger” leverage ratio was 7.2X, which remained unchanged from the prior quarter.
Within the third quarter, the corporate’s funding portfolio bore a median precise fixed prepayment price of seven.3%, up from 7.1% within the earlier quarter.
As of Sept. 30, 2024, tangible internet ebook worth per widespread share (BVPS) was $8.82, up 5% sequentially.
The financial return on tangible widespread fairness was 9.3% in opposition to detrimental 0.9% within the earlier quarter. This included a dividend per share of 36 cents and a rise of 42 cents in tangible internet BVPS.
As of Sept. 30, 2024, the corporate’s funding portfolio aggregated $73.1 billion. This included $68 billion of Company mortgage-backed securities, $4.1 million of internet ahead purchases of Company MBS within the to-be-announced market, and $1 billion of credit score threat switch and non-Company securities and different mortgage credit score investments.
AGNC’s Steadiness Sheet Place
As of Sept. 30, 2024, AGNC Funding’s money and money equivalents totaled $507 million, down 4.3% from the prior quarter.
AGNC’s Dividend Replace
Within the third quarter, AGNC Funding introduced a dividend of 12 cents per share every for July, August and September. Administration declared $13.7 billion in widespread inventory dividends or $48.28 per share since its preliminary public providing in Might 2008 via the third quarter of 2024.
Our View on AGNC
AGNC’s third-quarter outcomes benefited from a rise in asset yields. The corporate’s strategic portfolio repositioning strikes cushion it from greater rates of interest and prepayments. Nonetheless, decrease internet curiosity unfold and elevated weighted common value of funds acted as headwinds.
AGNC Funding Corp. Value, Consensus and EPS Shock
AGNC Investment Corp. price-consensus-eps-surprise-chart | AGNC Funding Corp. Quote
AGNC Funding presently carries a Zacks Rank #5 (Sturdy Promote).
You may see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Launch Dates of Different REITs
Annaly Capital Administration, Inc. NLY is slated to report third-quarter 2024 outcomes on Oct. 23.
Over the previous month, the Zacks Consensus Estimate for NLY’s quarterly earnings has remained unchanged at 67 cents per share over the previous seven days. This means a 1.52% rise from the prior-year reported determine.
Starwood Property Belief, Inc. STWD is slated to submit quarterly outcomes on Nov. 6.
Over the previous month, the Zacks Consensus Estimate for STWD’s quarterly earnings has been unchanged at 46 cents per share over the previous seven days. This means a decline of 6.12% from the prior-year quarter’s reported determine.
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