Overview
* AGNC Q3 net income per share at $0.72, with $0.36 dividends declared per share
* Tangible net book value per share rose 6% to $8.28
* AGNC's investment portfolio valued at $90.8 bln, mainly in Agency MBS
Outlook
* AGNC expects favorable conditions for Agency MBS due to manageable supply and growing demand
* Company sees solid financing market for Agency MBS despite U.S. Treasury issuance
* AGNC anticipates positive trends in GSE reform discussions emphasizing mortgage market stability
Result Drivers
* AGENCY MBS PERFORMANCE - Agency MBS outperformed U.S. Treasuries, contributing to AGNC's strong economic return on tangible common equity
* CAPITAL MARKETS ACTIVITY - AGNC raised $345 mln through Series H Preferred Stock and over $300 mln through common stock offerings, enhancing liquidity
* TANGIBLE NET BOOK VALUE GROWTH - Tangible net book value per share increased due to tighter mortgage spreads to benchmark rates
Key Details
Metric Beat/Mis Actual Consensu
s s
Estimate
Q3 EPS $0.72
Q3 Net $806 mln
Income
Q3 Net $148 mln
Interest
Income
Analyst Coverage
* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"
* The average consensus recommendation for the specialized reits peer group is "buy"
* Wall Street's median 12-month price target for AGNC Investment Corp (AGNC) is $9.95, about 0.4% below its October 17 closing price of $9.99
* The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 6 three months ago
Press Release:
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
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