Research Desk Line-up: AvalonBay Communities Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on AGNC Investment Corp. (NASDAQ: AGNC) ("AGNC"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AGNC, following the Company's reporting of its financial results on July 26, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Bethesda, Maryland-based Company's net spread and dollar roll income per common share, excluding estimated "catch-up" premium amortization cost, grew on a year-over-year basis, beating market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the REIT - Residential industry. Pro-TD has currently selected AvalonBay Communities, Inc. (NYSE: AVB) for due-diligence and potential coverage as the Company announced on August 02, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on AvalonBay Communities when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AGNC; also brushing on AVB. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=AGNC

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Earnings Reviewed

In Q2 FY17, AGNC's interest income came in at $293 million compared to $318 million in the quarter ended June 30, 2016. The Company's interest expenses increased during the reported quarter to $112 million compared to $101 million in the previous year's comparable quarter. Furthermore, net interest income stood at $181 million for Q2 FY17, which was lower than the $217 million reported in the year-ago same quarter.

For the quarter ended June 30, 2017, the Company reported comprehensive income available to common stockholders of $138 million, or $0.40 per common diluted share compared to $240 million, or $0.73 per common diluted share. AGNC's net spread and dollar roll income, excluding "catch-up" premium amortization, stood at $0.67 per common share compared to $0.56 per common share in the year ago comparable quarter. The Company's net spread and dollar roll income beat market consensus estimates of $0.59 per common share.

Operating Metrics

The Company's Q2 FY17 economic return on common equity was 2.5% versus 3.3% in the previous year's comparable quarter. The economic return on equity was comprised of $0.54 as dividend per common share and a $0.06 decrease in tangible net book value per common share.

As on June 30, 2017, the real estate investment trust's net book value per common share stood at $20.80 versus $22.22 per common share in the year ago comparable quarter. Furthermore, tangible net book value per common share was $19.25 as of June 30, 2017.

Portfolio Standings and Liquidity

AGNC's investment portfolio, as on June 30, 2017, totaled $63.8 billion, which included $46.0 billion of agency mortgage backed securities (MBS), $17.3 billion of to-be-announced (TBA) mortgage positions, and $0.6 billion of credit risk transfer (CRT) and non-Agency securities.

As on June 30, 2017, the Company's investment's "at risk" leverage ratio was 8.1x, while average tangible net book value "at risk" leverage for the reported quarter stood at 8.0x. For Q2 FY17, the Company's investment portfolio bore a weighted-average constant repayment rate of 10.9% compared with 10.7% in the prior quarter.

During Q2 FY17, the Company's average asset yield on its "balance sheet funded assets" (investment portfolio excluding the net TBA position) came in at 2.66% versus 2.46% in Q2 FY16. Furthermore, AGNC's combined annualized net interest rate spread on the Company's balance sheet and dollar roll funded assets for the quarter was 1.55%, up from 1.51% for the prior quarter.

Also, as of June 30, 2017, AGNC Investment's cash and cash equivalents aggregated to $1.12 billion compared to $1.13 billion as on June 30, 2016.

Dividend and Share Buyback

In a separate press release on July 13, 2017, AGNC's Board of Directors declared a cash dividend of $0.18 per share of common stock for July 2017. The dividend is payable on August 07, 2017, to common stockholders of record as of July 31, 2017, with an ex-dividend date of July 27, 2017.

Stock Performance

At the closing bell, on Monday, August 07, 2017, AGNC Investment's stock rose slightly by 0.38%, ending the trading session at $21.07. A total volume of 2.67 million shares have exchanged hands. The Company's stock price surged 5.09% in the last three months, 9.74% in the past six months, and 5.93% in the previous twelve months. Moreover, the stock rallied 16.22% since the start of the year. The stock is trading at a PE ratio of 4.36 and has a dividend yield of 10.25%. The stock currently has a market cap of $7.55 billion.

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