AGNC Investment Earnings Top Estimate on Higher Net Interest Income, UBS Says

MT Newswires Live10-21

AGNC Investment (AGNC) reported Q3 earnings above UBS Securities' estimate, driven by higher-than-expected net interest income from a larger investment portfolio, while a steep book value decline weighed on its economic return.

The brokerage said in a Monday note that earnings available for distribution, including TBA income and excluding amortization catch-up cost, were $0.37 a share, in line with consensus and a penny above its estimate. Economic return on tangible book value was negative 12.7%.

Tangible book value fell 16.9% from the previous quarter to $7.13 a share, versus UBS's estimate of $7.26. AGNC raised $992 million through its at-the-market offering program, issuing 97.6 million common shares. UBS estimated the issuance added 3.7% to quarter-end tangible book value.

UBS expects management to indicate that fourth-quarter book value is roughly flat quarter-to-date.

The investment portfolio shrank 2.8% to $94.4 billion, while the net TBA position fell to $2.4 billion from $9.7 billion. The weighted-average coupon on fixed-rate agency mortgage-backed securities and TBA securities rose to 5.13% from 5.04%, reflecting a shift toward higher-coupon assets.

UBS has a neutral rating on AGNC, with a $11 price target.

The company's shares were up 3.6% in Tuesday afternoon trading.

Price: 8.75, Change: +0.31, Percent Change: +3.61

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