book share – Medielys http://medielys.com/ Tue, 15 Mar 2022 15:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://medielys.com/wp-content/uploads/2021/08/favicon-2-150x150.png book share – Medielys http://medielys.com/ 32 32 Southern Missouri Bancorp: book value increase of more than $4/share per year (NASDAQ: SMBC) https://medielys.com/2022/03/15/southern-missouri-bancorp-book-value-increase-of-more-than-4-share-per-year-nasdaq-smbc/ Tue, 15 Mar 2022 15:00:00 +0000 https://medielys.com/2022/03/15/southern-missouri-bancorp-book-value-increase-of-more-than-4-share-per-year-nasdaq-smbc/ Gwengoat/iStock via Getty Images introduction I’m always interested in finding value in smaller regional banks and it’s too bad Southern Missouri Bancorp (SMBC) doesn’t get more attention here on Seeking Alpha as there has only been one article on this bank for the past 7.5 years. Given the bank’s performance in the first half of […]]]>

Gwengoat/iStock via Getty Images

introduction

I’m always interested in finding value in smaller regional banks and it’s too bad Southern Missouri Bancorp (SMBC) doesn’t get more attention here on Seeking Alpha as there has only been one article on this bank for the past 7.5 years. Given the bank’s performance in the first half of its fiscal year, I believe this regional bank deserves more attention from the investment community.

SMBC Chart

Yahoo finance

A rather strong result in the first half bodes well for the future

Southern Missouri has seen its earnings profile improve in recent quarters as interest income increases while interest expense declines. This translates into higher net interest income and in the first half, SMBC saw its net interest income increase by more than 10% to $50.7 million.

income statement

SMBC Investor Relations

The bank reported total non-interest income of $9.8 million and non-interest expense of $29.3 million, resulting in net non-interest expense of $19.5 million. This means that the provision for pre-tax and pre-loan losses in the first half was about $31 million. Southern Missouri Bancorp was also able to write off just over $0.3 million of previously recorded loan loss provisions, boosting reported pretax profit to $31.5 million and resulting in a net income of $24.7 million, or $2.78 per share.

The second quarter was relatively weaker than the first quarter, with EPS declining from $1.43 to $1.35 due to slightly lower net interest income and no provision reversal of 0 $.3 million which was fully recorded in the first quarter of the year.

Southern Missouri pays only a nominal dividend and the $0.20 per share on a quarterly basis represents a dividend yield of just over 1.5%. That means Southern Missouri isn’t exactly a good fit for an income-focused portfolio, but it also means the dividend is extremely safe. The payout ratio in the first half was below 15%, and even in the weaker second quarter of the year the payout ratio did not exceed 15%. Low yield, but sure yield.

I like exposure to residential real estate

When I look at these regional banks, I’m always keen to see what the asset side of the balance sheet looks like. As explained in a previous article on PCB Bancorp, I don’t necessarily mind higher exposure to, say, commercial real estate as long as LTV ratios are reasonable as a local bank may have a better view of the local real estate market .

On the asset side of the balance sheet

SMBC Investor Relations

Looking at Southern Missouri’s balance sheet, of the $2.92 billion in total assets, about $400 million was in fairly safe assets with nearly $185 million in cash and over $200 million in securities that are supposed to be rather liquid. I mainly want to zoom in on the $2.36 billion loan book to see the breakdown.

Breakdown of loan portfolio

SMBC Investor Relations

I was pleasantly surprised to see that about a third of the loan portfolio consists of residential real estate and another 40% is focused on commercial real estate loans. This should not be a deterrent as the most important factor here is to see what percentage of the loan portfolio is outstanding and what percentage of the loans are past due.

Lending book quality

SMBC Investor Relations

According to footnotes to the financial statements, Southern Missouri Bancorp customers appear to be making their payments on time. Of the total loan portfolio size of nearly $2.4 billion, only $3.3 billion of loans are classified as delinquent. This means that 99.85% of loans are performing, but it also means that the total amount of more than $30 million recorded for future loan losses is more than enough to cover potential problems here. It also explains why Southern Missouri was able to write off some of the historical loan loss provisions because its loan loss provision is high enough to cover current potential issues. There is, however, a point of caution here: under the CARES Act, some borrowers have been allowed to suspend payments due to the impact of COVID-19. That doesn’t mean these borrowers are insolvent because they’re just taking advantage of an opportunity offered by the government, but at the end of 2021, Southern Missouri had $23.7 million in loans that were modified under of the CARES Act. These loans are currently flagged as outstanding, but once the grace period ends, some of these loans may need to be reclassified as past due after a period of time.

Investment thesis

I don’t currently have a long position in Southern Missouri Bancorp, but the bank is definitely on my watch list. The tangible book value per share is currently around $31.5, which means the bank is trading at around 1.6 times its tangible book value, but since the bank retains most of its earnings, the book value tangible book value per share increases by more than $4/year and by the end of calendar year 2023, I expect the tangible book value to exceed $40/share.

Trading at less than 10x earnings and seeing very few loans in arrears, Southern Missouri Bancorp piqued my interest. I noticed there are options available on SMBC so I might try to write an out of the money put on southern Missouri but options are pretty illiquid there isn’t therefore has no guarantee that an order will be affected.

So for now, I’m on the sidelines but I can’t wait to see how the “new” entity after completing the acquisition of Fortune Financial will perform. This was a very small transaction, but will add approximately $250 million to the balance sheet assets.

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Annaly (NLY) Higher estimates for Q4 earnings, NII and lower book value https://medielys.com/2022/02/10/annaly-nly-higher-estimates-for-q4-earnings-nii-and-lower-book-value/ Thu, 10 Feb 2022 08:00:00 +0000 https://medielys.com/2022/02/10/annaly-nly-higher-estimates-for-q4-earnings-nii-and-lower-book-value/ This story originally appeared on Zacks Annaly Capital Management, Inc. NLY announced fourth-quarter 2021 earnings available for distribution (EAD) per share of 28 cents that beat Zacks’ consensus estimate of 26 cents. The figure, however, compares unfavorably to 30 cents in the prior year quarter. – Zacks Net interest income (NII) was $361 million, beating […]]]>

This story originally appeared on Zacks

Annaly Capital Management, Inc. NLY announced fourth-quarter 2021 earnings available for distribution (EAD) per share of 28 cents that beat Zacks’ consensus estimate of 26 cents. The figure, however, compares unfavorably to 30 cents in the prior year quarter.


– Zacks

Net interest income (NII) was $361 million, beating Zacks consensus estimate of $357 million. This figure decreased by 16.6% year-on-year.

With funding costs still low, Annaly experienced an increase in net interest margin. However, NLY saw a year-over-year decline in book value per share (BVPS) and average return on interest-earning assets.

For the full year, Annaly reported EAD per share of $1.16, up 5.5% from the 2020 figure. Net income also beat Zacks consensus estimate of 1.14 $ per share.

The NII for the full year was $1.73 billion, up 30% from the number reported a year ago. Additionally, the 2021 NII was in line with the Zacks consensus estimate.

In the headlines

At the end of the fourth quarter, Annaly had $89.2 billion in total assets, with 91% of invested assets in the Agency’s portfolio. At the end of the quarter, unencumbered assets stood at $9.3 billion.

In the quarter under review, the average return on interest earning assets (excluding premium amortization adjustment or PAA) was 2.63%, down from 2.8% in the prior year quarter . The average economic cost of interest-bearing liabilities was 0.75%, down from 0.87%.

The net interest spread (excluding PAA) of 1.88% for the fourth quarter fell from 1.93% in the prior year quarter. Nevertheless, the net interest margin (excluding PAA) in the current quarter was 2.03%, compared to 1.98% in the fourth quarter of 2020.

Annaly’s BVPS was $7.97 as of December 31, 2021, down sequentially from $8.39. Additionally, BVPS compares unfavorably at $8.92 as of December 31, 2020. At the end of the current quarter, Annaly’s economic capital ratio was 14.4%, compared to 13.6% in the year-ago quarter. former.

For the December quarter, the constant weighted average real prepayment rate was 21.4%, down sequentially from 23.1%.

Economic leverage was 5.7X as of December 31, 2021, compared to 5.8X, sequentially, and 6.2X in the prior year quarter. Annaly generated an annualized EAD return on average equity (excluding PAA) of 13.1% in the fourth quarter, down from 13.03% in the prior year quarter.

Annaly currently wears a Zacks Rank #3 (Hold). You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Competitive landscape

On January 31, 2022, AGNC Investment Corp. AGNC published its results for the fourth quarter of 2021.

AGNC’s net spread and dollar earnings per common share (excluding estimated “catch-up” bonus amortization costs) of 75 cents per share beat Zacks’ consensus estimate of 66 cents. The reported figure was stable with the fourth quarter 2020 figure.

We now look forward to the release of results from other mortgage REITs, such as Starwood Realty Trust STWD and Invesco Mortgage Capital IVRwhose report is scheduled for February 25 and February 17, respectively.

Starwood Property carries a Zacks Rank #2 (Buy), while Invesco Mortgage has a Zacks Rank #3 (Hold) at present.

The Zacks consensus estimate for Starwood Property’s fourth quarter 2021 earnings has moved 1.9% north to 53 cents over the past month. The same goes for Invesco Mortgage’s earnings for the December 2021 quarter, which were flat at 10 cents over the past month.

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What is book value per share (BVPS)? https://medielys.com/2022/01/19/what-is-book-value-per-share-bvps/ Wed, 19 Jan 2022 08:00:00 +0000 https://medielys.com/2022/01/19/what-is-book-value-per-share-bvps/ When you buy stock in a company, you are buying an equity stake. The value of this equity stake will change over time: it will rise and fall with the performance of the business. Much of it comes down to market sentiment: what someone else is willing to pay for that stake if you choose […]]]>

When you buy stock in a company, you are buying an equity stake. The value of this equity stake will change over time: it will rise and fall with the performance of the business. Much of it comes down to market sentiment: what someone else is willing to pay for that stake if you choose to sell. Investors who want a clear and unbiased valuation of their holding use metrics such as book value per share (BVPS) to fundamentally understand what it’s worth.

Book value per share represents the intrinsic value of a share of a company. If this company closed and was liquidated tomorrow, the BVPS is what each shareholder would receive as payment for their equity stake. This is an important number to know because, used as a benchmark, it can show how much the current stock is undervalued or overvalued by the market.

Here’s a deeper dive into book value per share, how to calculate it, what it means, and how to use it as a valuation measure to understand stock prices.

How to calculate book value per share

To understand book value per share, investors need to look at the company’s balance sheet. Specifically, represented equity (total equity minus preferred equity). Divide this equity by the total number of shares outstanding to get the BVPS price:

BVPS = Total Equity / Total Outstanding Shares

For example, if Company ABC has $750 million in equity on its balance sheet and total shares outstanding of 50 million, its BVPS is $15. This is the amount that each shareholder would receive after the company is liquidated and its debts paid. Note that preferred stockholders’ equity is not included in this calculation because such stockholders receive a prior claim in the event of liquidation.

At a glance: High or low book value per share

Investors using book value as a valuation measure, we look at how much above or below the current market value per share. BVPS is a useful benchmark for determining whether a stock is undervalued or overvalued by the market, and by how much. This is usually accomplished through comparative metrics such as the book-to-market ratio.

  • If the book value is lower than the market value, it is an overvalued signal.
  • If the book value is higher than the market value, it is an undervalued signal.
  • The higher or lower the book price is than the market value, the stronger the signal.

For example, if Company ABC’s BVPS is $15 and its market value is $30, investors might conclude that the market is overvaluing the stock by 100%. Likewise, if BVPS is $15 and the current price is $14, it is very slightly undervalued and could be a good value play.

BVPS vs Current Market Share Price

More often than not, a company’s book value per share will differ significantly from its current price, which is usually more expensive. A market share price above the BVPS indicates that investors are bullish on the company. They are willing to pay a premium above the current value of equity per share because they believe equity will soon increase as the business grows.

It is important to recognize that a higher market share does not necessarily mean that the company is overvalued. Because BVPS only looks balance sheet equity, it does not take into account intangible assets that have an impact on the company’s future sales and income. Comparing BVPS to the current stock price in the market is simply a way to put the stock price into context.

There are occasions when BVPS may be higher than the current stock price. These examples indicate bearish sentiment. Investors feel that the company is going to have a hard time and believe that equity will decline. For example, if a company faces protracted litigation that disrupts business operations, its stock price may be lower than the book value per share. Sometimes it signals a valuable investment.

How can companies increase BVPS?

There are three main ways companies can increase book value per share. Some occur naturally as a result of business growth; others are specific actions a company could use to tighten its financial position.

  • Increase assets. The more assets on a company’s balance sheet, the higher the BVPS due to the increase in common stock. This is the most common way for businesses to grow BVPS, as they naturally add assets as the business grows.
  • Reduce liabilities. In the same way, adding assets to the balance sheet increases the BVPS, reducing liabilities achieves the same result. It can also happen as a natural function of business growth as businesses pay off old debts.
  • Share buybacks. Reducing the total number of shares available drives up the company’s BVPS by strengthening the equity of outstanding shares. This usually happens after positive gains.

All of these strategies to increase BVPS revolve around strong profits. Businesses must have a healthy cash flow to bring in cash that is used to increase assets, reduce liabilities, or buy back stock.

Know the true value of your stock position

Although the price value of a stock changes every minute of every trading period based on investor sentiment and market conditions, it is still important to understand the book value per share. It’s the true value of your participation: the bare minimum of its value.

BVPS will tell you how much premium the company’s stock is trading for and may influence your thesis as to whether it’s a good addition to your portfolio. Remember that this is a static indicator and not forward-looking. Although it represents value, it does not take into account a company’s equity potential.


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What is book value? Definition, how to calculate and FAQ https://medielys.com/2021/11/30/what-is-book-value-definition-how-to-calculate-and-faq/ Tue, 30 Nov 2021 14:29:12 +0000 https://medielys.com/2021/11/30/what-is-book-value-definition-how-to-calculate-and-faq/ [ad_1] Investors looking for a basic valuation of a business can look to its assets and liabilities. Another term for book value is shareholders’ equity. Dominic Diongson; Cloth Contents What is book value? How do you calculate the book value? Why is book value important? Book value vs market value vs intrinsic value, according to […]]]>


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What is book value?

Book value is an accounting measure of a company’s equity. It is a measure used to calculate the valuation of a business based on its assets and liabilities.

If owners or managers were looking to sell their business quickly and had to sort out the valuation, one method would be book value. By going through their balance sheet, they would subtract liabilities from assets, providing an amount of net assets. Another term for book value is shareholders’ equity, which is an item that can be found on the balance sheets of quarterly and annual filings of publicly traded companies with the Securities and Exchange Commission. It is usually found in the assets, liabilities and equity section of the balance sheet.

Net income can play a major role in the book value of a business, and owners or managers generally want their business valuation to increase: the higher the profits, the higher the book value; conversely, a drop in profits can lead to a drop in book value. It’s easier to increase or decrease profits on a quarterly basis because other assets and liabilities tend to fluctuate less than net income.

How do you calculate the book value?

Book value = Assets – Liabilities

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Book value can be calculated in a simplified way by subtracting a company’s liabilities from its assets. In many cases, however, other items are included in this calculation, and it is not as simple as subtracting the “Total liabilities” item from the “Total assets” item.

In the financial statements of The Coca-Cola Company, for example, equity would be listed as “total equity,” which subtracted all types of liabilities, including long-term debt, from “total equity”. active ”. Amazon lists its equity simply as “total equity”.

Why is book value important?

For startups, book value is a basic metric to measure the valuation of their business. They do not have stocks that are freely traded and, therefore, are priced in the public market. There are other valuation methods for start-ups, of course, but book value provides tangible assets such as equipment, property, and inventory.

A publicly traded company, on the other hand, will have a published market price, giving investors the ability to compare the market value of the company to its book value. Book value tends to be less than market value because shareholders generally place a premium on the price. However, if the book value is greater than the market value then the company would be considered undervalued but, despite this, it is rare to see the book value equal to or less than the market value. However, unusual events such as stock market crashes can cause the market value to drop sharply. At the start of the 2020 pandemic, panic selling caused the stock prices of many companies to plummet, and in late March and early April the market value of some fell below their book value.

It is difficult to predict the assets or liabilities of a business or to gather this information in real time. Investors therefore use the most recent data and combine it with the latest stock price to calculate the price-to-book ratio.

TheStreet Dictionary Terms

Below is a table of the book values ​​of companies at the end of the third quarter of 2021 compared to their market capitalization at the end of November, in billions of dollars.

Form 10-Q Deposits

Society Book value Market valuation

You’re here

27

1140

Amazon

93

1,810

Apple

63

2,630

Coca Cola

24

235

Berkshire Hathaway

481

632

Book value vs market value vs intrinsic value, according to Warren Buffett

In recent decades, famed investor Warren Buffett has placed less emphasis on book value, claiming in Berkshire Hathaway’s annual reports that it is a weak indicator for gauging a company’s value. Instead, he prefers to look at market value and go deeper, intrinsic value, which in layman’s terms, he says, is the present value of money that can be taken out of a business during its life. remaining life.

He used a college degree as an example where the book value was roughly the cost of education, while the intrinsic value was roughly the difference between the graduate’s income over his lifetime and what the graduate would have. been his income during his life without a degree. Buffett focuses on the future (intrinsic) value of a business for its profit potential rather than its historical (book) value. In fact, he goes on to say that book value does not make sense as an indicator of intrinsic value.

Frequently Asked Questions (FAQ)

Here are answers to some of the most frequently asked questions investors have about book value.

Are book value and market value the same?

Market value is calculated by multiplying the number of outstanding shares of a company by the price of its shares, while book value is the difference between its assets and liabilities.

What is book value per share?

Book value per share is calculated by taking equity and dividing it by the number of shares outstanding, which gives book value per share.

What is the price-to-book ratio?

This ratio measures how the market valuation of a company compares to its book value. A high ratio may indicate overvaluation, while a low ratio suggests it is at fair value or undervalued.

How is book value used in calculating return on equity?

Return on equity is calculated by dividing net income by book value.

Can the book value be negative?

Book value can be negative if a company’s liabilities exceed its assets. In many cases, a negative book value could mean that a business is bankrupt.

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AGNC Investment Reports Stable Book Value, But Are Troubled Waters Ahead? https://medielys.com/2021/11/23/agnc-investment-reports-stable-book-value-but-are-troubled-waters-ahead/ Tue, 23 Nov 2021 13:54:54 +0000 https://medielys.com/2021/11/23/agnc-investment-reports-stable-book-value-but-are-troubled-waters-ahead/ JThe US economy is struggling to cope with an unusually high level of inflation, which hasn’t been a problem for decades. On the contrary, the Federal Reserve has been unhappy because inflation has been too low for too long in the past. The latest spurt in inflation has been attributed to supply chain issues, product […]]]>

JThe US economy is struggling to cope with an unusually high level of inflation, which hasn’t been a problem for decades. On the contrary, the Federal Reserve has been unhappy because inflation has been too low for too long in the past.

The latest spurt in inflation has been attributed to supply chain issues, product shortages, labor shortages and rising wage growth, and the Fed is forced to take steps to resolve the problem. To deal with the coronavirus pandemic, the Fed stepped up the purchase of Treasuries and mortgage-backed securities. To cope with rising inflation, the Fed recently announced its intention to start reducing its purchases of these assets.

This move could potentially mean bad things for agency mortgage investors like AGNC Investment (NASDAQ: AGNC).

The headquarters of the Federal Reserve. Image source: Getty Images.

Mortgage REITs are different from typical REITs

AGNC is a mortgage real estate investment confidence (REIT), which is different from most REITs. The typical REIT develops real estate assets and then leases them out. It could develop apartment complexes, office buildings or shopping malls.

Mortgage REITs do not invest in real estate, but buy back real estate debt. If you recently refinanced your mortgage, chances are it will eventually be secured by Fannie Mae Where Freddie Mac, then securitized. A common investor for these mortgage-backed securities is a mortgage REIT like AGNC Investment. These securities are guaranteed by the US government, so there is almost no risk of default.

Fed actions could negatively affect the sector

The other big investor in these mortgage-backed securities is the Federal Reserve, which has been buying them since the early days of the pandemic. The Fed intervened in this market as broader financial markets became illiquid at the start of the pandemic. This stabilized financial markets, and now the Fed is starting to reduce its footprint. Starting in November, it will reduce its purchases of mortgage-backed securities and treasury bills with the aim of ending excess purchases altogether by next summer. The term for this program is “tapered”.

So far, mortgage-backed securities markets are following the plans announced by the Fed, which is good news for mortgage REIT investors. In 2013, the Fed began to scale back its purchases of mortgage-backed securities following the Great Recession. Interest rates have risen so rapidly that mortgage REITs like AGNC have experienced steep declines in book value per share and have been forced to cut dividends. The Fed seems keen to prevent a recurrence, so it has been much more transparent in its plans.

AGNC positions itself conservatively

Although we are not seeing a sharp increase in interest rates, AGNC Investment still maintains a cautious approach to risk, operating at a low leverage (average debt divided by average equity) of around 7. 5 times. Leverage is another term for borrowed money, and it’s how AGNC Investment turns a portfolio of mortgage-backed securities paying 3% into a dividend yield of 9%. It is the same concept as using margin on your stock trades. If your stock goes up, it amplifies your gains. If your stock is down, you could be subject to margin calls or additional down payment requests.

AGNC reported tangible book value per share in the third quarter (which is one of the most important numbers for mortgage REIT investors) was $16.41, an increase of $0.02 per share. Mortgage REITs generally trade around book value per share and, at current levels, AGNC is trading at a slight discount. Tangible book value will depend on earnings and prices of mortgage-backed securities.

The other crucial number for mortgage REITs is the dividend yield, which is currently 9%. AGNC pays a monthly dividend of $0.12 per share. So far, mortgage-backed securities markets are bullish on Fed policy changes, but mortgage REIT investors should be cautious and price-sensitive. Investors should only intervene when the stock is trading at a high single-digit discount to the tangible book value per share.

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AGNC Investment Reports Stable Book Value, But Are Choppy Waters Coming? https://medielys.com/2021/11/23/agnc-investment-reports-stable-book-value-but-are-choppy-waters-coming/ Tue, 23 Nov 2021 08:00:00 +0000 https://medielys.com/2021/11/23/agnc-investment-reports-stable-book-value-but-are-choppy-waters-coming/ [ad_1] The US economy is struggling to cope with unusually high inflation, which has not been a problem for decades. If anything, the Federal Reserve has been unhappy because inflation has been too low for too long in the past. The latest bout of inflation has been blamed on supply chain issues, product shortages, labor […]]]>


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The US economy is struggling to cope with unusually high inflation, which has not been a problem for decades. If anything, the Federal Reserve has been unhappy because inflation has been too low for too long in the past.

The latest bout of inflation has been blamed on supply chain issues, product shortages, labor shortages and rising wages, and the Fed is forced to take action to solve the problem. To deal with the coronavirus pandemic, the Fed has stepped up the purchase of treasury bills and mortgage-backed securities. To cope with rising inflation, the Fed recently announced its intention to start gradually reducing its purchases of these assets.

The move could potentially mean bad things for mortgage investors from agencies like AGNC investment (NASDAQ: AGNC).

The headquarters of the Federal Reserve. Image source: Getty Images.

Mortgage REITs are different from typical REITs

AGNC is a Mortgage Real Estate Investment Trust (REIT), which is different from most REITs. The typical REIT develops real estate assets and then leases them. It can develop apartment complexes, office buildings or shopping centers.

Mortgage REITs do not invest in real estate, but rather buy out real estate debt. If you’ve recently refinanced your mortgage, chances are it ended up being secured by Fannie mae Where Freddie mac, then securitized. A common investor for these mortgage backed securities is a mortgage REIT like AGNC Investment. These securities are guaranteed by the US government, so there is virtually no risk of default.

Fed actions could negatively affect the sector

The other big investor for these mortgage-backed securities is the Federal Reserve, which has been buying them since the early days of the pandemic. The Fed entered this market as the broader financial markets became illiquid at the start of the pandemic. This stabilized the financial markets, and now the Fed is starting to reduce its footprint. Starting in November, it will reduce its purchases of mortgage-backed securities and T-bills with the aim of completely ending the excess purchases by next summer. The term for this program is “tapering”.

So far, the mortgage-backed securities markets are following the plans announced by the Fed on the heels, which is good news for mortgage REIT investors. In 2013, the Fed began to reduce its purchases of mortgage-backed securities in the aftermath of the Great Recession. Interest rates have risen so rapidly that mortgage REITs like AGNC have seen sharp declines in book value per share and have been forced to cut dividends. The Fed appears keen to avoid a repeat offense, so it has been much more transparent in its plans.

AGNC is positioned conservatively

Although we do not see a sharp increase in interest rates, AGNC Investment still maintains a conservative approach to risk, operating at a low level of leverage (average debt divided by average equity) of around 7.5 time. Leverage is another term for borrowed money, and this is how AGNC Investment turns a portfolio of mortgage-backed securities paying 3% into a dividend yield of 9%. It is the same concept as using the margin on your stock transactions. If your stock goes up, it amplifies your earnings. If your stock falls, you may be subject to margin calls or require you to put up additional cash.

AGNC said the tangible book value per share in the third quarter (which is one of the most important numbers for mortgage REIT investors) was $ 16.41, an increase of $ 0.02 per share. Mortgage REITs typically trade around book value per share, and at current levels AGNC is trading at a small discount. The tangible book value will depend on the earnings and prices of the mortgage backed securities.

The other crucial number for mortgage REITs is the dividend yield, which is currently 9%. AGNC pays a monthly dividend of $ 0.12 per share. So far, mortgage-backed securities markets have been bullish on the Fed’s policy changes, but mortgage REIT investors need to be cautious and price sensitive. Investors should only intervene when the stock is trading at a high single-digit discount to the tangible book value per share.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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Accord Financial reports record revenues, net income, funds employed and book value per common share https://medielys.com/2021/11/04/accord-financial-reports-record-revenues-net-income-funds-employed-and-book-value-per-common-share/ Thu, 04 Nov 2021 11:30:00 +0000 https://medielys.com/2021/11/04/accord-financial-reports-record-revenues-net-income-funds-employed-and-book-value-per-common-share/ [ad_1] TORONTO, November 4, 2021 / CNW / – Accord Financial Corp. (TSX: ACD) today released financial results for the three and nine months ended September 30, 2021. The financial figures presented in this press release are expressed in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards. SUMMARY OF FINANCIAL […]]]>


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TORONTO, November 4, 2021 / CNW / – Accord Financial Corp. (TSX: ACD) today released financial results for the three and nine months ended September 30, 2021. The financial figures presented in this press release are expressed in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards.

SUMMARY OF FINANCIAL RESULTS

Three months ended

September 30

Nine months ended

September 30


2021

2020

2021

2020


$

$

$

$

Average funds employed (millions)

414

327

383

343

Revenue (in thousands)

16,119

12 312

45,015

35,598

Gains (losses) before income tax (in thousands)

3 132

(120)

10 083

(5,209)

Net income (loss) attributable to shareholders (in thousands)

2,643

566

8 313

(968)

Adjusted net income (loss) (in thousands) (note)

2 801

621

8 645

(63)

Earnings (loss) per common share (basic and diluted)

0.31

0.07

0.97

(0.11)

Adjusted earnings (loss) per common share (basic and diluted)

0.33

0.07

1.01

(0.01)

Book value per common share (September 30)



$ 11.31

$ 10.56

Third quarter revenue hits record $ 16,119,000 compared to $ 12,312,000 last year, mainly due to a 27% increase in average funds employed and other income. The average funds employed were $ 414 million during the current quarter compared to $ 327 million last year, ending the quarter at an all-time high $ 437 million.

Net income attributable to shareholders (“shareholders’ net income”) increased from $ 566,000 in the third quarter of last year for $ 2,643,000 in the third quarter of 2021 representing a clear recovery after the negative economic impacts of Covid-19. Earnings per common share (“EPS”) rose to 31 cents compared to 7 cents Last year. Adjusted net income was $ 2,801,000 compared to $ 621,000 in the third quarter of 2020, resulting in adjusted EPS of 33 cents compared to 7 cents Last year.

Revenues and profits for the first nine months reflect a steady growth in funds employed; average funds employed increased by 12% to reach $ 383 million compared to $ 343 million Last year. Portfolio growth and higher yields drove income up 26% to a record high in first nine months $ 45.0 million in 2021 compared to $ 35.6 million Last year. Shareholder net profit hit a record for the first nine months $ 8,313,000 rebound in net shareholder loss of $ 968,000 in 2020. The increase in net income results mainly from higher revenues and a decrease in the provision for losses. BPA was also a record for the first nine months 97 cents compared to a loss per common share (“LPS”) of 11 cents Last year. Adjusted net income for the first nine months of 2021 was a record $ 8,645,000 (EPS adjusted from $ 1.01) compared to an adjusted net loss of $ 63,000 (LPS adjusted from 1 cent) in the first nine months of 2020.

Commenting on the financial results, the President and CEO of the Company, Mr. Simon hitzig, said: “Accord’s strong performance in the third quarter and over nine months puts the company back on its pre-pandemic growth path. Coming out of the economic crisis, Accord has built four consecutive strong quarters, with year-over-year adjusted earnings per share. of $ 1.26. With the economy rebounding, we continue to capitalize on the development of innovative products, our strong market presence and our financial strength. Progress rarely follows a straight line, but the fundamentals are falling into place. ”

Mr. Hitzig added: “Accord’s record performance since the start of the year validates our strategy, and the constant improvement in operational efficiency, diversification and credit quality underpin the foundation, adding an element of strength and stability as we expect continued success in 2022. “

About Accord Financial Corp.
Financial Accord is North America the most dynamic trade finance company providing fast and versatile financing solutions to businesses in transition including factoring, inventory finance, equipment leasing, trade finance and film / media finance . Leveraging our unique combination of financial strength, deep experience and independent thinking, we design winning financial solutions for small and medium businesses, delivered simply, so our clients can thrive. For 43 years, Accord has helped businesses manage their cash flow and maximize financial opportunities.

Note: Non-IFRS measures

The Company’s financial statements have been prepared in accordance with IFRS. The Company uses a number of other financial measures to monitor its performance and believes that these measures may be useful to investors in assessing the operating performance and financial condition of the Company. These measures may not have standardized meanings or calculations as prescribed by IFRS that would ensure consistency between companies using these measures and are therefore considered non-IFRS measures. The non-IFRS measures presented in this press release are as follows:

1) Adjusted net earnings and adjusted EPS. The Company derives these measures from amounts presented in its financial statements prepared in accordance with IFRS. Adjusted net income includes shareholders’ net income before stock-based compensation, business acquisition costs (transaction and integration costs and amortization of intangible assets) and restructuring costs. Adjusted EPS (basic and diluted) is adjusted net income divided by the weighted average number of common shares outstanding (basic and diluted) during the period. Management believes that adjusted net income is a more appropriate measure of operating performance as it excludes items that are not directly related to ongoing operating activities. The following table presents a reconciliation of the Company’s net income to adjusted net income:


Three months ended September 30

Nine months ended September 30


2021

2020

2021

2020


$ ‘000

$ ‘000

$ ‘000

$ ‘000

Shareholders’ net profit:

2,643

566

8 313

(967)

Net tax adjustments:





Restructuring costs

139

186

738

Stock-based compensation expense

13

13

Business acquisition costs

6

55

133

166

Adjusted net profit

2 801

621

8 645

(63)

2) Book value per share – book value is equity and is the same as the net asset value (calculated as total assets less total liabilities) of the Company less non-controlling interests. Book value per share is the book value divided by the number of common shares outstanding on a particular date.

3) Funds employed are the Company’s financial receivables and loans, a measure in accordance with IFRS. The average funds employed are the average financial claims and loans calculated over a given period.

SOURCE Accord Financial Corp.

For more information: please visit www.accordfinancial.com or contact: Stuart Adair, Senior Vice President, Chief Financial Officer, Accord Financial Corp., 602 – 40 Eglinton Avenue East, Toronto, ON M4P 3A2, (416) 642- 5647, [email protected]

Related links

http://www.accordfinancial.com

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Accord Financial Reports Record Revenue, Net Income, Funds Employed and Book Value Per Common Share https://medielys.com/2021/11/04/accord-financial-reports-record-revenue-net-income-funds-employed-and-book-value-per-common-share/ Thu, 04 Nov 2021 07:00:00 +0000 https://medielys.com/2021/11/04/accord-financial-reports-record-revenue-net-income-funds-employed-and-book-value-per-common-share/ [ad_1] TORONTO, November 4, 2021 / CNW / – Accord Financial Corp. (TSX: ACD) today released financial results for the three and nine months ended September 30, 2021. The financial figures presented in this press release are expressed in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards. SUMMARY OF FINANCIAL […]]]>


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TORONTO, November 4, 2021 / CNW / – Accord Financial Corp. (TSX: ACD) today released financial results for the three and nine months ended September 30, 2021. The financial figures presented in this press release are expressed in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards.

SUMMARY OF FINANCIAL RESULTS

Three months ended

September 30

Nine months ended

September 30

2021

2020

2021

2020

$

$

$

$

Average funds employed (millions)

414

327

383

343

Revenue (in thousands)

16,119

12 312

45,015

35,598

Gain (loss) before income tax (in thousands)

3 132

(120)

10 083

(5,209)

Net income (loss) attributable to shareholders (in thousands)

2,643

566

8 313

(968)

Adjusted net profit (loss) (in thousands) (note)

2 801

621

8 645

(63)

Earnings (loss) per common share (basic and diluted)

0.31

0.07

0.97

(0.11)

Adjusted earnings (loss) per common share (basic and diluted)

0.33

0.07

1.01

(0.01)

Book value per common share (September 30)

$ 11.31

$ 10.56

Third quarter revenue hits record $ 16,119,000 compared to $ 12,312,000 last year, mainly due to a 27% increase in average funds employed and other income. The average funds employed were $ 414 million during the current quarter compared to $ 327 million last year, ending the quarter at an all-time high $ 437 million.

Net income attributable to shareholders (“shareholders’ net income”) increased from $ 566,000 in the third quarter of last year for $ 2,643,000 in the third quarter of 2021 representing a clear recovery after the negative economic impacts of Covid-19. Earnings per common share (“EPS”) rose to 31 cents compared to 7 cents Last year. Adjusted net income was $ 2,801,000 compared to $ 621,000 in the third quarter of 2020, resulting in adjusted EPS of 33 cents compared to 7 cents Last year.

Revenues and profits for the first nine months reflect a steady growth in funds employed; average funds employed increased by 12% to reach $ 383 million compared to $ 343 million Last year. Portfolio growth and higher returns drove income up 26% to a record high in first nine months $ 45.0 million in 2021 compared to $ 35.6 million Last year. Shareholder net profit hit a record for the first nine months $ 8,313,000 rebound in net shareholders’ loss of $ 968,000 in 2020. The increase in net income results mainly from higher revenues and a decrease in the provision for losses. BPA was also a record in the first nine months 97 cents compared to a loss per common share (“LPS”) of 11 cents Last year. Adjusted net income for the first nine months of 2021 was a record $ 8,645,000 (EPS adjusted from $ 1.01) compared to an adjusted net loss of $ 63,000 (LPS adjusted from 1 cent) in the first nine months of 2020.

Commenting on the financial results, the President and CEO of the Company, Mr. Simon hitzig, said: “Accord’s strong performance in the third quarter and nine months puts the company back on its pre-pandemic growth path. Coming out of the economic crisis, Accord has built four consecutive strong quarters, with year-over-year adjusted earnings per share. of $ 1.26. With the economy rebounding, we continue to capitalize on the development of innovative products, our strong market presence and our financial strength. Progress rarely follows a straight line, but the fundamentals are falling into place. “

Mr. Hitzig added: “Accord’s record year-to-date performance validates our strategy, and the continued improvement in operational efficiency, diversification and credit quality underpin the foundation, adding an element of strength and stability as we expect continued success in 2022. “

About Accord Financial Corp.
Financial Accord is North America the most dynamic trade finance company providing fast and versatile financing solutions for businesses in transition including factoring, inventory finance, equipment leasing, trade finance and film finance / media. Leveraging our unique combination of financial strength, deep experience and independent thinking, we design winning financial solutions for small and medium businesses, delivered simply, so our clients can thrive. For 43 years, Accord has helped businesses manage their cash flow and maximize financial opportunities.

Note: Non-IFRS measures

The Company’s financial statements have been prepared in accordance with IFRS. The Company uses a number of other financial measures to monitor its performance and believes that these measures may be useful to investors in assessing the operating performance and financial condition of the Company. These measures may not have standardized meanings or calculations as prescribed by IFRS that would ensure consistency between companies using these measures and are therefore considered to be non-IFRS measures. The non-IFRS measures presented in this press release are as follows:

1) Adjusted net earnings and adjusted EPS. The Company derives these measures from amounts presented in its financial statements prepared in accordance with IFRS. Adjusted net income includes shareholders’ net income before stock-based compensation, business acquisition costs (transaction and integration costs and amortization of intangible assets) and restructuring costs. Adjusted EPS (basic and diluted) is adjusted net income divided by the weighted average number of common shares outstanding (basic and diluted) during the period. Management believes that adjusted net income is a more appropriate measure of operating performance as it excludes items that are not directly related to ongoing operating activities. The following table presents a reconciliation between the Company’s net income and adjusted net income:

Three months ended September 30

Nine months ended September 30

2021

2020

2021

2020

$ ‘000

$ ‘000

$ ‘000

$ ‘000

Shareholders’ net profit:

2,643

566

8 313

(967)

Net tax adjustments:

Restructuring costs

139

186

738

Stock-based compensation expense

13

13

Business acquisition costs

6

55

133

166

Adjusted net profit

2 801

621

8 645

(63)

2) Book value per share – book value is equity and is the same as the net asset value (calculated as total assets less total liabilities) of the Company less non-controlling interests. Book value per share is the book value divided by the number of common shares outstanding on a particular date.

3) Funds employed are the Company’s financial receivables and loans, a measure in accordance with IFRS. The average funds employed are the average financial claims and loans calculated over a given period.

SOURCE Accord Financial Corp.

Cision

See original content: http://www.newswire.ca/en/releases/archive/November2021/04/c8981.html

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Annaly (NLY) Higher estimate of third quarter profit, book value and lower NII https://medielys.com/2021/10/28/annaly-nly-higher-estimate-of-third-quarter-profit-book-value-and-lower-nii/ Thu, 28 Oct 2021 07:00:00 +0000 https://medielys.com/2021/10/28/annaly-nly-higher-estimate-of-third-quarter-profit-book-value-and-lower-nii/ [ad_1] Annaly Capital Management, Inc. NLY said third quarter 2021 earnings available for distribution (EAD) per share of 28 cents which exceeded Zacks’ consensus estimate of 26 cents. The figure, however, compares unfavorably with the 32 cents in the previous year’s quarter. Net Interest Income (NII) was $ 362.5 million, behind the Zacks consensus estimate […]]]>


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Annaly Capital Management, Inc. NLY said third quarter 2021 earnings available for distribution (EAD) per share of 28 cents which exceeded Zacks’ consensus estimate of 26 cents. The figure, however, compares unfavorably with the 32 cents in the previous year’s quarter.

Net Interest Income (NII) was $ 362.5 million, behind the Zacks consensus estimate of $ 410.2 million. The figure is down 19% year over year.

With funding costs still low, Annaly has witnessed an increase in net interest spreads. However, the company saw a year-over-year decline in book value per share (BVPS) and average return on interest-bearing assets.

In the third quarter of 2021, the company completed the previously announced sale of substantially all of the assets that make up the commercial real estate business for $ 2.33 billion. The remaining assets are expected to be legally transferred by the end of the fourth quarter of 2021.

In the headlines

At the end of the third quarter, the company had $ 94.2 billion in total assets, of which 92% of the assets were invested in the agency’s portfolio. At the end of the quarter, unencumbered assets stood at $ 9.8 billion.

In the current quarter, the average return on interest-bearing assets (excluding premium amortization adjustment or PAA) was 2.63%, down from 2.86% in the previous year’s quarter. The average GAAP costs of interest-bearing liabilities were 0.32%, down from 0.60%.

The net interest spread (excluding PAA) of 1.97% for the third quarter fell from 1.93% in the quarter of the previous year. The net interest margin (excluding PAA) during the reported quarter was 2.04% compared to 2.05% in the third quarter of 2020.

Annaly’s BVPS was $ 8.39 as of September 30, 2021, up from $ 8.37 sequentially. However, BVPS compares unfavorably with $ 8.70 as of September 30, 2020. At the end of the reported quarter, the company’s economic capital ratio was 14.2%, up from 13.6% in the previous year quarter. .

For the end of September quarter, the weighted average real constant prepayment rate was 23.1%, down sequentially from 26.4%.

Economic leverage was 5.8X as of September 30, 2021, stable sequentially and down from 6.2X in the previous year quarter. The company generated an annualized EAD return on average equity (excluding PAA) of 12.81% in the third quarter, down from 13.05% in the previous quarter.

Annaly currently wears a Zacks Rank # 3 (Hold). You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.

Annaly Capital Management Inc Price, Consensus and BPA Surprise

Annaly Capital Management Inc price-consensus-eps-surprise-chart | Quote Annaly Capital Management Inc

Performance and benefit dates of other mREITs

AGNC Investment Corp. AGNC reported a net spread and dollar income per common share in the third quarter of 2021 (excluding estimated “catch-up” premium amortization costs) of 75 cents per share, beating Zacks’ consensus estimate of 63 cents. However, the reported figure has declined from the 81-cent count in the third quarter of 2020.

We now look forward to the results of other mortgage REITs like Arbor Realty Trust, Inc. A brand Chimera investment company CIM, which are expected to release their results on October 29 and November 3, respectively.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Ellington Financial Announces Estimated Book Value Range as at September 30, 2021 – Form 8-K https://medielys.com/2021/10/12/ellington-financial-announces-estimated-book-value-range-as-at-september-30-2021-form-8-k/ Tue, 12 Oct 2021 20:22:27 +0000 https://medielys.com/2021/10/12/ellington-financial-announces-estimated-book-value-range-as-at-september-30-2021-form-8-k/ [ad_1] Ellington Financial Announces Estimated Book Value Range as at September 30, 2021 OLD GREENWICH, Connecticut, October 12, 2021-Ellington Financial Inc. (NYSE: EFC) (the “Company”) today announced that its estimated book value per common share as at September 30, 2021 was between $ 18.31 and $ 18. , $ 37. This estimated range of book […]]]>


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Ellington Financial Announces Estimated Book Value Range as at September 30, 2021

OLD GREENWICH, Connecticut, October 12, 2021-Ellington Financial Inc. (NYSE: EFC) (the “Company”) today announced that its estimated book value per common share as at September 30, 2021 was between $ 18.31 and $ 18. , $ 37. This estimated range of book value includes the effect of the previously announced monthly dividend of $ 0.15 per common share, payable on October 25, 2021 to holders of record on September 30, 2021 with an ex-dividend date of September 29, 2021.

Warnings

This estimated range is subject to change and such a change could be material. The Company’s registered independent accountant, PricewaterhouseCoopers LLP, has not performed any reviews, reviews, audits or any other procedure within this estimated range of book value per common share as of September 30, 2021. It It is possible that, if the Company were to undertake a more comprehensive valuation analysis and / or obtain a review or audit of its accountants for the range of estimated book value stated above, the Company could determine that its actual book value per common share as of September 30, 2021 is outside the estimated range indicated above. Additional items that may require adjustments to this estimated range can be identified and could result in significant changes to this estimated range. There can be no assurance that the estimated range of the book value per share of the common shares as at September 30, 2021 is indicative of what the Company’s results are likely to be as at and for the three or nine month periods ending September 30. , 2021, and the Company assumes no obligation to update or revise its estimated range of book value per common share prior to the release of its financial statements for such three or nine month period.

The estimated range of book value per common share included in this press release has been prepared by the Company and is under its responsibility. PricewaterhouseCoopers LLP has not audited, reviewed, examined, compiled or applied the agreed procedures with respect to the accompanying estimated financial data and, therefore, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance thereon. .

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve many risks and uncertainties. The actual results of the Company may differ from its beliefs, expectations, estimates and projections and, therefore, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and may be identified by words such as “believe”, “expect”, “anticipate”, “estimate”, “project”, “plan”, “continue”, ” have the intention “” should “,” would “,” could “,” goal “,” objective “,” will “,” may “,” research “or similar expressions or their negative forms, or by references to a strategy, plans or intentions. Examples of forward-looking statements in this press release include statements regarding the book value per common share of the Company. The Company’s results may fluctuate from month to month and quarter to quarter depending on a variety of factors, some of which are beyond the control of the Company and / or are difficult to predict, including, without limited thereto, changes in interest rates and market value. the Company’s investments, changes in mortgage default rates and prepayment rates, the Company’s ability to borrow to finance its assets, changes in government regulations affecting the Company’s business, the Company’s ability to maintain its exclusion from registration under the Investment Company Act of 1940, the Company’s ability to maintain its qualification as a real estate investment trust, or “REIT”, and others changes in market conditions and economic trends, including changes resulting from the economic effects of the COVID-19 pandemic, and responses associated with the pandemic. In addition, forward-looking statements are subject to risks and uncertainties, including, but not limited to, those described in Section 1A of the Company’s Annual Report on Form 10-K, as amended, which can be viewed on the Company website at www.ellingtonfinancial .com or on the SEC website (www.sec.gov). Other risks, uncertainties and factors that could cause actual results to differ materially from those projected may be described from time to time in the reports that the Company files with the SEC, including reports on Forms 10- Q, 10-K and 8-K. The Company assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

This press release and the information it contains do not constitute an offer of securities or a solicitation of an offer to purchase securities.

About Ellington Financial

Ellington Financial invests in a wide range of financial assets including residential and commercial mortgages, residential and commercial mortgage-backed securities, consumer loans, and consumer-backed asset-backed securities. , secured loan bonds, non-mortgage and mortgage derivatives, equity investments in loan origination companies and other strategic investments. Ellington Financial is managed and externally advised by Ellington Financial Management LLC, a subsidiary of Ellington Management Group, LLC

Disclaimer

Ellington Financial Inc. published this content on 12 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on October 12, 2021 08:21:02 PM UTC.

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