We're going to look at AGNC Investment Corp. (NASDAQ:AGNC) and Annaly Capital Management, Inc. (NYSE:NLY) today. The main message here is that dividends aren't enough to overcome the importance of evaluating price-to-book ratios. Getting a capital loss that is offset by a dividend isn't the same as getting a capital gain plus the dividend.
AGNC finally reached the bearish territory again. It's been a long time coming. NLY is nearly there as well. The mortgage REITs have delivered absolutely massive returns since they bottomed out. It was critical for investors to be picking up shares in late March and for several months afterwards. Now investors can look to harvest some of the gains in their portfolio. Unfortunately, such suggestions rarely resonate with readers who simply want to hear another reason to keep owning whatever they own. Ratings: Neutral on NLY and Bearish on AGNC.
Source: Seeking Alpha
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