AGNC Investment (AGNC) Lifted to Buy at Zacks Investment Research
AGNC Investment (NASDAQ:AGNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage presently has a $21.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.58% from the stock’s previous close.
According to Zacks, “Shares of AGNC Investment have underperformed its industry over the past six months. Nonetheless, the trend in estimate revisions indicates a favorable outlook for 2018 and 2019 earnings of the company. Notably, it is making efforts to reposition its portfolio to offset risks related to interest rates and prepayment uncertainty. In line with this, it remains focused to increase investments in mortgage backed securities (MBS) and improve its hedge portfolio. This will also support its performance in the long term. Going forward, a strong capital position and access to a diverse funding base are expected to provide significant financial flexibility to AGNC Investment.”
Several other analysts also recently commented on AGNC. JPMorgan Chase & Co. increased their target price on shares of AGNC Investment from $18.00 to $18.50 and gave the company a “$19.11” rating in a report on Monday, July 23rd. Barclays reiterated a “hold” rating and issued a $19.00 target price on shares of AGNC Investment in a report on Wednesday, September 12th. BidaskClub downgraded shares of AGNC Investment from a “hold” rating to a “sell” rating in a report on Saturday. ValuEngine lowered shares of AGNC Investment from a “hold” rating to a “sell” rating in a research report on Friday, June 1st. Finally, Maxim Group raised their price objective on shares of AGNC Investment from $19.25 to $19.75 and gave the company a “buy” rating in a research report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $19.46.
AGNC Investment (NASDAQ:AGNC) last released its quarterly earnings data on Wednesday, July 25th. The real estate investment trust reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.02. AGNC Investment had a net margin of 134.01% and a return on equity of 11.69%. The firm had revenue of $177.00 million for the quarter, compared to the consensus estimate of $274.15 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. The business’s revenue was down 2.2% on a year-over-year basis. equities analysts forecast that AGNC Investment will post 2.44 earnings per share for the current fiscal year.
In other news, Director Morris A. Davis sold 6,797 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $19.12, for a total value of $129,958.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.40% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in AGNC Investment by 8.0% in the second quarter. BlackRock Inc. now owns 37,567,717 shares of the real estate investment trust’s stock valued at $698,383,000 after purchasing an additional 2,787,637 shares in the last quarter. State Treasurer State of Michigan raised its stake in shares of AGNC Investment by 31.4% during the second quarter. State Treasurer State of Michigan now owns 18,541,100 shares of the real estate investment trust’s stock worth $344,679,000 after acquiring an additional 4,435,300 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of AGNC Investment by 33.0% during the second quarter. Wells Fargo & Company MN now owns 10,365,601 shares of the real estate investment trust’s stock worth $192,696,000 after acquiring an additional 2,574,569 shares in the last quarter. Waddell & Reed Financial Inc. raised its stake in shares of AGNC Investment by 6.2% during the second quarter. Waddell & Reed Financial Inc. now owns 3,395,412 shares of the real estate investment trust’s stock worth $63,121,000 after acquiring an additional 197,600 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of AGNC Investment by 3.8% during the second quarter. Bank of New York Mellon Corp now owns 1,900,713 shares of the real estate investment trust’s stock worth $35,334,000 after acquiring an additional 70,113 shares in the last quarter. 57.71% of the stock is currently owned by institutional investors and hedge funds.
AGNC Investment Company Profile
AGNC Investment Corp., formerly American Capital Agency Corp., is a real estate investment trust. The Company invests in agency residential mortgage-backed securities on a leveraged basis. Its investments consist of residential mortgage pass-through securities and collateralized mortgage obligations (CMOs) for which the principal and interest payments are guaranteed by a government-sponsored enterprise, such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), or by the United States Government agency, such as the Government National Mortgage Association (Ginnie Mae) (collectively, GSEs).
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