NASDAQ$AGNC
AGNC Investment Corp · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
AGNC Investment Corp. announced financial results for the quarter ended March 31, 2020.
AGNC Investment Corp. reported a comprehensive loss per common share of $(3.61). The company's tangible net book value per common share decreased by $(4.04) to $13.62. Despite market challenges, the company took actions to manage risk, maintaining leverage and liquidity at normal operating levels.
- Comprehensive loss per common share was $(3.61).
- Net spread and dollar roll income per common share was $0.57, excluding estimated catch-up premium amortization cost.
- Tangible net book value per common share decreased to $13.62.
- Economic return on tangible common equity was -20.2%.
Headline financials
Revenue & EPS history
AGNC · Revenue · Quarterly
$65M
Forward guidance
AGNC believes liquidity concerns will give way to fundamental performance metrics, with prepayments and funding being key determinants of prospective returns. AGNC feels uniquely positioned given their asset composition. Attractive risk-adjusted returns for AGNC are expected over the intermediate term.
Tailwinds
- Market conditions have continued to improve since quarter end.
- The Fed’s asset acquisitions have provided ongoing support to both Agency MBS and the broader financial markets.
- Tangible net book value per common share has increased approximately 8% in April.
- Higher coupon specified pool position has already outperformed generic Agency MBS and hedges to date in April.
- Assets provide a particularly attractive earnings profile in light of reduced prepayment expectations and greater stability of cash flows relative to generic Agency MBS.
Headwinds
- Market conditions were extremely challenging in March.
- The speed and severity of the financial market dislocations were unprecedented by historical standards.
- Economic return in the first quarter was negative 20%.
- Credit and operational headwinds should persist for the foreseeable future.
- Meaningful disruptions to the mortgage origination and refinance process are likely.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2020
+0.3%
Avg return
Earnings day
+0.9%
Avg return
5 days after
+0.8%
Avg return
30 days after
63%
41 / 65 earnings
Positive
+9.2%
Q1 2022
Best reaction
-9.1%
Q3 2013
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.4% | +2.3% | -4.8% | |
| Q4 2025 | +3.2% | -3.4% | -3.8% | |
| Q3 2025 | -0.5% | +1.0% | -0.3% | |
| Q2 2025 | +0.2% | +1.0% | +5.9% | |
| Q1 2025 | +3.6% | +8.5% | +8.0% | |
| Q4 2024 | +0.8% | +1.8% | +6.4% | |
| Q3 2024 | -5.6% | -6.3% | -9.0% | |
| Q2 2024 | +1.0% | -1.7% | -0.7% | |
| Q1 2024 | +2.4% | +2.0% | +6.8% | |
| Q4 2023 | -0.4% | +0.2% | -3.2% | |
| Q3 2023 | +5.4% | +19.3% | +27.9% | |
| Q2 2023 | +3.0% | +2.3% | -4.2% | |
| Q1 2023 | -3.0% | -1.4% | -11.7% | |
| Q4 2022 | -0.7% | +2.4% | -9.3% | |
| Q3 2022 | +2.2% | +5.7% | +27.3% | |
| Q2 2022 | -0.2% | +3.8% | +2.1% | |
| Q1 2022 | +9.2% | +13.0% | +10.8% | |
| Q4 2021 | -0.5% | -3.5% | -10.6% | |
| Q3 2021 | -0.2% | -3.8% | -3.1% | |
| Q2 2021 | +0.4% | -1.6% | +2.0% | |
| Q1 2021 | +1.6% | +2.6% | +6.4% | |
| Q4 2020 | +0.1% | -3.3% | +2.7% | |
| Q3 2020 | +0.4% | -1.6% | +10.3% | |
| Q2 2020 | +0.4% | +0.6% | +3.9% | |
| Q1 2020 | -2.1% | -2.2% | +2.0% | |
| Q4 2019 | +0.4% | +1.2% | -7.4% | |
| Q3 2019 | +2.4% | +2.2% | +4.0% | |
| Q2 2019 | -1.9% | -0.6% | -10.8% | |
| Q1 2019 | -2.0% | -2.5% | -6.2% | |
| Q4 2018 | -1.1% | -1.5% | -3.0% | |
| Q3 2018 | +2.7% | +2.7% | -1.0% | |
| Q2 2018 | +1.1% | +2.3% | +0.7% | |
| Q1 2018 | +1.2% | +0.3% | +1.2% | |
| Q4 2017 | -1.5% | -4.5% | -4.9% | |
| Q3 2017 | -5.0% | -6.1% | -6.4% | |
| Q2 2017 | +0.6% | +0.6% | +2.8% | |
| Q1 2017 | +2.3% | +1.4% | -1.6% | |
| Q4 2016 | +0.9% | +2.8% | +4.8% | |
| Q3 2016 | +3.6% | +1.8% | -2.9% | |
| Q2 2016 | -0.3% | -0.1% | +0.2% | |
| Q1 2016 | -1.8% | — | — | |
| Q4 2015 | +2.1% | — | — | |
| Q3 2015 | -5.4% | — | — | |
| Q2 2015 | +1.7% | — | — | |
| Q1 2015 | -3.6% | — | — | |
| Q4 2014 | +0.8% | — | — | |
| Q3 2014 | +0.4% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | +1.8% | — | — | |
| Q3 2013 | -9.1% | — | — | |
| Q2 2013 | +6.7% | — | — | |
| Q1 2013 | -7.1% | — | — | |
| Q4 2012 | -3.4% | — | — | |
| Q3 2012 | +0.3% | — | — | |
| Q2 2012 | +1.0% | — | — | |
| Q1 2012 | +1.9% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2011 | +2.1% | — | — | |
| Q2 2011 | +6.3% | — | — | |
| Q1 2011 | +0.4% | — | — | |
| Q4 2010 | +0.6% | — | — | |
| Q3 2010 | -0.8% | — | — | |
| Q2 2010 | +2.2% | — | — | |
| Q1 2010 | +1.7% | — | — |
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