My High Dividend Stocks Blog

My High Dividend Stocks
This is my high dividend stocks site where I help site members find high dividend stocks with earning power and strong balance sheets.

Terra Nitrogen's dividend increased 255% this quarter. What's up with that?

Terra Nitrogen (TNH) reported stellar earnings today and the company announced a much higher dividend payment for the first quarter.  But will that much higher dividend payment be the new norm for Terra Nitrogen.  The RTTNews article below makes it sound like TNH will up their quarterly dividend from $1.36 per common unit (share) to $4.84 per common unit.  That is an unbelievable 255% dividend rate increase.

Terra Nitrogen Co. L.P. (TNH: News ) said Thursday its first-quarter profit rose from the prior year, due to higher ammonia and urea ammonium nitrate selling prices and volumes.  For the quarter, net earnings to common units grew to $$66.6 million or $3.60 per common unit from $$32.9 million or $1.78 per common unit a year earlier.  Results for the quarter included an unrealized non-cash mark-to-market gain on natural gas derivatives of $1.2 million.  Net sales for quarter were $196.0 million, up from $118.8 million last year. This increase was due to higher ammonia and urea ammonium nitrate selling prices and volumes.  The increase in prices, the company said, resulted from an improved global supply/demand balance for nitrogen products and higher expected crop plantings in North America.  Additionally, the company said its Board has declared a quarterly cash distribution of $4.84 per common limited partnership unit payable May 27 to holders of May 16.  Terra Nitrogen Co. L.P. produces and distributes nitrogen fertilizer products to agricultural and industrial customers.

Link to original article: http://www.rttnews.com/Content/QuickFacts.aspx?Node=B1&Id=1616708

That sounded too good to be true so I did a little digging.  I went searching for the company's earnings press release for today to see if Terra Nitrogen said it was increasing their quarterly dividend to $4.84.  Morningstar.com has the company's short press release: http://news.morningstar.com/all/ViewNews.aspx?article=/BW/20110505007332_univ.xml

In TNH's press release on Morningstar I read the following concerning the dividend increase:

TNCLP reported today that its Board of Directors has declared a cash distribution for the quarter ended March 31, 2011, of $4.84 per common limited partnership unit payable May 27, 2011, to holders of record as of May 16, 2011.

Cash distributions depend on TNCLP's earnings, which can be affected by nitrogen fertilizer selling prices, natural gas costs, seasonal demand, production levels and weather, as well as cash requirements for working capital needs and capital expenditures. Cash distributions per limited partnership unit also vary based on increasing amounts allocable to the General Partner when cumulative distributions exceed targeted levels.

Announced distributions for the first quarter of 2011 exceed distributions in the previous and year-ago quarters due to higher net earnings allocable to common units and a one-time working capital benefit associated with implementing the previously announced new operating agreement with CF Industries. With this distribution, TNCLP cumulative distributions continue to exceed targeted levels.

That doesn't sound like they expect to keep the dividend payments at $4.84 per common unit per quarter in the future.  The company only earned $3.60 per common unit.  That makes this quarter's dividend payout ratio 134% and we all know that isn't sustainable.  But this will increase the yield for the year.

I have calculated in the past that Terra Nitrogen has a five year average earning power of $9.97 per common unit.  If the company can match this quarters results for the remainder of the year, then that average should be moving up at the end of the year.  The company is currently trading at 10.9 times it five year average earnings.  Any amount below 12 times average earnings is value territory.

The stock closed at $108.71 today, but it only has a book value of $11.35.  That sort of bothers me, but I haven't done the detailed analysis of their balance sheet yet justify my concern.  I like very low price to book values and this one is closer to 10.  I'm going to keep my eye on Terra Nitrogen to see if these earnings are just the result of higher prices and seasonality.  It makes sense to me that farmers by their fertilizers in the 1st quarter of the year.

I'm putting this stock on my watch list.

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Dahlman Rose and I like Safe Bulkers (SB); Dividend Yield 7.69% safe.

It is good to see Dahlman Rose likes Safe Bulkers dividend record, earning power, and balance sheet as much as I do.  Read yesterday’s post to see while supporting evidence for the statement above.

You are getting a buying opportunity right now with Safe Bulkers down $0.31 (-3.83%) at $7.79 as I write this.  The dividend yield is 7.69% at this price.

I perform fundamental analysis first and then I use a few technical analysis techniques for timing entries and exits.  Here is the chart that visualizes this buying opportunity: http://stockcharts.com/h-sc/ui?s=SB&p=W&b=5&g=0&id=p73304174446

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http://www.benzinga.com/analyst-ratings/analyst-color/11/05/1055842/dahlman-rose-reiterates-its-buy-on-safe-bulkers-followin

Safe Bulkers (NYSE: SB) reported 1Q11 EPS of $0.41, just ahead of Dahlman Rose and consensus estimates of $0.38. Net voyage revenues of $42.3MM compared to its $40.8MM forecast and slightly lower than expected opex and G&A contributed to the beat. The company declared its regular $0.15 dividend, which represents a 7.4% yield at the current share price. Safe Bulkers continues to be one of the very few shipowners with the ability to pay out dividends because of its strong balance sheet.

Safe Bulkers has secured time charters for 75% of its remaining 2011 operating days, compared to just above 50% for the peer group, and has contracted 59% of its 2012 operating days and 52% of its 2013 operating days. Safe Bulkers currently has one Capesize vessel in its fleet, which it has fixed on a long term time charter at $31,000/day until September and at $26,000/day for the remainder of the charter.

Cash earnings per share was $0.50 per share in 1Q11 and 2011 CEPS is estimated at $1.93. Therefore, the $0.60 dividend is well-protected and the company's excess cash flow affords it flexibility as the dry bulk market remains pressured. Dahlman believes Safe Bulkers will continue to be very well-positioned in the coming years, despite a weak dry bulk market, and look for its shares to outperform. Dahlman Rose reiterates its Buy rating and $10 target.

SB closed Tuesday at $8.10

Read more: http://www.benzinga.com/analyst-ratings/analyst-color/11/05/1055842/dahlman-rose-reiterates-its-buy-on-safe-bulkers-followin#ixzz1LPDfdUet

Safe Bulkers (SB) reports Q12011 results and declares quarterly dividend.

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Safe Bulkers remains my favorite high dividend stock after its Q12011 results today.  Here is why.

Dividend Record: No change.  Safe Bulkers (SB) will pay its usual $0.15 per share quarterly cash dividend payable on or about May 27th, 2011 to shareholders of record at the close of trading of the Company’s common stock on the New York Stock Exchange on May 20th, 2011.  SB’s payout ratio remains low at 36.5% ($0.15 dividend/$0.41 EPS).  The dividend remains safe like I’ve been saying since I started writing about Safe Bulkers.  SB is yielding 7.4% right now ($0.60 annual dividend/$8.10 market price).

Earning power:  Revenues were up for the third straight quarter.  Net income was down by 15%, but most of that was the absence of the proceeds from a ship sale back in January 2010.  Time charter equivalency rates were almost unchanged from a year ago, so earnings are stable.  I expect Safe Bulkers income to be almost identical to 2010 at about $1.60 per share @ 70.883 million shares.  The stock is currently trading at five times my estimated 2011 earnings.  I have recalculated its average earning power over the past five years + my estimate for this year.  If the above proves true, then SB has an average earning power of $1.90 per share.

Market price: $8.10

Shares: 70.883 M (5 M shares issued recently)

(earnings adjusted for changes in capitalization)

                        EPS                 Net inc.           Adj. EPS

2006                $1.78               $97.224 M       $1.37

2007                $3.84               $209.20 M       $2.95

2008                $2.19               $119.21 M       $1.68

2009                $3.03               $165.41 M       $2.33

2010                $1.73               $109.65 M       $1.55

2011(E)           $0.41x4           $27.3 M x4      $1.54(E)

                        $1.64(E)          $109.20 M (E)

Six year average earnings $1.90 per share.  12 times avg. earnings equals $22.80.  20 times avg. earnings equals $38.00.  This stock is a value because it is trading at 4.26 times its potential six year average earnings.

Balance sheet: Mixed improvements.  Debts decreased slightly, but current ratio and quick ratio worsened.

Book value per share: $3.69

Price to book value: 2.19

Current ratio: 1.00 (this has declined from 1.97 last quarter; above 2.0 is good.  I’m watching this closely)

Quick ratio: 0.90 (this also declined from 1.92 last quarter; above 1.0 is good.  I’m watching this closely)

DISCLOSURE: I don’t own Safe Bulkers yet, but I’m working on some changes to my retirement accounts so I can buy some before investors figure out the value of this high dividend stock.

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SOURCE: Safe Bulkers, Inc.

May 03, 2011 16:05 ET

Safe Bulkers, Inc. Reports First Quarter 2011 Results and Declares Quarterly Dividend

ATHENS, GREECE--(Marketwire - May 3, 2011) - Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the first quarter ended March 31, 2011. The Company's Board of Directors also declared a quarterly dividend of $0.15 per share for the first quarter of 2011.

Summary of First Quarter 2011 Results

--  Net revenue for the first quarter of 2011 increased by 23% to $42.3

    million from $34.3 million during the same period in 2010.

--  Net income for the first quarter of 2011 decreased by 15% to $27.3

    million from $32.1 million, which includes $15.2 million gain on sale

    of a vessel, during the same period in 2010.

--  EBITDA(1)  for the first quarter of 2011 decreased by 7% to $34.4

    million from $37.1 million during the same period in 2010.

--  Earnings per share for the first quarter of 2011 of $0.41, calculated

    on a weighted average number of shares of 65,881,600, compared to $0.58

    in the first quarter 2010, calculated on a weighted average number of

    shares of 55,435,436.

--  The Company's Board of Directors declared a dividend of $0.15 per share

    for the first quarter of 2011.

Link to the full press release: http://mwne.ws/SB1Q2011Results

Wunderlich Securities analysts have no clue on economics and AGNC.

I have one question for the unnamed Wunderlich Securities analyst(s).  Do you think that short term interest rates will rise faster than longer term interest rates in the next one or two years?  Their answer has to be no.  Otherwise, they wouldn’t have said what they said in the article below.

The research firm expects “market trends could support higher debt to equity ratios going forward because collateral is relatively dear in the marketplace.” While not every Index member is a dividend payer, the Index does sport a yield of 10%.

Wunderlich notes wider spreads and adequate liquidity will support returns on equity of over 17% on average this year and could provide support with the potential for multiple expansion.

Interest rates will rise from these artificially low rates manufactured from Federal Reserve digital money creation.  I have posted about this here: http://bit.ly/RatesRise .  Interest rate spreads will tighten when the Federal Reserve’s quantitative easing (QE2) ends in June.  If the Fed stop printing money for a year like they did for most of 2010, then the recession will continue.  Short term interest rates will rise faster than long term rates.  This is the precursor to an inverted yield curve.  The inverted yield curve has preceded almost every recession since the end of World War II.

If the Federal Reserve starts printing money again (QE3) before the onset of another recession, then perhaps the interest rate spreads won’t tighten as quickly.  But the Fed will be sowing the seeds of a bigger calamity later.  American Capital Agency Corp. (AGNC) and the other mortgage REITs are going to have to slash dividends and their stock prices will take huge losses because their asset values will erode.

Ask yourself this question: Did Wunderlich Securities warn their clients that a financial crisis was eminent in 2007?  I can’t find any warnings using the search terms “Wunderlich Securities” + “financial crisis”.  I do know that Peter Schiff, EuroPacific Captial, is an advocate of the Austrian school of economics.  He is on the list of those who warned of the financial crisis: http://marketplayground.com/2010/11/20/twelve-who-forecast-the-financial-crisis/   No one from Wunderlich saw the crisis coming.  Why should you trust them now on mortgage REIT dividend stability?

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Wunderlich Sees Stability In Mortgage REIT Dividends (NLY, AGNC, NRF, CIM, CLNY)

by Jason Smith | May 2nd  |  Filed in: Stock Sector News

The Mortgage Investment Stocks Index is up 0.1% after Wunderlich Securities said metrics reported by the firms in this group that have reported first-quarter earnings speak to the stability of dividends currently in place. Wunderlich notes fewer than half the mortgage REITs under coverage have delivered first-quarter results, but company reports and current market trends indicate stable payouts for investors.

The research firm expects “market trends could support higher debt to equity ratios going forward because collateral is relatively dear in the marketplace.” While not every Index member is a dividend payer, the Index does sport a yield of 10%.

Wunderlich notes wider spreads and adequate liquidity will support returns on equity of over 17% on average this year and could provide support with the potential for multiple expansion.

Shares of Annaly Capital Management (NLY), the largest Index member by market value are fractionally lower today. Annaly has a yield of 13.9%, based on past distributions. With a yield of 19.2%, based on past distributions, American Capital Agency (AGNC) is modestly higher while Northstar Realty Finance (NRF) with a yield of 7.9%, based on past distributions, is soaring 3%. Chimera Investment (CIM) and Colony Financial (CLNY) are both lower by half a percent. Those stocks yield 13.8% and 6.9%, based on past distributions, respectively.

Investors can track dozens of high-yielding indexes at tickerspy.com.

Link to original article: http://www.tickerspy.com/newswire/?p=4402

A Must Watch 10 min video - Keynes vs. Hayek rap video Round 2

Keynes vs. Hayek round 2 is awesome.
 
 
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Farming outside the US for profit - an interview with Jim Rogers.

The following interview of legendary investor, Jim Rogers, comes from Mianyville.com courtesy of Brett Owens. Rogers discusses inflation, the Federal Reserve, expatriation, China, and commodity investing (especially farming and energy).

http://m.minyanville.com/?guid=34223&catid=4

Rogers understands the Austrian school of economics, but he doesn't emphasize that China will experience a severe recession or depression before excellent investment opportunities are available. Asian high dividend stocks should be bought after the Chinese real estate and financial bubbles pop. Their currencies will strengthen versus the US dollar and new, middle class Asian consumers will buy their products.

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There are many high dividend energy stocks, but I haven't found any high dividend agriculture stocks other than Terra Nitrogen (TNH). I haven't done a complete analysis of TNH yet so don't consider this as a recommendation.

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Exelon (EXC) analysis delayed due to possible merger with Constellation Energy Group (CEG).

I was going to start analyzing Exelon (EXC) because it pasted my mechanical tests, but today’s news of its possible acquisition of rival Constellation Energy (CEG) has scared me off until later.  All three major areas of analysis will change: dividend record, earning power, and strength of balance sheet.

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(Reuters) - Power company Exelon Corp (EXC.N) struck a deal to buy rival Constellation Energy Group (CEG.N) for $7.9 billion in a bid to become the largest generator of competitively priced electricity in the United States.

It would be the latest in a string of deals in the fragmented U.S. utility industry, which faces new costs to upgrade power grids and meet environmental controls.

It is Exelon Chief Executive John Rowe's latest -- and likely last -- attempt to transform his company through acquisitions. Exelon was thwarted in efforts to buy independent power producer NRG Energy Inc (NRG.N) in 2009, Public Service Enterprise Group (PEG.N) in 2006, and Illinois Power in 2003.

The combined company will keep the Exelon name and its headquarters in Chicago. Rowe plans to retire after the deal closes, and Exelon Chief Operating Officer Christopher Crane will become the new company's CEO. Constellation CEO Mayo Shattuck will become executive chairman.

"This enterprise will have the scale and financial strength to drive expansion in competitive energy markets, as well as new investment in the next wave of clean generation and sustainable products and services," Shattuck said.

Constellation shareholders will receive 0.93 Exelon share for each Constellation share, the companies said in a statement.

The offer values Constellation at $38.59 a share -- 12.5 percent above its Wednesday closing price of $34.30.

Exelon said the deal is expected to increase its 2013 earnings by more than 5 percent.

Exelon, among the leading U.S. utilities and the nation's top nuclear power company, will add 1.2 million customers to its existing 5.4 million. The combined company will serve Maryland, Illinois and Pennsylvania.

About 55 percent of the new entity's power generation fleets will be nuclear, 24 percent natural gas, 8 percent renewable and hydro, 7 percent oil and 6 percent coal.

Exelon shares were off 35 cents ay $41.14 in morning trade, while Constellation was up 3.5 percent to $35.49.

REGULATORY HURDLES

The companies expect the deal to close early in 2012. But utility deals in the United States are usually drawn-out procedures that face tough scrutiny from states and regulators.

Constellation has faced challenges in closing its own deals in the past. Florida power company FPL Group Inc scrapped a $12.5 billion takeover of Constellation in 2006 after the merger became embroiled in Maryland state politics.

Recent deals in the industry indicate utilities believe regulators are becoming more receptive to consolidation. Duke Energy (DUK.N) has offered $13.7 billion for Progress Energy (PGN.N), Northeast Utilities (NU.N) is buying NSTAR (NST.N) for $4.2 billion, and AES Corp (AES.N) has bid $3.5 billion for DPL Inc (DPL.N).

The Exelon-Constellation deal must be approved by shareholders of both companies, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, state regulators in Maryland, New York and Texas, and other regulatory bodies.

Following completion of the deal, Exelon shareholders will own about 78 percent of the combined company.

Barclays Capital, J.P. Morgan Securities, Evercore Partners and Loop Capital Markets were financial advisers to Exelon.

Morgan Stanley, Goldman Sachs and Credit Suisse advised Constellation.

(Reporting by Michael Erman in New York and Krishna N Das in Bangalore; Editing by Saumyadeb Chakrabarty, Ian Geoghegan and John Wallace)

Link to original article: http://www.reuters.com/article/2011/04/28/us-constellation-exelon-idUSTRE73Q8BS20110428

April 28, 2011 09:49 AM Eastern Daylight Time 

Kendall Law Group Investigates Constellation Energy Group, Inc. Merger for Shareholders

DALLAS--(BUSINESS WIRE)--Kendall Law Group, led by former federal judge Joe Kendall, is investigating Constellation Energy Group, Inc. (NYSE: CEG) for shareholders in connection with the proposed acquisition by Exelon Corporation. The national securities firm’s investigation seeks to determine whether Constellation Energy and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Constellation Energy shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at skendall@kendalllawgroup.com.

On April 28, 2011, the companies announced the definitive merger agreement under which Constellation Energy would be acquired by Exelon, in a transaction valued at approximately $7.9 billion. Under the terms of the agreement, Constellation Energy stockholders will receive 0.93 Exelon shares (NYSE: EXC) for each share of Constellation Energy/CEG common stock held. The value of consideration being offered is worth approximately $38.59 a share, which represents a 12.5 percent premium over Constellation Energy stock's Wednesday closing price of $34.30. The firm’s investigation seeks to determine whether Constellation Energy and its Board undertook a fair process in negotiating the deal.

Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.

Contacts

Kendall Law Group LLP
Scott Kendall, 214-744-3000
877-744-3728 Toll Free
214-744-3015 Facsimile
skendall@kendalllawgroup.com
www.kendalllawgroup.com

Link to original article: http://www.businesswire.com/news/home/20110428006191/en/Kendall-Law-Group-Investigates-Constellation-Energy-Group

A summary on Safe Bulkers ahead of earnings. High dividend + value.

Image001

Reuters is reporting that unnamed securities analysts think Safe Bulkers (SB) will earn between $0.32 and $0.43 per share in 1Q2011.  Safe Bulkers will report 1Q2011 earnings after the market closes on May 3rd, 2011.  Safe Bulkers $0.15 quarterly dividend is safe.

Dividend payout ratio - Let’s assume for a moment that the low estimate of $0.32 is accurate.  Their dividend payout ratio would be 47% (dividend per share/earnings per share or $0.15/$0.32).  If the best case proved to be true, then the dividend payout ratio would drop to 35%.  Either way the dividend is safe.

Dividend yield – Safe Bulkers is a high dividend stock yielding 7.41% ($0.60/$8.10).  It has paid $0.15 per quarter for the past nine quarters.

Earning power – The company has a five year average earning power of $1.50 and only trades at 5.4 times the 5 yr. average earnings.  That is a rare value in this stock market.

Balance sheet – recovering and improving

Image002

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SOURCE: Safe Bulkers, Inc.

April 28, 2011 09:00 ET

Safe Bulkers, Inc. Sets Date for First Quarter 2011 Results, Dividend Announcement, Conference Call and Webcast

Earnings Release: Tuesday, May 3, 2011, After Market Closes; Conference Call and Webcast: Wednesday, May 4, 2011 at 09:00 A.M. EDT

ATHENS, GREECE--(Marketwire - Apr 28, 2011) - Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it will release its results for the quarter ended March 31, 2011 after the market closes in New York on Tuesday, May 3, 2011. The Company also expects to announce the declaration of a dividend for the first quarter 2011 at that time.

On Wednesday, May 4, 2011 at 9:00 A.M. EDT, the Company's management team will host a conference call to discuss the financial results.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.

In case of any problem with the above numbers, please dial 1 (866) 223-0615 (US Toll Free Dial In), 0(800) 694-1503 (UK Toll Free Dial In) or +44 (0)1452 586-513 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.

A telephonic replay of the conference call will be available until May 13th by dialling 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#

Slides and audio webcast:

There will also be a live, and then archived, webcast of the conference call, available through the Company's website (www.safebulkers.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Safe Bulkers, Inc.

The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world's largest users of marine drybulk transportation services. The Company's common stock is listed on the NYSE, where it trades under the symbol "SB." The Company's current fleet consists of 16 drybulk vessels, all built post-2003, and the Company has contracted to acquire 11 additional drybulk newbuild vessels to be delivered at various times through 2014.

Jefferies likes AGNC's innovative approach to risk management. Yikes!

Jefferies thinks American Capital Agency Corp. (AGNC) is fairly valued.  Words like “innovative approach to risk management” makes me think of Enron and their “innovative approaches”.  Likewise, words like “sophisticated hedging strategy” sounds to me like a house of cards propped up with counterparty risk.  The financial health of AGNC’s unnamed hedging counterparties cannot be determined.  Would you want to enter into a hedge with Lehman Brothers, AIG, or any other bankster?

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American Capital Agency's (NASDAQ: AGNC) reported 1Q11 results were $0.12 above consensus and book value grew 7% Q/Q. Despite substantial ROE outperformance and the most innovative approach to risk management in the REIT space, Jefferies views the shares as fairly valued. AGNC currently trades to a 1.15 multiple of book value, a justifiable premium to the pure-play Agency REIT average of 1.1x.

During the quarter, AGNC doubled the size of their investment portfolio. Surprising to Jefferies was the company's focus on fixed-rate product, which represented 82% of the total portfolio at quarter-end. Importantly, AGNC does not own TBA mortgages, but rather the company tends to focus on specified pools.

In 1Q11, AGNC increased its exposure not only to plain vanilla interest rate swaps, but also swaptions, synthetic I/O securities, and TBA and Treasury positions in order to increase the duration of their hedge portfolio. AGNC clearly employs the most sophisticated hedging strategy in the mortgage REIT space, Agency or non-Agency.

Jefferies has a $29 PT and Hold rating on AGNC

American Capital Agency closed Tuesday at $28.83

Read more: http://www.benzinga.com/analyst-ratings/analyst-color/11/04/1036131/jefferies-comments-on-american-capital-agency-following-#ixzz1KlL2IMiU

Bernanke's Q&A.

Bernanke’s Q&A

from LewRockwell.com Blog

We can watch the Bernanke press conference, a response to Ron Paul, at 2:15 pm Eastern time this afternoon.

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The Federal Reserve is definitely on the defensive.  This is their first press conference in its 97 year history.  They prefer to unknown and boring while quietly eroding your purchasing power year after year.  Their actions affect your investments and savings (usually for the worst).

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