Analyzing AGNC Investment's Results For Q3 2018 (Including November 2018-February 2019 Dividend Projection)

Introduction/Recap: On 10/24/2018, AGNC Investment Corp. (AGNC) reported results for the third quarter of 2018. AGNC reported net income of $216 million, another comprehensive loss (“OCL”) of ($193) million, comprehensive (total) income of $23 million, and a non-tangible book value (“BV”) as of 9/30/2018 of $19.10 per common share. AGNC also reported a tangible BV as of 9/30/2018 of $18.00 per common share.
In my prior AGNC Q3 2018 income statement and EPS projection article, I projected the company would report the following amounts in relation to the third quarter of 2018: 1) net income of $219 million; 2) an OCL of ($320) million; and 3) a comprehensive loss of ($101) million. In my prior AGNC Q3 2018 and 10/12/2018 BV projection article, I projected the company would report a non-tangible and tangible BV as of 9/30/2018 of $18.85 and $17.70 per common share, respectively. As such, I believe AGNC’s quarterly results were a minor-modest outperformance when compared to my projections but still within my stated ranges (towards the higher end).
Within the first section of this article, I will summarize my prior articles’ account projections and compare each amount to AGNC’s actual results. If an account had at least a modest variance between projected and actual results, I will also provide an explanation on the variance. I will list AGNC’s accounts in the same order as projected within my income statement and EPS projection... Read more