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AGNC Investment Corp. (NASDAQ:AGNC), a mortgage REIT with a market capitalization of $9.3 billion and an impressive 13.9% dividend yield, reported significant organizational changes today, including the departure of a board member and revised executive compensation arrangements. According to InvestingPro data, AGNC has maintained dividend payments for 18 consecutive years, demonstrating strong financial stability with a "GOOD" overall financial health score.
Morris A. Davis has resigned from AGNC Investment Corp.’s board of directors, effective immediately. Davis, who will not stand for re-election at the upcoming annual meeting on April 17, 2025, is leaving to join the White House Council of Economic Advisers as the Chief Housing Economist. His decision to resign was not due to any disagreements with the company’s operations, policies, or practices. Following his departure, the board has been resized from nine to eight members. The company’s strong performance continues, with a year-to-date total return of 15.2% and analysts forecasting profitable operations for the year ahead.
In executive news, AGNC Mortgage Management, LLC, a subsidiary of AGNC, has revised the employment agreement with Christopher J. Kuehl, now Senior Vice President, Head of Investment Research and Strategy. The revised agreement, effective today, alters Kuehl’s annual cash bonus and long-term incentive awards, among other compensatory details.
Kuehl’s annual cash bonus has a target value of at least $1,350,000 for 2025 and subsequent years, contingent on performance metrics set by the board’s Compensation Committee and his individual performance. Additionally, he is eligible for annual long-term incentive awards valued at a minimum of $675,000 at the time of grant. These awards are partially vested over a three-year period, with a portion based on specific performance metrics.
The agreement also outlines provisions for a "Qualified Retirement," allowing for vesting of certain incentive awards if Kuehl meets specific conditions, including notice and transition service provisions. However, should he retire before January 1, 2026, he will forfeit long-term incentive awards granted in 2025, and the vesting of time-based awards will adhere to the original schedule as allowed by law.
Furthermore, if Kuehl’s employment ends due to termination without cause or for good reason, his severance payment will now be equivalent to 1.0x of his base salary and target bonus, reduced from the previous 1.5x.
These executive and board alterations are detailed in the company’s latest 8-K filing with the SEC, reflecting AGNC’s ongoing management and governance adjustments. Trading near its Fair Value according to InvestingPro analysis, AGNC maintains strong fundamentals with a P/E ratio of 11.0 and a price-to-book ratio of 1.14. For deeper insights into AGNC’s valuation and performance metrics, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, along with additional ProTips and detailed financial analysis.
In other recent news, AGNC Investment Corp. reported its fourth-quarter 2024 earnings, revealing a comprehensive loss of $0.11 per common share, missing the earnings per share (EPS) forecast of $0.42 with an actual EPS of $0.37. Despite the earnings miss, the company exceeded revenue expectations, reporting $856 million compared to the forecasted $805.34 million. AGNC also issued $511 million in common stock through its ATM program during the quarter. The company continues to anticipate a positive outlook for agency mortgage-backed securities (MBS) in 2025, as noted by CEO Peter Federico. Additionally, AGNC has been consistent in providing monthly dividends, declaring a $0.12 per share dividend for both February and March 2025. The dividends will be paid to stockholders on record as of February 28 and March 31, respectively. These recent developments reflect AGNC’s ongoing strategy to leverage its portfolio and manage risks associated with interest rates.
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