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30000.0 | 2022-01-28 00:00:00 UTC | Arbor Realty Trust (ABR) Gains But Lags Market: What You Should Know | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-gains-but-lags-market%3A-what-you-should-know-0 | nan | nan | Arbor Realty Trust (ABR) closed at $17.06 in the latest trading session, marking a +0.41% move from the prior day. This move lagged the S&P 500's daily gain of 2.44%. Elsewhere, the Dow gained 1.65%, while the tech-heavy Nasdaq added 0.28%.
Coming into today, shares of the real estate investment trust had lost 7.81% in the past month. In that same time, the Finance sector lost 3.64%, while the S&P 500 lost 9.65%.
Investors will be hoping for strength from Arbor Realty Trust as it approaches its next earnings release. The company is expected to report EPS of $0.40, down 18.37% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $139.4 million, up 61.79% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Arbor Realty Trust. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Arbor Realty Trust currently has a Zacks Rank of #3 (Hold).
Investors should also note Arbor Realty Trust's current valuation metrics, including its Forward P/E ratio of 9.88. For comparison, its industry has an average Forward P/E of 8.48, which means Arbor Realty Trust is trading at a premium to the group.
The REIT and Equity Trust industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 102, which puts it in the top 40% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow ABR in the coming trading sessions, be sure to utilize Zacks.com.
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Arbor Realty Trust (ABR): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (ABR) closed at $17.06 in the latest trading session, marking a +0.41% move from the prior day. To follow ABR in the coming trading sessions, be sure to utilize Zacks.com. Arbor Realty Trust (ABR): Free Stock Analysis Report | Arbor Realty Trust (ABR): Free Stock Analysis Report Arbor Realty Trust (ABR) closed at $17.06 in the latest trading session, marking a +0.41% move from the prior day. To follow ABR in the coming trading sessions, be sure to utilize Zacks.com. | Arbor Realty Trust (ABR): Free Stock Analysis Report Arbor Realty Trust (ABR) closed at $17.06 in the latest trading session, marking a +0.41% move from the prior day. To follow ABR in the coming trading sessions, be sure to utilize Zacks.com. | Arbor Realty Trust (ABR): Free Stock Analysis Report Arbor Realty Trust (ABR) closed at $17.06 in the latest trading session, marking a +0.41% move from the prior day. To follow ABR in the coming trading sessions, be sure to utilize Zacks.com. |
30001.0 | 2022-01-24 00:00:00 UTC | Arbor Realty Trust (ABR) Gains But Lags Market: What You Should Know | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-gains-but-lags-market%3A-what-you-should-know | nan | nan | Arbor Realty Trust (ABR) closed the most recent trading day at $17.05, moving +0.18% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.28%. At the same time, the Dow added 0.29%, and the tech-heavy Nasdaq gained 0.16%.
Heading into today, shares of the real estate investment trust had lost 6.07% over the past month, lagging the Finance sector's loss of 0.17% and the S&P 500's loss of 5.39% in that time.
Investors will be hoping for strength from Arbor Realty Trust as it approaches its next earnings release. In that report, analysts expect Arbor Realty Trust to post earnings of $0.40 per share. This would mark a year-over-year decline of 18.37%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $139.4 million, up 61.79% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Arbor Realty Trust. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Arbor Realty Trust is currently a Zacks Rank #3 (Hold).
In terms of valuation, Arbor Realty Trust is currently trading at a Forward P/E ratio of 9.9. Its industry sports an average Forward P/E of 8.44, so we one might conclude that Arbor Realty Trust is trading at a premium comparatively.
The REIT and Equity Trust industry is part of the Finance sector. This group has a Zacks Industry Rank of 172, putting it in the bottom 33% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Arbor Realty Trust (ABR): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (ABR) closed the most recent trading day at $17.05, moving +0.18% from the previous trading session. Arbor Realty Trust (ABR): Free Stock Analysis Report Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $139.4 million, up 61.79% from the year-ago period. | Arbor Realty Trust (ABR): Free Stock Analysis Report Arbor Realty Trust (ABR) closed the most recent trading day at $17.05, moving +0.18% from the previous trading session. Heading into today, shares of the real estate investment trust had lost 6.07% over the past month, lagging the Finance sector's loss of 0.17% and the S&P 500's loss of 5.39% in that time. | Arbor Realty Trust (ABR): Free Stock Analysis Report Arbor Realty Trust (ABR) closed the most recent trading day at $17.05, moving +0.18% from the previous trading session. Arbor Realty Trust is currently a Zacks Rank #3 (Hold). | Arbor Realty Trust (ABR): Free Stock Analysis Report Arbor Realty Trust (ABR) closed the most recent trading day at $17.05, moving +0.18% from the previous trading session. Heading into today, shares of the real estate investment trust had lost 6.07% over the past month, lagging the Finance sector's loss of 0.17% and the S&P 500's loss of 5.39% in that time. |
30002.0 | 2022-01-23 00:00:00 UTC | 2 “Strong Buy” Dividend Stocks Yielding at Least 7% | ABR | https://www.nasdaq.com/articles/2-strong-buy-dividend-stocks-yielding-at-least-7-0 | nan | nan | We’re in the midst of a market change, a shift from a trading environment that favors growth stocks to one that will favor value stocks. Investors should beware, as the shift will naturally entail high levels of volatility – witness the current correction situation we’re seeing in the NASDAQ, and the 8% fall in the S&P 500.
Mike Wilson, chief of US equity strategy at Morgan Stanley, believes the key point in the near future will be the actions by the US Federal Reserve. The central bank is now committed to ending quantitative easing, its asset purchase program which has underpinned its policy of market support for well over a decade now.
Wilson points out that the Fed’s change in policy has been in the air for months now, and that the markets have been slowly adjusting to the prospect. “40% of the Nasdaq having corrected by 50% or more…. the breadth of the market remains poor as it goes through the classic rolling correction under the surface as the index grinds higher,” Wilson noted.
Getting down to the immediate effect on investor decisions, Wilson adds, “Stocks are [still] a decent hedge against inflation, unlike bonds. However, certain stocks fit that billing better than others. In its simplest form, it means value over growth stocks or short duration over long - think dividend growth stocks."
Heeding Wilson’s advice, we used TipRanks’ database to zero-in on two dividend stocks with high yields -- 7% or better, along with long-term performance that has outpaced the broader markets. Each stock also holds a Strong Buy consensus rating; let’s see what makes them so attractive to Wall Street’s analysts.
TPG RE Finance Trust (TRTX)
The first stock we’re looking at, TPG RE, is a real estate investment trust (REIT), a class of companies long known as excellent dividend payers. That reputation comes for a quirk in tax regulation, which requires REITs to directly return a high portion of earnings to shareholders – and dividends are a convenient vehicle for compliance.
As of the end of 4Q21, TPG managed a diverse portfolio of real estate assets, totaling $5.4 billion in primary and secondary US markets. Commercial office space and multifamily dwellings made up the bulk of that portfolio, at 42% and 29% respectively; hotel space was the third-largest segment, at 12% of the portfolio. Geographically, the company’s investments are mainly in the Eastern and Western US, at 40% and 23% respectively, with Southeast, Midwest, and Southwest taking roughly equal shares of the remainder.
The company will release its 4Q21 financial results next month, but has already made public some of the numbers. Loan originations for the full calendar year 2021 totaled $1.9 billion, with 10 loans totaling $651 million coming in the fourth quarter. Loans on multifamily properties made up 68% of the new originations.
In December, TPG announced its Q4 dividend, declaring a 24 cent per common share payment. This annualizes to 96 cents per common share, and gives a yield of 7.7%, which compares favorably to the average dividend yield found on the broader markets. In addition, the company also declared a special common stock dividend payment for Q4 of 7 cents per share.
BTIG analyst Tim Hayes sees this company moving to position itself for the changing Fed policy toward higher interest rates. He writes, “The wtd. avg. LIBOR floor on the loan portfolio dropped by ~25 bps Q/Q to 1.10%, and was down from 1.66% as of 12/31/20. As older vintage loans repay and capital is reinvested into new loans with lower LIBOR floors, we expect the portfolio will become more asset sensitive and be in a position to benefit from higher rates.”
Overall, the analyst is upbeat about the stock's prospects, and adds: "We continue to view shares of TRTX as attractively valued, trading at a near-20% discount to book value and a 7.7% current dividend yield despite taking measures to increase ROE and raise the dividend, while improving the capital structure and maintaining strong credit performance."
To this end, Hayes rates TRTX a Buy, and sets a $15 price target to imply a one-year upside of 22.5%. Based on the current dividend yield and the expected price appreciation, the stock has ~30% potential total return profile. (To watch Hayes’ track record, click here)
Overall, it’s clear that this is a stock that Wall Street likes; the 3 recent reviews are unanimously positive, for a Strong Buy consensus view. TRTX shares are priced at $12.25, and the $15.17 average target suggests room for ~24% upside in the next 12 months. (See TRTX stock forecast on TipRanks)
Arbor Realty Trust (ABR)
For the second dividend stock, we’ll look at Arbor Realty Trust, a mortgage lender in the commercial and multifamily market. The company is a direct lender, funding loans for Fannie Mae and Freddie Mac, and making financing available for multifamily residential developers. In the third quarter of last year, the last quarter reported, the company originated over $2.47 billion in new loans.
Those origination made up a just a part of the company’s total portfolio. Arbor’s loan portfolio totaled over $9 billion at the end of 3Q21, up 24% year-over-year. Net income for the quarter was down yoy, from $82 million to $72.8 million, but distributable earnings, at 47 cents per common share, more than covered the company’s generous dividend.
Arbor pays out 36 cents per common share in dividend, per the third quarter declaration. The company has been regularly raising the dividend payment for the past several years; at the current rate, it annualizes to $1.44 and yields 8.5%.
5-star analyst Stephen DeLaney, from JMP, is upbeat on Arbor’s outlook, writing: “The outlook for ABR remains attractive with it executing well across all business lines and lending pipelines remain near all-time highs. We believe shares of ABR continue to offer an attractive total return investment opportunity due to the clear need/demand for more affordable multifamily and single-family rental housing in this country and the steps ABR has taken to improve both sides of its balance sheet.”
In line with these positive comments, DeLaney rates the stock an Outperform (i.e. Buy), and his price target, at $23, implies a one-year upside of 35% in the coming year. (To watch DeLaney’s track record, click here)
While there are only 3 recent reviews of this stock on file, they all agree that it is a Buy proposition, giving ABR its Strong Buy consensus rating. The stock is selling for $17.02 and has an average price target of $22.33, for a 31% one-year upside potential. (See ABR stock forecast on TipRanks)
To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | (See TRTX stock forecast on TipRanks) Arbor Realty Trust (ABR) For the second dividend stock, we’ll look at Arbor Realty Trust, a mortgage lender in the commercial and multifamily market. 5-star analyst Stephen DeLaney, from JMP, is upbeat on Arbor’s outlook, writing: “The outlook for ABR remains attractive with it executing well across all business lines and lending pipelines remain near all-time highs. We believe shares of ABR continue to offer an attractive total return investment opportunity due to the clear need/demand for more affordable multifamily and single-family rental housing in this country and the steps ABR has taken to improve both sides of its balance sheet.” In line with these positive comments, DeLaney rates the stock an Outperform (i.e. Buy), and his price target, at $23, implies a one-year upside of 35% in the coming year. | (See TRTX stock forecast on TipRanks) Arbor Realty Trust (ABR) For the second dividend stock, we’ll look at Arbor Realty Trust, a mortgage lender in the commercial and multifamily market. We believe shares of ABR continue to offer an attractive total return investment opportunity due to the clear need/demand for more affordable multifamily and single-family rental housing in this country and the steps ABR has taken to improve both sides of its balance sheet.” In line with these positive comments, DeLaney rates the stock an Outperform (i.e. Buy), and his price target, at $23, implies a one-year upside of 35% in the coming year. 5-star analyst Stephen DeLaney, from JMP, is upbeat on Arbor’s outlook, writing: “The outlook for ABR remains attractive with it executing well across all business lines and lending pipelines remain near all-time highs. | We believe shares of ABR continue to offer an attractive total return investment opportunity due to the clear need/demand for more affordable multifamily and single-family rental housing in this country and the steps ABR has taken to improve both sides of its balance sheet.” In line with these positive comments, DeLaney rates the stock an Outperform (i.e. Buy), and his price target, at $23, implies a one-year upside of 35% in the coming year. (See ABR stock forecast on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. (See TRTX stock forecast on TipRanks) Arbor Realty Trust (ABR) For the second dividend stock, we’ll look at Arbor Realty Trust, a mortgage lender in the commercial and multifamily market. | (See TRTX stock forecast on TipRanks) Arbor Realty Trust (ABR) For the second dividend stock, we’ll look at Arbor Realty Trust, a mortgage lender in the commercial and multifamily market. 5-star analyst Stephen DeLaney, from JMP, is upbeat on Arbor’s outlook, writing: “The outlook for ABR remains attractive with it executing well across all business lines and lending pipelines remain near all-time highs. We believe shares of ABR continue to offer an attractive total return investment opportunity due to the clear need/demand for more affordable multifamily and single-family rental housing in this country and the steps ABR has taken to improve both sides of its balance sheet.” In line with these positive comments, DeLaney rates the stock an Outperform (i.e. Buy), and his price target, at $23, implies a one-year upside of 35% in the coming year. |
30003.0 | 2022-01-21 00:00:00 UTC | Noteworthy Friday Option Activity: XLNX, ABR, BCOR | ABR | https://www.nasdaq.com/articles/noteworthy-friday-option-activity%3A-xlnx-abr-bcor | nan | nan | Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Xilinx, Inc. (Symbol: XLNX), where a total of 20,010 contracts have traded so far, representing approximately 2.0 million underlying shares. That amounts to about 68.3% of XLNX's average daily trading volume over the past month of 2.9 million shares. Especially high volume was seen for the $150 strike call option expiring January 21, 2022, with 1,731 contracts trading so far today, representing approximately 173,100 underlying shares of XLNX. Below is a chart showing XLNX's trailing twelve month trading history, with the $150 strike highlighted in orange:
Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,548 contracts thus far today. That number of contracts represents approximately 854,800 underlying shares, working out to a sizeable 68.2% of ABR's average daily trading volume over the past month, of 1.3 million shares. Particularly high volume was seen for the $15 strike put option expiring July 15, 2022, with 3,540 contracts trading so far today, representing approximately 354,000 underlying shares of ABR. Below is a chart showing ABR's trailing twelve month trading history, with the $15 strike highlighted in orange:
And Blucora Inc (Symbol: BCOR) options are showing a volume of 1,590 contracts thus far today. That number of contracts represents approximately 159,000 underlying shares, working out to a sizeable 67.5% of BCOR's average daily trading volume over the past month, of 235,530 shares. Particularly high volume was seen for the $17.50 strike call option expiring July 15, 2022, with 1,336 contracts trading so far today, representing approximately 133,600 underlying shares of BCOR. Below is a chart showing BCOR's trailing twelve month trading history, with the $17.50 strike highlighted in orange:
For the various different available expirations for XLNX options, ABR options, or BCOR options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Particularly high volume was seen for the $15 strike put option expiring July 15, 2022, with 3,540 contracts trading so far today, representing approximately 354,000 underlying shares of ABR. Below is a chart showing XLNX's trailing twelve month trading history, with the $150 strike highlighted in orange: Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,548 contracts thus far today. That number of contracts represents approximately 854,800 underlying shares, working out to a sizeable 68.2% of ABR's average daily trading volume over the past month, of 1.3 million shares. | That number of contracts represents approximately 854,800 underlying shares, working out to a sizeable 68.2% of ABR's average daily trading volume over the past month, of 1.3 million shares. Below is a chart showing ABR's trailing twelve month trading history, with the $15 strike highlighted in orange: And Blucora Inc (Symbol: BCOR) options are showing a volume of 1,590 contracts thus far today. Below is a chart showing XLNX's trailing twelve month trading history, with the $150 strike highlighted in orange: Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,548 contracts thus far today. | Below is a chart showing BCOR's trailing twelve month trading history, with the $17.50 strike highlighted in orange: For the various different available expirations for XLNX options, ABR options, or BCOR options, visit StockOptionsChannel.com. Below is a chart showing XLNX's trailing twelve month trading history, with the $150 strike highlighted in orange: Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,548 contracts thus far today. That number of contracts represents approximately 854,800 underlying shares, working out to a sizeable 68.2% of ABR's average daily trading volume over the past month, of 1.3 million shares. | Particularly high volume was seen for the $15 strike put option expiring July 15, 2022, with 3,540 contracts trading so far today, representing approximately 354,000 underlying shares of ABR. Below is a chart showing BCOR's trailing twelve month trading history, with the $17.50 strike highlighted in orange: For the various different available expirations for XLNX options, ABR options, or BCOR options, visit StockOptionsChannel.com. Below is a chart showing XLNX's trailing twelve month trading history, with the $150 strike highlighted in orange: Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,548 contracts thus far today. |
30004.0 | 2022-01-19 00:00:00 UTC | Notable Two Hundred Day Moving Average Cross - ABR | ABR | https://www.nasdaq.com/articles/notable-two-hundred-day-moving-average-cross-abr | nan | nan | In trading on Wednesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $18.19, changing hands as low as $18.07 per share. Arbor Realty Trust Inc shares are currently trading off about 0.8% on the day. The chart below shows the one year performance of ABR shares, versus its 200 day moving average:
Looking at the chart above, ABR's low point in its 52 week range is $14.01 per share, with $20.74 as the 52 week high point — that compares with a last trade of $18.15.
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Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Wednesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $18.19, changing hands as low as $18.07 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $14.01 per share, with $20.74 as the 52 week high point — that compares with a last trade of $18.15. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Wednesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $18.19, changing hands as low as $18.07 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $14.01 per share, with $20.74 as the 52 week high point — that compares with a last trade of $18.15. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Wednesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $18.19, changing hands as low as $18.07 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $14.01 per share, with $20.74 as the 52 week high point — that compares with a last trade of $18.15. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Wednesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $18.19, changing hands as low as $18.07 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $14.01 per share, with $20.74 as the 52 week high point — that compares with a last trade of $18.15. Arbor Realty Trust Inc shares are currently trading off about 0.8% on the day. |
30005.0 | 2022-01-17 00:00:00 UTC | Arbor Realty Trust (ABR) Stock Sinks As Market Gains: What You Should Know | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-stock-sinks-as-market-gains%3A-what-you-should-know | nan | nan | Arbor Realty Trust (ABR) closed the most recent trading day at $18.48, moving -1.07% from the previous trading session. This move lagged the S&P 500's daily gain of 0.08%. Elsewhere, the Dow lost 0.56%, while the tech-heavy Nasdaq lost 4.81%.
Coming into today, shares of the real estate investment trust had gained 8.26% in the past month. In that same time, the Finance sector gained 5.21%, while the S&P 500 gained 0.64%.
Arbor Realty Trust will be looking to display strength as it nears its next earnings release. On that day, Arbor Realty Trust is projected to report earnings of $0.40 per share, which would represent a year-over-year decline of 18.37%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $139.4 million, up 61.79% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Arbor Realty Trust. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Arbor Realty Trust is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Arbor Realty Trust currently has a Forward P/E ratio of 10.74. This represents a premium compared to its industry's average Forward P/E of 8.88.
The REIT and Equity Trust industry is part of the Finance sector. This group has a Zacks Industry Rank of 109, putting it in the top 43% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Arbor Realty Trust (ABR): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (ABR) closed the most recent trading day at $18.48, moving -1.07% from the previous trading session. Arbor Realty Trust (ABR): Free Stock Analysis Report On that day, Arbor Realty Trust is projected to report earnings of $0.40 per share, which would represent a year-over-year decline of 18.37%. | Arbor Realty Trust (ABR): Free Stock Analysis Report Arbor Realty Trust (ABR) closed the most recent trading day at $18.48, moving -1.07% from the previous trading session. On that day, Arbor Realty Trust is projected to report earnings of $0.40 per share, which would represent a year-over-year decline of 18.37%. | Arbor Realty Trust (ABR): Free Stock Analysis Report Arbor Realty Trust (ABR) closed the most recent trading day at $18.48, moving -1.07% from the previous trading session. Arbor Realty Trust is holding a Zacks Rank of #3 (Hold) right now. | Arbor Realty Trust (ABR) closed the most recent trading day at $18.48, moving -1.07% from the previous trading session. Arbor Realty Trust (ABR): Free Stock Analysis Report On that day, Arbor Realty Trust is projected to report earnings of $0.40 per share, which would represent a year-over-year decline of 18.37%. |
30006.0 | 2021-12-22 00:00:00 UTC | Arbor Realty Trust Breaks Above 200-Day Moving Average - Bullish for ABR | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-breaks-above-200-day-moving-average-bullish-for-abr | nan | nan | In trading on Wednesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $17.99, changing hands as high as $18.02 per share. Arbor Realty Trust Inc shares are currently trading up about 3.1% on the day. The chart below shows the one year performance of ABR shares, versus its 200 day moving average:
Looking at the chart above, ABR's low point in its 52 week range is $13.54 per share, with $20.74 as the 52 week high point — that compares with a last trade of $17.96.
Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Wednesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $17.99, changing hands as high as $18.02 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $13.54 per share, with $20.74 as the 52 week high point — that compares with a last trade of $17.96. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Wednesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $17.99, changing hands as high as $18.02 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $13.54 per share, with $20.74 as the 52 week high point — that compares with a last trade of $17.96. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Wednesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $17.99, changing hands as high as $18.02 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $13.54 per share, with $20.74 as the 52 week high point — that compares with a last trade of $17.96. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Wednesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $17.99, changing hands as high as $18.02 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $13.54 per share, with $20.74 as the 52 week high point — that compares with a last trade of $17.96. Arbor Realty Trust Inc shares are currently trading up about 3.1% on the day. |
30007.0 | 2021-12-15 00:00:00 UTC | 7 Dividend Stocks to Buy for 2022 With Dividend Yields Over 5% | ABR | https://www.nasdaq.com/articles/7-dividend-stocks-to-buy-for-2022-with-dividend-yields-over-5 | nan | nan | InvestorPlace - Stock Market News, Stock Advice & Trading Tips
One of the tried and true methods for generating an income stream is through investing in dividend stocks. In this era of low interest rates, dividend payments can be a more rewarding way to supplement your income. In turn, many investors plow those payments back into their portfolios.
Whatever your strategy is, one of the key goals is to pick the ideal level of dividend yield. Obviously, you want a high yield. Not too high — you don’t want to get suckered into investing in a company that’s in trouble — but generous enough to be worth your while.
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With that in mind, each of these stocks offers a dividend yield over 5%, making them a great option for adding to your portfolio.
Alliancebernstein Holding LP (NYSE:AB)
Arbor Realty Trust Inc (NYSE:ABR)
Artisan Partners Asset Management Inc (NYSE:APAM)
Golden Ocean Group Ltd (NASDAQ:GOGL)
Oaktree Specialty Lending Corp (NASDAQ:OCSL)
Southern Copper Corp (NYSE:SCCO)
Teekay Lng Partners, L.P. Common Stock (NYSE:TGP)
Adding to the case for these dividend stocks, each earns an “A” rating in Portfolio Grader. Now, let’s dive in and take a closer look at each one.
Dividend Stocks to Buy: Alliance Bernstein Holding (AB)
Source: kan_chana/ShutterStock.com
Alliance Bernstein Holding is a global investment and research firm that’s headquartered in Nashville. The company divides its business into three silos. Asset Management is offered for global clients including individual and institutional investors. Private Wealth Management includes investment planning and risk-management. Overall, Bernstein Research provides independent research for institutional investors.
Over the past five years, AB stock has delivered a 110% return. That’s the kind of performance that would qualify it for inclusion in a growth-focused portfolio. However, this is a list that’s focused on dividend stocks. And with its latest quarterly dividend of 89 cents per share, AB stock currently has a very attractive, 7.6% dividend yield.
At the time of publication, AB stock earned an “A” rating in Dividend Grader.
Arbor Realty Trust (ABR)
Source: Shutterstock
New York’s Arbor Realty Trust is in the business of mortgages, providing direct lending services for multi-family and commercial real estate. And multi-family real estate has been a hot market. In 2020 — despite the pandemic — construction of multi-family apartment buildings across America increased by 50%. Occupancy rates also increased. Reflecting that strength, ABR stock has been in high growth mode. Since the March 2020 market crash, shares in Arbor Realty Trust are up over 265%.
More importantly for the purposes of this article, Arbor Realty Trust is high-performing dividend stock. It currently offers investors a 8.2% dividend yield.
10 Stocks to Buy if You Have $5,000 in Starter Money
The current Dividend Grader rating for ABR stock is a stellar “A.”
Dividend Stocks to Buy: Artisan Partners Asset Management (APAM)
Source: Shutterstock
You may not think of Wisconsin as an investment hotspot, but that’s the state Artisan Partners Asset Management calls home. The company provides investment management services, primarily to commercial customers.
In its latest quarterly earnings, Artisan Partners reported just how dramatically its business had picked up from 2020. Year-to-date (YTD) revenue was up 43% compared to 2020, with earnings per share (EPS) up 65%. We often point to dividend stocks as being companies with a consistent track record and a successful business track record. Artisan Partners is a textbook example of this. The company reported that on an annualized basis, its revenue has grown at approximately 11% per year over the past five years, and 10% per year over the past decade. Lastly, over the past five years, APAM stock is up 51%.
This past quarter also saw Artisan Partners declare a $1.07 per share quarterly cash dividend. At this point, APAM’s dividend ratio stands at 9.6%, the highest on this list.
APAM stock’s “A” rating in Dividend Grader is also as good as it gets.
Golden Ocean Group (GOGL)
Source: VladSV / Shutterstock.com
High-yield dividend stocks aren’t limited to investment, finance, and real estate companies. Case in point, Norway’s Golden Ocean Group. This company owns and operates cargo ships, primarily the massive Panamax and Ultramax and Capesize vessels that have been in incredibly high demand through 2021.
That wasn’t the case in 2020, when the pandemic cratered demand for many big vessels. Last year, Golden Ocean Group had to slash its dividend to a single payment of 5 cents per share. However, outside of that anomaly, GOGL has paid quarterly dividends like clockwork for decades.
Furthermore, 2021 has seen the cargo shipping business surge. In its third-quarter earnings report, Golden Ocean Group’s CEO announced:
“In keeping with the Company’s long-standing policy, I am pleased that we are in the position to return value to our shareholders through dividend payments, which have amounted to $321 million thus far in 2021, including the Q3 distribution.”
With that 85 cents per share dividend payment from the third quarter, GOGL stock’s dividend yield is very attractive.
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Its “A” Dividend Grader rating makes GOGL stock a great pick among dividend stocks.
Dividend Stocks to Buy: Oaktree Specialty Lending Group (OCSL)
Source: Kevin McGovern / Shutterstock.com
Based in Los Angeles, Oaktree Specialty Lending Group has been in business since 2007 and publicly traded since 2008. There’s that proven track record that the best dividend stocks provide. Up 36% over the past five years, OCSL stock isn’t exactly in the high-growth category, but it’s going in the right direction.
Oaktree Specialty Lending Group is on this list because the company has a proven track record of paying dividends. This goes right back to the 2008 market listing date. With that in mind, the company currently offers investors an 8.5% dividend yield.
At the time of publication, OCSL stock was rated as an “A” in Dividend Grader.
Southern Copper (SCCO)
Source: Coldmoon Photoproject/Shutterstock.com
Between electric vehicles (EVs), consumer electronics and power grid upgrades, there are fewer materials that are hotter than copper these days. Copper has become so valuable, it was the subject of a $40 million heist earlier this year. Not gold, not diamonds — copper.
Naturally, sky-high copper prices have raised interest in copper mining companies. Southern Copper, has been in operation since 1952. Its mines and refinery operations are located in Peru and Mexico, but Southern Copper is headquartered in Phoenix. This is an established mining company, with highly productive mines, proven reserves and a $43.8 billion market cap. Over the past five years, SCCO stock has gained 75%, with much of that growth taking place since early 2020.
Adding to the appeal of SCCO is its performance as a dividend stock. Investors are enjoying a 6.72% dividend yield.
7 Stocks to Buy for Whatever the Fed Does in 2022
SCCO stock currently earns an “A” rating in Dividend Grader.
Dividend Stocks to Buy: Teekay LNG Partners (TGP)
Source: Shutterstock
Other stocks on this list have delivered significant growth over the past five years. Teekay LNG Partners is a bit different in that respect. TGP stock is up just 17% since December 2016. However, that is set to change. Last year, LNG (liquified natural gas) was at historic low prices. This year, prices have hit record highs. And with countries like China working to cut coal use for power generation, LNG demand is set to remain strong for the foreseeable future. That reversal has pushed TGP shares to impressive 48% growth so far in 2021.
Even during last year’s cratering of LNG prices, Teekay was able to continue paying a dividend. As prices have surged, so have Teekay’s dividend payments. In the latest quarter, that amounts to 29 cents per share, and a 6.8% dividend yield.
Dividend stocks don’t do any better than TGP stock’s current “A” rating in Dividend Grader.
On the date of publication, Louis Navellier had a long position in APAM and GOGL. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article. InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.
Louis Navellier, who has been called “one of the most important money managers of our time,” has broken the silence in this shocking “tell all” video… exposing one of the most shocking events in our country’s history… and the one move every American needs to make today.
The post 7 Dividend Stocks to Buy for 2022 With Dividend Yields Over 5% appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Alliancebernstein Holding LP (NYSE:AB) Arbor Realty Trust Inc (NYSE:ABR) Artisan Partners Asset Management Inc (NYSE:APAM) Golden Ocean Group Ltd (NASDAQ:GOGL) Oaktree Specialty Lending Corp (NASDAQ:OCSL) Southern Copper Corp (NYSE:SCCO) Teekay Lng Partners, L.P. Common Stock (NYSE:TGP) Adding to the case for these dividend stocks, each earns an “A” rating in Portfolio Grader. Arbor Realty Trust (ABR) Source: Shutterstock New York’s Arbor Realty Trust is in the business of mortgages, providing direct lending services for multi-family and commercial real estate. Reflecting that strength, ABR stock has been in high growth mode. | Alliancebernstein Holding LP (NYSE:AB) Arbor Realty Trust Inc (NYSE:ABR) Artisan Partners Asset Management Inc (NYSE:APAM) Golden Ocean Group Ltd (NASDAQ:GOGL) Oaktree Specialty Lending Corp (NASDAQ:OCSL) Southern Copper Corp (NYSE:SCCO) Teekay Lng Partners, L.P. Common Stock (NYSE:TGP) Adding to the case for these dividend stocks, each earns an “A” rating in Portfolio Grader. Arbor Realty Trust (ABR) Source: Shutterstock New York’s Arbor Realty Trust is in the business of mortgages, providing direct lending services for multi-family and commercial real estate. 10 Stocks to Buy if You Have $5,000 in Starter Money The current Dividend Grader rating for ABR stock is a stellar “A.” Dividend Stocks to Buy: Artisan Partners Asset Management (APAM) Source: Shutterstock You may not think of Wisconsin as an investment hotspot, but that’s the state Artisan Partners Asset Management calls home. | Alliancebernstein Holding LP (NYSE:AB) Arbor Realty Trust Inc (NYSE:ABR) Artisan Partners Asset Management Inc (NYSE:APAM) Golden Ocean Group Ltd (NASDAQ:GOGL) Oaktree Specialty Lending Corp (NASDAQ:OCSL) Southern Copper Corp (NYSE:SCCO) Teekay Lng Partners, L.P. Common Stock (NYSE:TGP) Adding to the case for these dividend stocks, each earns an “A” rating in Portfolio Grader. 10 Stocks to Buy if You Have $5,000 in Starter Money The current Dividend Grader rating for ABR stock is a stellar “A.” Dividend Stocks to Buy: Artisan Partners Asset Management (APAM) Source: Shutterstock You may not think of Wisconsin as an investment hotspot, but that’s the state Artisan Partners Asset Management calls home. Arbor Realty Trust (ABR) Source: Shutterstock New York’s Arbor Realty Trust is in the business of mortgages, providing direct lending services for multi-family and commercial real estate. | Alliancebernstein Holding LP (NYSE:AB) Arbor Realty Trust Inc (NYSE:ABR) Artisan Partners Asset Management Inc (NYSE:APAM) Golden Ocean Group Ltd (NASDAQ:GOGL) Oaktree Specialty Lending Corp (NASDAQ:OCSL) Southern Copper Corp (NYSE:SCCO) Teekay Lng Partners, L.P. Common Stock (NYSE:TGP) Adding to the case for these dividend stocks, each earns an “A” rating in Portfolio Grader. 10 Stocks to Buy if You Have $5,000 in Starter Money The current Dividend Grader rating for ABR stock is a stellar “A.” Dividend Stocks to Buy: Artisan Partners Asset Management (APAM) Source: Shutterstock You may not think of Wisconsin as an investment hotspot, but that’s the state Artisan Partners Asset Management calls home. Arbor Realty Trust (ABR) Source: Shutterstock New York’s Arbor Realty Trust is in the business of mortgages, providing direct lending services for multi-family and commercial real estate. |
30008.0 | 2021-12-09 00:00:00 UTC | What You Should Be Doing Now With Your Money | ABR | https://www.nasdaq.com/articles/what-you-should-be-doing-now-with-your-money | nan | nan | InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Like you, I’ve been run ragged with all the negative news over the past year.
Source: xalien / Shutterstock.com
Together, the country faced the emergence of the delta and omicron variants of the ever-persistent coronavirus, looming threats of inflation and fragile, nervous investors that caused the market to surge or plummet on the most innocuous of news stories.
But we have learned from all of this, and we know that we must be ready to deal with anything — and everything — life could possibly throw our way.
And with the New Year at our doorstep, most folks feel a healthy mix of hope and anxiety at what may come with 2022.
Louis Navellier and Luke Lango — two legendary investors in their respective niches — and I all felt similarly earlier this year.
BEFORE JAN 1: Get Our 2022 Hypergrowth Playbook
So, we began asking:
How can we equip our readers to thrive over the upcoming months?
How can we show them how to brace themselves against all the factors working against us — and do more than just keep their heads above water?
The answer was simple for us: We needed to ready our readers for the threats we can see — and approach those we don’t yet know with the same methods we’ve used against adversity before.
Born from this idea is the Early Warning Summit 2022, which aired yesterday afternoon.
But if you missed it, don’t worry. I’ll show you how to catch the replay in just a moment…
Prepare Now, Prosper Later
The collaboration between Luke, Louis and me is a bit of a surprising one, considering how differently each of us approaches our investment ideas.
Luke and I are more “top-down” or “macro” investors; we identify the big trends shaping the economy and dive down into company specifics to find the winners.
In fact, in 2020, Luke was named the #1 stock picker by TipRanks. In just a matter of a few short years, Luke has managed to uncover 17 stocks that have soared more than 1,000%.
And this year, as you well know, I closed another 10X winner in a trade on Freeport-McMoRan (NYSE:FCX), now having more than 40 1,000%+ winners in my track record.
After 12 Months, We’re Finally Allowing New Members
Louis, on the other hand, takes more of a “bottom-up” approach, focusing on the detailed numbers that signal whether a company’s stock is about to take off, though he certainly pays attention to the big picture as well.
In 2021 alone, Louis has booked some big winners, like 155% from Arbor Realty Trust (NYSE:ABR)… 123% from Safehold (NYSE:SAFE)… and 396% from AppFolio (NASDAQ:APPF).
As you can see, all three of our strategies work — and the three of us are all on the same page about the opportunities to grow wealth in 2022.
So, during the Early Warning Summit, we revealed specific recommendations to help investors get on the right side of 2022.
While we sat down, Louis also went over his favorite stock for this upcoming year.
You can watch the replay of yesterday’s event now and learn how our systems work… and how Louis, Luke and I have been able to pick some of this upcoming year’s biggest winners.
Even this morning, we were fielding dozens of calls from folks asking for more details.
Catch the replay now to get the scoop… and our four new stock recommendations.
Regards,
Eric Fry
P.S. Growth investors Louis Navellier, Luke Lango and I just revealed 4 FREE hypergrowth stock picks for 2022. Get the name and ticker symbols here.
The post What You Should Be Doing Now With Your Money appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In 2021 alone, Louis has booked some big winners, like 155% from Arbor Realty Trust (NYSE:ABR)… 123% from Safehold (NYSE:SAFE)… and 396% from AppFolio (NASDAQ:APPF). Source: xalien / Shutterstock.com Together, the country faced the emergence of the delta and omicron variants of the ever-persistent coronavirus, looming threats of inflation and fragile, nervous investors that caused the market to surge or plummet on the most innocuous of news stories. I’ll show you how to catch the replay in just a moment… Prepare Now, Prosper Later The collaboration between Luke, Louis and me is a bit of a surprising one, considering how differently each of us approaches our investment ideas. | In 2021 alone, Louis has booked some big winners, like 155% from Arbor Realty Trust (NYSE:ABR)… 123% from Safehold (NYSE:SAFE)… and 396% from AppFolio (NASDAQ:APPF). InvestorPlace - Stock Market News, Stock Advice & Trading Tips Like you, I’ve been run ragged with all the negative news over the past year. So, during the Early Warning Summit, we revealed specific recommendations to help investors get on the right side of 2022. | In 2021 alone, Louis has booked some big winners, like 155% from Arbor Realty Trust (NYSE:ABR)… 123% from Safehold (NYSE:SAFE)… and 396% from AppFolio (NASDAQ:APPF). InvestorPlace - Stock Market News, Stock Advice & Trading Tips Like you, I’ve been run ragged with all the negative news over the past year. You can watch the replay of yesterday’s event now and learn how our systems work… and how Louis, Luke and I have been able to pick some of this upcoming year’s biggest winners. | In 2021 alone, Louis has booked some big winners, like 155% from Arbor Realty Trust (NYSE:ABR)… 123% from Safehold (NYSE:SAFE)… and 396% from AppFolio (NASDAQ:APPF). InvestorPlace - Stock Market News, Stock Advice & Trading Tips Like you, I’ve been run ragged with all the negative news over the past year. So, during the Early Warning Summit, we revealed specific recommendations to help investors get on the right side of 2022. |
30009.0 | 2021-12-01 00:00:00 UTC | What 2021 Can Teach Us About Investing in 2022 | ABR | https://www.nasdaq.com/articles/what-2021-can-teach-us-about-investing-in-2022 | nan | nan | InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Today, we have a special note from InvestorPlace CEO Brian Hunt. 2021 was not without its share of adversity, and in order to best prepare for what 2022 will bring, we’re hosting a special event next Tuesday, December 7 at 7:00 p.m. Click here to reserve your spot, and continue reading below.
Source: Bro Crock / Shutterstock.com
Hi. Brian Hunt here, CEO of InvestorPlace.
As I write, the Omicron variant of the coronavirus has rattled markets. And right now, there are a lot more questions than answers about what’s going to happen.
This is just another twist after two years that have been filled with surprises.
Last year, we faced COVID-19, worldwide economic slowdowns, and one of the biggest, fastest declines in market history. As 2021 started, the world seemed ready to get back to normal, and then the Delta variant reared its ugly head. In the wake of this uncertainty, many investors ran for the hills, triggering severe bouts of volatility in the stock market.
But it’s important to remember that after its initial plunge in 2020, the market recovered to reach all-time highs. Investors who couldn’t stomach the volatility and stepped out of the stock market missed out on a massive rebound.
Louis, Luke, and Eric, on the other hand, stayed calm and watched for opportunities. Because the reality is that you can be successful no matter which way the market turns, you just need to find the right stocks.
Here’s what we mean…
In 2021 alone, Louis has booked some big winners, like 155% from Arbor Realty Trust (NYSE:ABR)… 123% from Safehold, Inc. (NYSE:SAFE)… and 396% from AppFolio (NASDAQ:APPF).
In 2020, Luke was named the #1 stock picker by TipRanks. In just the matter of a few short years, Luke has managed to uncover 17 stocks that have soared more than 1,000%.
And this year Eric closed another 10X winner in a trade on Freeport-McMoRan (NYSE:FCX). Known as “Mr. 1,000%,” Eric now has forty-four 1,000%+ winners to his credit.
Now, the three analysts take very different approaches to investing; Luke and Eric are more of “top down” or “macro” investors, identifying the big trends shaping the economy and dive down into company specifics to find the winners. Louis takes more of a “bottom up” approach, focusing on the detailed numbers that signal whether a company’s stock is about to take off, though he certainly pays attention to the big picture as well.
As you can see, both strategies work.
And they’re all on the same page about the opportunities to grow wealth in 2022.
So, on Tuesday, Dec. 7, at 7:00 p.m. EST, Louis, Luke, and Eric are coming together for the Early Warning Summit.
Click here to reserve your spot for this event now!
During this event, the three analysts will reveal the trends that will have the largest and most immediate impact on the coming year… and how to take advantage of them.
It’s an event like no other, and we can’t wait for you to see what’s in store.
Sign up for the Summit today — because this is an event you won’t want to miss.
Regards,
Brian Hunt
P.S. On Tuesday, Dec.7, at 7:00 p.m. EST during the Early Warning Summit, Louis, Eric, and Luke will reveal four stock picks that could soar in 2022. All three investing legends see major events rocking the markets in the next year, and these four stocks are the best to own. Click here to save your spot.
The Editor hereby discloses that as of the date of this email, the Editor, directly or indirectly, owns the following securities that are the subject of the commentary, analysis, opinions, advice, or recommendations in, or which are otherwise mentioned in, the essay set forth below:
The post What 2021 Can Teach Us About Investing in 2022 appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Here’s what we mean… In 2021 alone, Louis has booked some big winners, like 155% from Arbor Realty Trust (NYSE:ABR)… 123% from Safehold, Inc. (NYSE:SAFE)… and 396% from AppFolio (NASDAQ:APPF). 2021 was not without its share of adversity, and in order to best prepare for what 2022 will bring, we’re hosting a special event next Tuesday, December 7 at 7:00 p.m. Click here to reserve your spot, and continue reading below. Now, the three analysts take very different approaches to investing; Luke and Eric are more of “top down” or “macro” investors, identifying the big trends shaping the economy and dive down into company specifics to find the winners. | Here’s what we mean… In 2021 alone, Louis has booked some big winners, like 155% from Arbor Realty Trust (NYSE:ABR)… 123% from Safehold, Inc. (NYSE:SAFE)… and 396% from AppFolio (NASDAQ:APPF). InvestorPlace - Stock Market News, Stock Advice & Trading Tips Today, we have a special note from InvestorPlace CEO Brian Hunt. So, on Tuesday, Dec. 7, at 7:00 p.m. EST, Louis, Luke, and Eric are coming together for the Early Warning Summit. | Here’s what we mean… In 2021 alone, Louis has booked some big winners, like 155% from Arbor Realty Trust (NYSE:ABR)… 123% from Safehold, Inc. (NYSE:SAFE)… and 396% from AppFolio (NASDAQ:APPF). InvestorPlace - Stock Market News, Stock Advice & Trading Tips Today, we have a special note from InvestorPlace CEO Brian Hunt. On Tuesday, Dec.7, at 7:00 p.m. EST during the Early Warning Summit, Louis, Eric, and Luke will reveal four stock picks that could soar in 2022. | Here’s what we mean… In 2021 alone, Louis has booked some big winners, like 155% from Arbor Realty Trust (NYSE:ABR)… 123% from Safehold, Inc. (NYSE:SAFE)… and 396% from AppFolio (NASDAQ:APPF). InvestorPlace - Stock Market News, Stock Advice & Trading Tips Today, we have a special note from InvestorPlace CEO Brian Hunt. In just the matter of a few short years, Luke has managed to uncover 17 stocks that have soared more than 1,000%. |
30010.0 | 2021-12-01 00:00:00 UTC | Relative Strength Alert For Arbor Realty Trust | ABR | https://www.nasdaq.com/articles/relative-strength-alert-for-arbor-realty-trust | nan | nan | The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.
But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Wednesday, shares of ABR entered into oversold territory, changing hands as low as $17.3701 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Arbor Realty Trust Inc, the RSI reading has hit 29.6 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 39.0. A falling stock price — all else being equal — creates a better opportunity for dividend investors to capture a higher yield. Indeed, ABR's recent annualized dividend of 1.44/share (currently paid in quarterly installments) works out to an annual yield of 8.21% based upon the recent $17.55 share price.
A bullish investor could look at ABR's 29.6 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on ABR is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
Click here to find out what 9 other oversold dividend stocks you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A bullish investor could look at ABR's 29.6 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Wednesday, shares of ABR entered into oversold territory, changing hands as low as $17.3701 per share. | Indeed, ABR's recent annualized dividend of 1.44/share (currently paid in quarterly installments) works out to an annual yield of 8.21% based upon the recent $17.55 share price. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Wednesday, shares of ABR entered into oversold territory, changing hands as low as $17.3701 per share. | Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on ABR is its dividend history. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Wednesday, shares of ABR entered into oversold territory, changing hands as low as $17.3701 per share. | But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Wednesday, shares of ABR entered into oversold territory, changing hands as low as $17.3701 per share. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on ABR is its dividend history. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. |
30011.0 | 2021-11-18 00:00:00 UTC | ABR July 2022 Options Begin Trading | ABR | https://www.nasdaq.com/articles/abr-july-2022-options-begin-trading | nan | nan | Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available today, for the July 2022 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 239 days until expiration the newly available contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new July 2022 contracts and identified one put and one call contract of particular interest.
The put contract at the $17.50 strike price has a current bid of $1.20. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $17.50, but will also collect the premium, putting the cost basis of the shares at $16.30 (before broker commissions). To an investor already interested in purchasing shares of ABR, that could represent an attractive alternative to paying $18.45/share today.
Because the $17.50 strike represents an approximate 5% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 100%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 6.86% return on the cash commitment, or 10.47% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Arbor Realty Trust Inc, and highlighting in green where the $17.50 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $20.00 strike price has a current bid of 50 cents. If an investor was to purchase shares of ABR stock at the current price level of $18.45/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $20.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 11.11% if the stock gets called away at the July 2022 expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if ABR shares really soar, which is why looking at the trailing twelve month trading history for Arbor Realty Trust Inc, as well as studying the business fundamentals becomes important. Below is a chart showing ABR's trailing twelve month trading history, with the $20.00 strike highlighted in red:
Considering the fact that the $20.00 strike represents an approximate 8% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 99%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 2.71% boost of extra return to the investor, or 4.14% annualized, which we refer to as the YieldBoost.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 252 trading day closing values as well as today's price of $18.45) to be 28%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Calls of the Mortgage REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Of course, a lot of upside could potentially be left on the table if ABR shares really soar, which is why looking at the trailing twelve month trading history for Arbor Realty Trust Inc, as well as studying the business fundamentals becomes important. Below is a chart showing ABR's trailing twelve month trading history, with the $20.00 strike highlighted in red: Considering the fact that the $20.00 strike represents an approximate 8% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available today, for the July 2022 expiration. | Below is a chart showing ABR's trailing twelve month trading history, with the $20.00 strike highlighted in red: Considering the fact that the $20.00 strike represents an approximate 8% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available today, for the July 2022 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new July 2022 contracts and identified one put and one call contract of particular interest. | Below is a chart showing ABR's trailing twelve month trading history, with the $20.00 strike highlighted in red: Considering the fact that the $20.00 strike represents an approximate 8% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available today, for the July 2022 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new July 2022 contracts and identified one put and one call contract of particular interest. | At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new July 2022 contracts and identified one put and one call contract of particular interest. Below is a chart showing ABR's trailing twelve month trading history, with the $20.00 strike highlighted in red: Considering the fact that the $20.00 strike represents an approximate 8% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available today, for the July 2022 expiration. |
30012.0 | 2021-11-11 00:00:00 UTC | Arbor Realty Trust (ABR) Ex-Dividend Date Scheduled for November 12, 2021 | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-ex-dividend-date-scheduled-for-november-12-2021 | nan | nan | Arbor Realty Trust (ABR) will begin trading ex-dividend on November 12, 2021. A cash dividend payment of $0.36 per share is scheduled to be paid on November 30, 2021. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. This represents an 2.86% increase over prior dividend payment. At the current stock price of $19.68, the dividend yield is 7.32%.
The previous trading day's last sale of ABR was $19.68, representing a -5.11% decrease from the 52 week high of $20.74 and a 56.19% increase over the 52 week low of $12.60.
ABR is a part of the Consumer Services sector, which includes companies such as Prologis, Inc. (PLD) and Crown Castle International Corporation (CCI). ABR's current earnings per share, an indicator of a company's profitability, is $2.37. Zacks Investment Research reports ABR's forecasted earnings growth in 2021 as -1.19%, compared to an industry average of .6%.
For more information on the declaration, record and payment dates, visit the abr Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
Interested in gaining exposure to ABR through an Exchange Traded Fund [ETF]?
The following ETF(s) have ABR as a top-10 holding:
VanEck Mortgage REIT Income ETF (MORT)
iShares Trust iShares Mortgage Real Estate ETF (REM)
Global X SuperDividend REIT ETF (SRET).
The top-performing ETF of this group is REM with an increase of 1.58% over the last 100 days. MORT has the highest percent weighting of ABR at 4.74%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | ABR is a part of the Consumer Services sector, which includes companies such as Prologis, Inc. (PLD) and Crown Castle International Corporation (CCI). Zacks Investment Research reports ABR's forecasted earnings growth in 2021 as -1.19%, compared to an industry average of .6%. For more information on the declaration, record and payment dates, visit the abr Dividend History page. | ABR's current earnings per share, an indicator of a company's profitability, is $2.37. The following ETF(s) have ABR as a top-10 holding: VanEck Mortgage REIT Income ETF (MORT) iShares Trust iShares Mortgage Real Estate ETF (REM) Global X SuperDividend REIT ETF (SRET). Arbor Realty Trust (ABR) will begin trading ex-dividend on November 12, 2021. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. For more information on the declaration, record and payment dates, visit the abr Dividend History page. The following ETF(s) have ABR as a top-10 holding: VanEck Mortgage REIT Income ETF (MORT) iShares Trust iShares Mortgage Real Estate ETF (REM) Global X SuperDividend REIT ETF (SRET). | ABR's current earnings per share, an indicator of a company's profitability, is $2.37. Arbor Realty Trust (ABR) will begin trading ex-dividend on November 12, 2021. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. |
30013.0 | 2021-11-10 00:00:00 UTC | Ex-Dividend Reminder: Jefferies Group, Cohen & Steers and Arbor Realty Trust | ABR | https://www.nasdaq.com/articles/ex-dividend-reminder%3A-jefferies-group-cohen-steers-and-arbor-realty-trust | nan | nan | Looking at the universe of stocks we cover at Dividend Channel, on 11/12/21, Jefferies Group Inc. (Symbol: JEF), Cohen & Steers Inc (Symbol: CNS), and Arbor Realty Trust Inc (Symbol: ABR) will all trade ex-dividend for their respective upcoming dividends. Jefferies Group Inc. will pay its quarterly dividend of $0.25 on 11/29/21, Cohen & Steers Inc will pay its quarterly dividend of $0.45 on 11/30/21, and Arbor Realty Trust Inc will pay its quarterly dividend of $0.36 on 11/30/21. As a percentage of JEF's recent stock price of $42.09, this dividend works out to approximately 0.59%, so look for shares of Jefferies Group Inc. to trade 0.59% lower — all else being equal — when JEF shares open for trading on 11/12/21. Similarly, investors should look for CNS to open 0.45% lower in price and for ABR to open 1.82% lower, all else being equal.
Below are dividend history charts for JEF, CNS, and ABR, showing historical dividends prior to the most recent ones declared.
Jefferies Group Inc. (Symbol: JEF):
Cohen & Steers Inc (Symbol: CNS):
Arbor Realty Trust Inc (Symbol: ABR):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 2.38% for Jefferies Group Inc., 1.79% for Cohen & Steers Inc, and 7.27% for Arbor Realty Trust Inc.
In Wednesday trading, Jefferies Group Inc. shares are currently off about 1.2%, Cohen & Steers Inc shares are off about 0.1%, and Arbor Realty Trust Inc shares are up about 0.1% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the universe of stocks we cover at Dividend Channel, on 11/12/21, Jefferies Group Inc. (Symbol: JEF), Cohen & Steers Inc (Symbol: CNS), and Arbor Realty Trust Inc (Symbol: ABR) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for CNS to open 0.45% lower in price and for ABR to open 1.82% lower, all else being equal. Below are dividend history charts for JEF, CNS, and ABR, showing historical dividends prior to the most recent ones declared. | Looking at the universe of stocks we cover at Dividend Channel, on 11/12/21, Jefferies Group Inc. (Symbol: JEF), Cohen & Steers Inc (Symbol: CNS), and Arbor Realty Trust Inc (Symbol: ABR) will all trade ex-dividend for their respective upcoming dividends. Jefferies Group Inc. (Symbol: JEF): Cohen & Steers Inc (Symbol: CNS): Arbor Realty Trust Inc (Symbol: ABR): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for CNS to open 0.45% lower in price and for ABR to open 1.82% lower, all else being equal. | Looking at the universe of stocks we cover at Dividend Channel, on 11/12/21, Jefferies Group Inc. (Symbol: JEF), Cohen & Steers Inc (Symbol: CNS), and Arbor Realty Trust Inc (Symbol: ABR) will all trade ex-dividend for their respective upcoming dividends. Jefferies Group Inc. (Symbol: JEF): Cohen & Steers Inc (Symbol: CNS): Arbor Realty Trust Inc (Symbol: ABR): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for CNS to open 0.45% lower in price and for ABR to open 1.82% lower, all else being equal. | Looking at the universe of stocks we cover at Dividend Channel, on 11/12/21, Jefferies Group Inc. (Symbol: JEF), Cohen & Steers Inc (Symbol: CNS), and Arbor Realty Trust Inc (Symbol: ABR) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for CNS to open 0.45% lower in price and for ABR to open 1.82% lower, all else being equal. Below are dividend history charts for JEF, CNS, and ABR, showing historical dividends prior to the most recent ones declared. |
30014.0 | 2021-10-30 00:00:00 UTC | Arbor Realty Trust (ABR) Q3 2021 Earnings Call Transcript | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-q3-2021-earnings-call-transcript-2021-10-30 | nan | nan | Image source: The Motley Fool.
Arbor Realty Trust (NYSE: ABR)
Q3 2021 Earnings Call
Oct 29, 2021, 10:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good morning, ladies and gentlemen, and welcome to the third quarter 2021 Arbor Realty Trustearnings conference call [Operator instructions] Please be advised that today's conference is being recorded. [Operator instructions] I would now like to turn the call over to your speaker today, Paul Elenio, chief financial officer. Please go ahead.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Leo, and good morning, everyone, and welcome to the quarterlyearnings callfor Arbor Realty Trust. This morning, we'll discuss the results for the quarter ended September 30, 2021. With me on the call today is Ivan Kaufman, our president and chief executive officer.
Before we begin, I need to inform you that statements made in thisearnings callmay be deemed forward-looking statements that are subject to risks and uncertainties, including information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. These statements are based on our beliefs, assumptions, and expectations of our future performance, taking into account the information currently available to us. Factors that cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports. Listeners are cautioned not to place undue reliance on these forward-looking statements which speak only as of today.
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Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrences of unanticipated events. I'll now turn the call over to Arbor's president and CEO, Ivan Kaufman.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Paul, and thanks to everyone for joining us on today's call. As you can see from this morning's press release, we had another outstanding quarter with many significant accomplishments, including exceptional operating results. It is very important for us to continue to emphasize the value of having multiple products with diverse income streams which has allowed us to consistently grow our earnings and dividends while maintaining a very low dividend payout ratio. We've strategically built an annuity-based business model of creating multiple income streams from a single investment.
As a result, not only did we generate strong risk-adjusted returns on our capital, which positively affect our current earnings, more importantly, we are also building a much higher-quality future earnings and dividend growth story by ensuring that our assets will provide us with multiple other products in the future. And this is one of the major differentiators of our business platform, which is why we strongly believe we should consistently trade at a substantial premium and much lower dividend yield than anyone else in our peer group. Our record results, combined with our very positive outlook on the long-term growth of our platform, has allowed us to once again increase our dividend to $0.36 a share. This is our sixth consecutive quarterly dividend increase and our tenth increase in the last 13 quarters, all while maintaining the lowest dividend payout ratio in the industry.
We've built a premium operating platform, which, as I mentioned in the past, is focused on the right asset classes with very stable liability structures. We have a thriving balance sheet, GSE agency, private label, and single-family rental, as well as an industry-leading securitization platform, that has allowed us to produce a long track record of exceptional performance with consistent earnings and dividend growth. And as a result, we've been the top-performing REIT in our space for five consecutive years now in all the major performance metrics, including earnings and dividend growth, ROE, and total shareholder return. And again, we are very confident in our ability to continue to produce outstanding results in the future.
Before we discuss the details of our quarterly results, I want to highlight some of our more notable recent accomplishments. We had a very active and successful quarter in many areas of our business. We produced tremendous transaction volumes, originating in excess of $4 billion in new loans and investments this quarter, including $2.5 billion in balance sheet loan originations, which is another new record. We have now closed $10 billion in loans through the first nine months of the year.
And just as importantly, our pipeline is currently at an all-time high. We are once again in the capital markets, successfully raising approximately $615 million of accretive capital to fund this growth. We issued $270 million of five-year 4.5% unsecured debt and $345 million of new 6.25% perpetual preferred equity, which will be extremely accretive to our future earnings and dividends. Every time we raise capital to fund our growing balance sheet loan business, which is not only accretive to our current earnings and dividends but also allows us to build a pipeline for two to three years of new GSE agency and private-label loans that produce additional long-term-dated income streams, ensuring the growth of our platform and creating high-quality earnings and dividends for the future.
We are also very successful in continuing to access the CLO securitization market in the third quarter, closing our 16th and largest CLO to date totaling $1.5 billion with very favorable terms and pricing. We have consistently been a leader in the CLO securitization market. It's financing our high-quality balance sheet portfolio with the appropriate liability structures continuing to be one of the key business strategies. The utilization of these vehicles has contributed greatly to our success by allowing us to appropriately match-fund our assets with nonrecourse, non-mark-to-market, long-term debt and generate attractive level returns on our capital and provide us with a rock-solid balance sheet.
And in October, we were very pleased to have closed our third private-label securitization totaling $535 million with a very effective execution which will contribute greatly to our fourth quarter earnings and continues to demonstrate the strength and diversity of our versatile lending platform and tremendous securitization expertise. Turning now to our third quarter performance, as Paul will discuss in more detail, our quarterly financial results were once again remarkable. We produced distributable earnings of $0.49 per share, which is well in excess of our current dividend, representing a payout ratio of around 75%. In our balance sheet business, we are seeing tremendous growth in efficiencies as we continue to scale our platform at a very rapid pace.
We are a top balance sheet lender in the industry which has allowed us to grow our loan book another 24% in the third quarter on record quarterly volume of $2.5 billion. We have already grown our balance sheet 67% this year to $9.2 billion at September 30. And our pipeline is also at an all-time high, which will allow us to continue to meaningfully grow our loan book going forward. And again, I want to emphasize the significant value of our balance sheet business, which not only generates strong levered returns on our capital, but very importantly, these investments also provide us the future agency and private-label transactions with long-dated income streams.
We continue to experience strong growth in our GSE agency platform, and we are seeing significant increased momentum in our private-label program as well. We originated approximately $1.1 billion in agency loans in the third quarter and $1.7 billion, including our private-label business. We also have a robust pipeline, giving us confidence in our ability to produce significant agency and private-label volumes for the balance of our year. Our GSE and agency platform continues to offer premium value as it requires limited capital and generates significant returns, long-dated, predictable income stream that produces significant annual cash flow.
Additionally, our $26 billion GSE agency servicing portfolio, which has grown 16% in the last year, is mostly prepayment-protected and generates approximately $120 million a year and growing reoccurring cash flow, which is up 19% from $101 million annually last year. This is in addition to the strong gain-on-sale margins we continue to generate from our origination platform, which, combined with new and increasing servicing revenues, will contribute -- will continue to contribute greatly to our earnings and dividends. We're also pleased with the continued growth we experienced in our single-family rental platform. In the third quarter, we committed to another $150 million of product, and it produced $500 million of volume for the first nine months of the year.
We also have well over $1 billion of additional deals in our pipeline, making us optimistic about the growth opportunities in this segment of our business. We are a leader in the build-to-rent space which provides us with the opportunity to originate construction bridge and permanent loans in the same transaction. And again, similar to our balance sheet business, the platform provides us yet another path to future transactions that will produce additional long-dated income streams. In summary, we had another exceptional quarter and are well-positioned to close out 2021 as another record year.
We have developed a unique, multi-tiered, annuity-based operating platform that provides us with future annuity of high-quality, long-dated income streams, making us confident in our ability to continue to grow our earnings and dividends and significantly outperform our peers. I will now turn the call over to Paul to take you through the financial results.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Ivan. As Ivan mentioned, we had another exceptional quarter, producing distributable earnings of $76 million or $0.47 per share and $0.49 per share, excluding a one-time realized loss of $2.8 million on a non-multifamily asset that we had taken a reserve on early last year as a result of the pandemic. These quarterly results once again translated into industry high ROEs of approximately 17% and have allowed us to increase our dividend to an annual run rate of $1.44 a share, and this dividend increase reflects our sixth consecutive quarterly increase and our 22nd increase in the last 10 years.
Our financial results continue to benefit greatly from many aspects of our diverse annuity-based business model, including significant growth in our agency, private label, and balance sheet business platforms that produce substantial gain-on-sale margins, long-dated servicing income, and strong levered returns on our capital. Additionally, as we mentioned in the past, the credit quality of our portfolio has been outstanding as we have very little exposure to the asset classes that have been affected the most by the recession, and we also believe we have adequately reserved against those positions. During the height of the pandemic, we recorded approximately $35 million in reserves related to these assets. As we mentioned on our last call, we successfully sold one of our positions in the second quarter, completely recovering a $7.5 million reserve we had against this asset and collecting $3.5 million in back interest.
And in the third quarter, we resolved another one of these loans, receiving a payoff of $2 million on a $4.7 million asset that we had a $3.8 million reserve on, resulting in a charge-off of approximately $2.8 million and a reserve recovery of $1 million. We have also seen positive developments with our nonperforming loans as trends continue to improve. We received a full payoff of $24 million loan, including recovering approximately $3 million of unpaid interest during the quarter, and we continue to make progress on our remaining NPLs as well. We have always prided ourselves on investing heavily in our asset management function, and the success we're having in working out these assets further demonstrates the value of our unique platform.
Looking at the results from our GSE agency business, we originated $1.1 billion of loans and recorded $1 billion in loan sales in the third quarter. The margin on our GSE agency loan sales was 1.60% in the third quarter, compared to 1.83% in the second quarter, mainly due to higher percentage of FHA loan sales in the second quarter which carry a much higher profit margin. Additionally, as Ivan mentioned, we were very active in our private-label program, originating $625 million of new loans in the third quarter, as well as completing our third private-label securitization, totaling $535 million in October. And in the third quarter, we also recorded $33 million of mortgage servicing rights income related to $1.9 billion of committed loans, representing an average MSR rate of around 1.75%, compared to 2.20% last quarter, mainly due to a higher mix of FHA and private-label loans in the third quarter that contain lower servicing fees.
Our servicing portfolio of $26 billion has a weighted average servicing fee of 46 basis points and an estimated remaining life of nine years. This portfolio will continue to generate a predictable annuity of income going forward of around $120 million gross annually, which is up approximately $19 million or 19% on an annualized basis from the same time last year. Additionally, prepayment fees related to certain loans that have yield maintenance provisions increased substantially to $11 million for the third quarter, compared to $4 million for the second quarter, mainly due to significantly more runoff this quarter. And the current tax provision related to our TRS operations was down to approximately $4 million this quarter from approximately $11 million last quarter.
This decrease was largely related to less gain-on-sale income on our agency business this quarter due to our second private-label securitization closing last quarter and from a change in the mix of our taxable agency business income as a result of the significant growth we continue to experience in our balance sheet business. This change in mix effectively lowered our overall estimated effective tax rate for the year, resulting in a catch-up reduction to our third quarter current tax provision of around $3 million. In our balance sheet lending operation, we grew our portfolio another 24% to $9.2 billion in the third quarter on record quarterly volume of $2.5 billion. Our $9.2 billion investment portfolio had an all-in yield of 4.97% at September 30, compared to 5.33% at June 30, mainly due to higher rates on runoff as compared to new originations during the quarter.
The average balance in our core investments increased substantially to $8.2 billion this quarter from $6.6 billion last quarter, mainly due to significant growth we experienced in both the second and third quarters. The average yield on these investments was 5.55% for the third quarter, compared to 5.85% for the second quarter, again mainly due to higher interest rates on runoff as compared to originations in the second and third quarters. Total debt on our core assets was approximately $8.6 billion at September 30 with an all-in debt cost of approximately 2.64%, which was down from a debt cost of around 2.79% at June 30, mainly due to a reduction in the cost of funds from our new CLO vehicle and reduced rates in our warehouse and repurchase agreements during the third quarter. The average balance in our debt facilities was up to approximately $7.3 billion for the third quarter from $5.9 billion for the second quarter, mostly due to financing the growth in our portfolio and issuing $270 million of senior unsecured notes during the third quarter.
On the average, cost of funds in our debt facilities increased to -- decreased to 2.76% for the third quarter from 2.89% for the second quarter, again mainly due to the full impact of reduced pricing in our CLO vehicles and warehouse facilities. Our overall net interest spreads on our core assets decreased to 2.79% this quarter, compared to 2.96% last quarter, and our overall spot net interest spreads were also down to 2.33% at September 30 from 2.54% at June 30 from yield compression on new originations as compared to runoff. That completes our prepared remarks for this morning. I'll now turn it back to the operator to take any questions you may have at this time.
Leo?
Questions & Answers:
Operator
Thank you. [Operator instructions] We'll take our first question from Steve Delaney of JMP Securities.
Steve Delaney -- JMP Securities -- Analyst
Thanks. Good morning, Ivan and Paul. Look, congrats, not just on these results, which you keep putting up every quarter, but finally, for the performance of ABR stock this year with a 41% gain. That has really benefited our clients.
We appreciate that. Not -- and I did hear your comments, Ivan, that you certainly didn't need to go on that, but it is a nice accomplishment this year. Want to recognize that.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Steve.
Steve Delaney -- JMP Securities -- Analyst
Sure. When you started the private-label business, we saw it as kind of a more defensive thing post-COVID which -- where Freddie and Fannie going to be, and it obviously has become more than that. And I'm curious, just from the borrower's perspective, what the benefits are. You're obviously able to fund new loans from borrowers who would like a private execution rather than Freddie and Fannie.
So just sort of help us understand the dynamics there and why they select your -- take your private execution versus agency. Thanks.
Ivan Kaufman -- President and Chief Executive Officer
That's a great question, and let me give you a little perspective. It's all about the math, right? So right now, you have the two agencies that are going to do about $160 billion between the two with their caps. It's what they did last year. 50% of that is going to be for mission-driven business.
So that's -- only $80 billion that's now available for non-mission business. Keep in mind, multifamily values are up around 30% over the last 15 to 18 months, so that $30 billion is only like $50 billion, right, of agency product available. The market is about a $400 billion market. So the private label, while it was a necessary product because the footprint of the agencies might have gotten cut back on the Calabria, the math I just laid out to you shows you that they are cut back relative to the size and growth of the market.
So that void has to be filled. And when the agencies get filled, the pricing backs up. And then the private label actually becomes a better execution on a pricing basis for non-mission business. So for me, it's just math.
So it's not as though the agencies are unlimited. They are limited and very limited in context to the size of the market and the growth of the market. So we believe that that will continue to be an outstanding product. We're very unique in the sense that we are one of the few who have the capital base to hold the product.
While it's in form for securitization, securitize it, retain the B-pieces as attractive yields and really manage that part of the market. We are a lender. When it comes to products, we're not a broker. And I think clients will really respect the fact that we are the lender.
We close our own product, and we buy our own pieces, and we service that product. So I believe this is going to be an extremely competitive aspect in the market for us as we go forward.
Steve Delaney -- JMP Securities -- Analyst
That's really helpful. I have to tell you, I've been watching the monthly volumes for Freddie and Fannie this year, and they're kind of puny. And you see $4 billion -- $3 billion, $4 billion, and you're thinking, "Why -- you've got room. Why aren't you lending more?" But you just told me something I hadn't focused on, and that is they don't have an unlimited amount of normal higher-income-type property they can do because they have to first hit their 50% mission-driven mandate.
And that really does help put it in context going forward. So that's very helpful. So it sounds like it's a business opportunity that should have legs going forward, certainly as long as these caps have that component. And I can't imagine the affordable being reduced anytime soon.
So thank you.
Ivan Kaufman -- President and Chief Executive Officer
And it will become more dominant. And I think because of the way we're structured, the way we do our business, it gives us a unique competitive advantage, and we're going to really work on that as well.
Steve Delaney -- JMP Securities -- Analyst
And you mentioned you're not a broker, but you're a lender. I think -- I mean I've kind of lost having a handle on how large your production platform has become. Just curious if you can share with us how many producers -- as a percentage of your overall headcount, how many producers do you have? And have you found the opportunity or the need to open any regional offices around the country beyond your New York headquarters?
Ivan Kaufman -- President and Chief Executive Officer
So we have, I believe, approximately 25 originators. All the staff primarily have been homegrown. We really don't hire outside. And we really can't add anybody right now.
We're at full capacity in terms of production and capability. Our biggest restraint right now is people. We have turned away business in our fourth quarter, significant. We're at our peak. We can't produce anymore, and it's just the way it is in the market.
Everybody is extraordinarily busy. We're probably busy than most. Our balance sheet has been outperforming even our own expectations. But underwriters, analysts, they're in short form.
We've been able to retain a majority of our people, add in a little bit, use some third parties out there, but we're full. So right now, we just want to handle what our originators are bringing in. And I think, hopefully, in the first quarter, we can add to the staff a little bit and manage the demand we have.
Steve Delaney -- JMP Securities -- Analyst
Thanks for the comments.
Operator
We'll take our next question from Rick Shane of J.P. Morgan.
Rick Shane -- J.P. Morgan -- Analyst
Thanks, guys, for taking my questions this morning. look, I'd like to talk a little bit about the agency business and how we should think about the difference between the pipeline on the Fannie, Freddie paper and the private label. I'm curious if there are differences in terms of accumulation periods for each, what the hold times look like, and more importantly, how we should think about hedging and revenue recognition. Is there anything in terms of pipeline hedging with rates moving around we should be aware of?
Ivan Kaufman -- President and Chief Executive Officer
So in terms of our pipeline, Paul can get more granular than I can. He has all the numbers. But our pipeline is at, I think, all-time highs on all product types. Clearly, the FHA pipeline, a period of time to close those loans, probably is averaging nine months right now, six to nine months.
They're extremely backed up. The gestation period to go through the system is long. Typically, Fannie and Freddie loans are anywhere between 45 to 90 days from time of application to time of close. Things are a little backed up right now with third parties and turnaround times, both at the agencies and here, so those are taking a little bit longer.
Our bridge pipeline is as strong as ever, and we're actually quoting right now to close bridge loans, which used to be done within 45 days, we'll call it, in 75 to 90, just the backup in the industry on third parties and our own processing systems. The demand for bridge product is extremely strong. I think what we're seeing in the market are people are buying a lot of product today, and they're seeing that new rents are 5% to 10% above old rents, so they want to bridge the product for 12 months, get full unit terms and then do a permanent takeout. So that philosophy fits in very well with our business model.
This will do the bridge loan, get great risk adjustment returns and then turn it into an agency loan and then once again get additional gain on sale and get long-term bridge loans and have proprietary deal flow. So that has worked extremely well for our business model, and we see that to be very, very strong all the way through the end of the year. And we've already booked -- booking most of our closings for January and February, believe it or not. So that's our overall outlook.
In terms of our floating rate book, we, in the past six to nine months, have been very liberal in terms of people buying caps. As of last week, we've made it mandatory for people to buy caps. I have a little concern that rates may rise. And in fact, we have the rights under our documents to require people to buy caps.
For loans in our portfolio, where I'll go through our portfolio now and having people buy rate caps, I have a little bit of concern that there'll be a little bit of a rise in rates, and we want to protect ourselves against that. So that's our overall philosophy. Paul, do you want to add anything to that?
Paul Elenio -- Chief Financial Officer
Sure. So Rick, to some of your other questions, the way we look at the agency business or the GSE agency business, and the APL business from an execution perspective is, as you know, the GSE agency business, when we rate lock a loan, we're immediately selling it forward in a forward commitment. So that's how we hedge our interest rate risk. We really have no interest rate risk because at the time we rate lock the loan, we're immediately selling it forward with a commitment.
So that's our hedge. And that usually gets taken out within 30 to 60 days, on average 45 days, from the day of closing to the day of sale to the agency. So that's how we handle that execution. As far as the pipeline, we did about $1 billion, $1.1 billion of straight GSE agency business in the third quarter.
We've already done in October $450 million, so we're off to a good start. I would say the fourth quarter is probably going to be a little -- hopefully a little elevated from the third, but that's what we're expecting. On the APL business, as you may have seen in the balance sheet, we had about $780 million of APL on our balance sheet at the end of September. We accumulate that product.
It's a little bit of a longer run anywhere from, let's say, three to six months, more closer to three months, probably somewhere 90 to 180 days as we accumulate it. And that $780 million that we had on our balance sheet, we did execute, as we mentioned in our prepared remarks, a $535 million third securitization in October. So we're left with $225 million of that product on our balance sheet after that trade. And as we originate in the fourth quarter, we'll hopefully get enough product and demand to pull for another execution at some point.
As far as the hedging goes and the revenue recognition, it's really quite simple. So on the agency side, we don't have a hedge because, as I mentioned, we have a forward commitment. And on the APL side, because those are fixed-rate loans without a forward commitment as we accumulate them on our balance sheet, we do enter into interest rate swaps. And we enter in those to protect ourselves from the movements, up or down, in interest rates.
What we do for accounting is because they're not effective swaps for accounting, they have to be brought through the P&L as a hit or income, depending if those swaps are in the money or out of the money for accounting for GAAP. But we defer those gains or losses for our distributable earnings, and we bring them in when the securitization is complete, really to match it up with the revenue we've created from the securitization. Hopefully, that answered your question. I think that's where you were going.
Rick Shane -- J.P. Morgan -- Analyst
Both parts -- both responses were incredibly helpful. Thank you, guys.
Paul Elenio -- Chief Financial Officer
You're welcome.
Operator
We'll take our next question from Stephen Laws of Raymond James.
Stephen Laws -- Raymond James -- Analyst
Hi. Good morning. Ivan and Paul, congratulations, continued fantastic execution on the business. You covered a couple of the segments already.
Maybe wanted to touch on the prepayment fees you mentioned were up sequentially. I know your investments are prepayment-protected. Paul, can you maybe talk a little bit about how you expect those fees to trend? What -- are you continuing to see elevated prepayments through October? How should we think about that as far as our models here in the coming quarters?
Paul Elenio -- Chief Financial Officer
Sure. Steve, it's a great question, and you and I had this conversation, I think, last quarter as well. A little surprising this quarter that I continue to see elevated runoffs and elevated yield maintenance provisions being paid. Just to put it in some context, back in the first quarter, we had roughly $400 million of runoff with, I think, $2.5 million of prepayment penalties.
In the second quarter, it jumped to $800 million of runoff with $4.2 million of prepayment protections. And then this quarter, we saw $1 billion of runoff with $11.2 million of prepayment penalties. So what we're seeing -- and it's an interesting trend, and I don't know if it continues, I think it does, but it's hard to tell. I haven't seen the October numbers yet.
We'll get them in the next couple of days. So as Ivan mentioned, with the values of real estate climbing pretty much 30% over the last 15 to 18 months, what we're seeing is people writing those yield maintenance checks and paying off loans very early in their life because they're either selling them in the market or refinancing them in the market. Obviously, we are laser-focused on making sure we're getting any refinance opportunities. And they're writing those checks because they're getting appreciated value.
So does that trend continue? Ivan can probably give you a view. It probably does for a little bit, it's just hard to quantify where this is going to go over the next couple of quarters.
Ivan Kaufman -- President and Chief Executive Officer
I think that values are up considerably. You have a combination of cap rate compression and growth in rents a little more than people expected. And there are a lot of people taking gains on their assets, so they're selling them, paying yield maintenance, which we get the benefit of. But sales activity is up.
But that also spills into another area. It also spills into an area of higher credit quality, right? So if our values are up and rents are up, that means our existing portfolios are going to do better. And that's one of the reasons why our bridge product is so important, because on the bridge side we have a huge portfolio. And with values up and income streams up, as these rents turn and the values come in, we're going to have a huge stream of bridge loans turning into agency and private-label loans.
And that's our business platform. But I do expect the fourth quarter -- and Paul and I have a difference of opinion. Paul is more conservative, I'm seeing a lot of sales activity. So I think the prepayment should be pretty -- prepayment fee should be pretty strong for the fourth quarter.
Stephen Laws -- Raymond James -- Analyst
Appreciate the color. It's nice having the wind at your back there on the fees. I know Steve touched on the private-label and Rick at the agency. Can you talk maybe about the opportunity in SFR? I know it's a little smaller but continue to drive some increases there.
Can you talk about the opportunity at SFR, as well as kind of the competitive landscape there?
Ivan Kaufman -- President and Chief Executive Officer
Sure. The SFR business and a single-family, build-to-rent business, is a business we like the most. So we're pretty dominant in that space. We do a construction loan, which turns into a bridge loan, which eventually turns into a takeout loan if they don't sell a property.
When you do a construction loan, which we have a significant number of commitments, the funding occurs over a period of 24 months. So the initial commitment is very small, but it builds up over time. That's a big pipeline. We love the business.
We like the risk profile. We got into it early. Cap rates have compressed. Values are up huge, and we've really made our mark very well.
In terms of providing financing for scattered sites, we're doing a significant amount of that. That business is growing. We like that as well. Once again, there's a lot of liquidity.
There's a lot of competition in that market, but we're growing it slowly. Paul, do you have some numbers that you can lay out?
Paul Elenio -- Chief Financial Officer
Yes. Do you want -- on the build-to-rent side?
Ivan Kaufman -- President and Chief Executive Officer
Yes, both.
Paul Elenio -- Chief Financial Officer
So yes, so the numbers we laid out is on the build-to-rent side, we've committed to fund on build-to-rent deals, life to date, about $500 million. We have a significant amount more in our pipeline. And during the quarter, we did another -- I think it was another -- between what we funded and what we committed to, another $100 million. So that's a product that's really starting to build momentum.
And as we talked about in our commentary, it also feeds down the road our Agency and APL business, which is all part of our annuity-based model. But yes, we've laid out the numbers. We've done about $150 million of total product in the third quarter. Through the year to date, we've done about $500 million.
Life to date, since the business has begun, we've done about $1 billion with about $500 million of that being build-to-rent. So -- and we've got a pretty big pipeline.
Stephen Laws -- Raymond James -- Analyst
Great. Appreciate the details there, and thanks for your time this morning.
Paul Elenio -- Chief Financial Officer
Thanks, Steve.
Operator
We'll take our next question from Jade Rahmani of KBW.
Jade Rahmani -- KBW -- Analyst
Thank you very much. I was wondering, Ivan, if you could share your view on the competitive spending markets right now. Debt funds and mortgage REITs clearly have seen a surge in their originations. Do you have any concerns about underwriting standards and competitive pressures in the market?
Ivan Kaufman -- President and Chief Executive Officer
We've definitely a lot of competitors, and there's a lot of business out there. I do always have concerns when there's a lot of competition. We have a great reputation in the market. We pick our spots.
We know where to put our dollars. We believe that in all competitive markets, there are a lot of mistakes that are always going to be made. And we just have to proceed very prudently. We've put a huge focus on lending on cash flow deals, deals that have positive coverage that need very little heavy lift.
That's very different than what happened four or five years ago when there were a lot of B and C assets being bought with tremendous amount of lift. The lift is very small. It's basically unit terms. Our biggest concern right now is the market turned into a syndicator market, where you have a lot of syndicators coming in with very little net worth and liquidity raising money and don't have the liquidity to withstand a -- withstand any bumps in the road.
So we're very careful of who we're dealing with. Usually where speed bumps is with multiple assets. And we want to make sure the structure between the GP and the LPs are good. I think that's where a lot of mistakes are being made right now.
They're working with thinly capitalized sponsors. They're working with people who they're trying to win a deal for 5 basis points with no structure. We're maintaining our structure on our deals. Other people are not.
So I think we have a lot of experience in the way we run our business, and we're able to be a little more selective than most.
Jade Rahmani -- KBW -- Analyst
Thanks. And historically, what percentage of the business is in the affordable housing space?
Ivan Kaufman -- President and Chief Executive Officer
I think we're one of the higher mission-driven business people, and a lot of it had to do with our small balance lending in our workforce housing. I think we're one of the top five Fannie Mae mission-driven business lenders. That's pretty consistent with what we've done. I'd have to check the numbers to see if it's migrated at all, but we've usually been a top deliverer to Fannie and Freddie on the mission-driven business.
Paul Elenio -- Chief Financial Officer
Yes. That's right, Ivan. I don't have the numbers here either. We'll get them to you, guys, but that's -- I don't think it's changed dramatically.
Jade Rahmani -- KBW -- Analyst
OK. And do you also know the conversion rate historically of the multifamily bridge loans into the agency product?
Ivan Kaufman -- President and Chief Executive Officer
Yeah, Paul has that.
Paul Elenio -- Chief Financial Officer
Sure. So I think you got to look at it a couple of ways, right? So we've historically targeted anywhere to 40% to 60%, sometimes higher, of recapture rate on our bridge loans. Certainly, when there's sales involved, which there have been some lately, you don't always recapture that business because you don't always have that ability. But anything that's not sold that comes up for refinance or takeout, our recapture rate is very, very high, probably in the 70% to 80% range on anything that's not sold.
With stuff being sold, it's probably in the 40% to 50% range overall. But that's our target. And as Ivan mentioned, we're putting a lot of bridge loans right now. And with the increase in values and when rents roll, we're really sizing up a lot of these deals to come to agency.
That's our model. So we think that recapture rate will be very high on the business we've been putting on. Ivan, would you agree with that?
Ivan Kaufman -- President and Chief Executive Officer
Yeah. I think you have to look at the product we're putting on. Most of the products we're putting on is requiring a turn of rents, very little capex. And the business model for the person buying it is to put on a bridge loan, make those terms and then turn it to an agency.
Historically, most of the loans were heavy-lift loans, 20%, 30%, 40% capex, huge repositioning, and usually a two-, three-year gestation period. And what happened with a lot of those loans, the gains were so huge with the market changes that a lot of people chose to sell those assets. So we think the recapture rate is going to be higher because the intended business purpose was specifically for a shorter-term bridge loan with a quick turn into agency or FHA. And we do think our FHA platform is going to be a huge beneficiary of our bridge loans.
Because as they're doing it, they'll file with the FHA, which takes nine months to a year, and they'll run that process simultaneously. So we're pretty optimistic and hopeful that that will really feed into our platform.
Jade Rahmani -- KBW -- Analyst
And lastly, in terms of Fannie and Freddie and how they're doing right now, it seems like their most recent monthly numbers showed a pretty decent sequential uptick. Are you seeing them become a lot more active? Or would you say it's kind of a steady-state positioning?
Ivan Kaufman -- President and Chief Executive Officer
Well, they come and go. I think when they didn't know what their allocation is, they backed off. They were pretty full for the year. I think they'll be pretty active in the first quarter.
They've lowered their pricing, and we think we'll have a good fourth quarter. And then they'll want to gear up in the first quarter, and we'll see what the flow is for them. But we think the numbers are going to be pretty good for the next two quarters.
Jade Rahmani -- KBW -- Analyst
Thanks for taking the questions.
Operator
We'll take our next question from Lee Cooperman of Omega Family Office.
Lee Cooperman -- Omega Advisors -- Private Investor
Thank you. Let me first echo Steve Delaney's comments. You guys have done an outstanding job. You deserve a kudos.
And thanks because I have been here almost the entire run and still there. So one of my questions. I noticed you raised some fixed-rate money at 4.5% to 6.25%. The stock yield, 7.1%.
We're selling it at a significant justified premium to book value. So what are you putting money out at? I can figure out your cost of capital. What are you putting money out at these days? And you said that there's tremendous opportunities. I assume with the tremendous opportunities, your spreads should get wider, right?
Ivan Kaufman -- President and Chief Executive Officer
So we're generally putting -- it's still a competitive market. So I think the range, when we put out money on multifamily bridge loans, we're generally getting a 10% to 12% yield, somewhere in that range. And that doesn't take into consideration the significant economics we derive when that converts into an agency loan to gain on sale on the servicing fee. And then the returns become infinite in the sense, because the gain on sales and those long-term servicing fees are really what we're striving for.
So it's a matter of balance of how we raise the different elements of capital to fund for that business, and we're very careful on how we do that.
Lee Cooperman -- Omega Advisors -- Private Investor
It was like a potential machine you've created here. I guess the logical question is what could derail this? Is it the rising rates? I mean we're a beneficiary of these low rates which have exposure to rising rates.
Ivan Kaufman -- President and Chief Executive Officer
Listen, we -- I believe a little differently than most. I believe that rates are going to rise different than most people. I think that we are underwriting and positioning our business to rise in the 10-year to about 2.50%. That's what I'm thinking in the way I'm running our business.
So we'll make sure that we have appropriate asset management skills, underwrite our loans accordingly and know how they exit, and know how to manage that business. We're also underwriting LIBOR to probably rise to 50 to 75. That's just our outlook. So we can handle that rise in interest rates and manage our business accordingly and make sure we have ample liquidity to manage the growth in our business.
Lee Cooperman -- Omega Advisors -- Private Investor
Well, congratulations-en on a terrific job for all the shareholders, including yourself, which is the world of that capitalism.
Ivan Kaufman -- President and Chief Executive Officer
Thank you.
Paul Elenio -- Chief Financial Officer
Thanks, Lee.
Operator
And it appears that we have no further questions at this time. I'd be happy to return the call over to our presenters for any concluding remarks.
Ivan Kaufman -- President and Chief Executive Officer
OK. Well, thank you, everybody, for participating. Once again, it's been an amazing quarter. We are looking forward to finishing the year very, very strong and positioning ourselves for a great 2022.
Have a great weekend, everybody. Take care.
Paul Elenio -- Chief Financial Officer
Thanks, everyone.
Operator
[Operator signoff]
Duration: 26 minutes
Call participants:
Paul Elenio -- Chief Financial Officer
Ivan Kaufman -- President and Chief Executive Officer
Steve Delaney -- JMP Securities -- Analyst
Rick Shane -- J.P. Morgan -- Analyst
Stephen Laws -- Raymond James -- Analyst
Jade Rahmani -- KBW -- Analyst
Lee Cooperman -- Omega Advisors -- Private Investor
More ABR analysis
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (NYSE: ABR) Q3 2021 Earnings Call Oct 29, 2021, 10:00 a.m. Look, congrats, not just on these results, which you keep putting up every quarter, but finally, for the performance of ABR stock this year with a 41% gain. So the private label, while it was a necessary product because the footprint of the agencies might have gotten cut back on the Calabria, the math I just laid out to you shows you that they are cut back relative to the size and growth of the market. | Operator [Operator signoff] Duration: 26 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Rick Shane -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Private Investor More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q3 2021 Earnings Call Oct 29, 2021, 10:00 a.m. Look, congrats, not just on these results, which you keep putting up every quarter, but finally, for the performance of ABR stock this year with a 41% gain. | Operator [Operator signoff] Duration: 26 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Rick Shane -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Private Investor More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q3 2021 Earnings Call Oct 29, 2021, 10:00 a.m. Look, congrats, not just on these results, which you keep putting up every quarter, but finally, for the performance of ABR stock this year with a 41% gain. | Operator [Operator signoff] Duration: 26 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Rick Shane -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Private Investor More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q3 2021 Earnings Call Oct 29, 2021, 10:00 a.m. Look, congrats, not just on these results, which you keep putting up every quarter, but finally, for the performance of ABR stock this year with a 41% gain. |
30015.0 | 2021-10-26 00:00:00 UTC | If You Like EPS Growth Then Check Out Arbor Realty Trust (NYSE:ABR) Before It's Too Late | ABR | https://www.nasdaq.com/articles/if-you-like-eps-growth-then-check-out-arbor-realty-trust-nyse%3Aabr-before-its-too-late-2021 | nan | nan | For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to investors, even if it completely lacks a track record of revenue and profit. But the reality is that when a company loses money each year, for long enough, its investors will usually take their share of those losses.
If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Arbor Realty Trust (NYSE:ABR). While profit is not necessarily a social good, it's easy to admire a business that can consistently produce it. Loss-making companies are always racing against time to reach financial sustainability, but time is often a friend of the profitable company, especially if it is growing.
How Quickly Is Arbor Realty Trust Increasing Earnings Per Share?
If a company can keep growing earnings per share (EPS) long enough, its share price will eventually follow. It's no surprise, then, that I like to invest in companies with EPS growth. We can see that in the last three years Arbor Realty Trust grew its EPS by 15% per year. That growth rate is fairly good, assuming the company can keep it up.
One way to double-check a company's growth is to look at how its revenue, and earnings before interest and tax (EBIT) margins are changing. Not all of Arbor Realty Trust's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers I've used might not be the best representation of the underlying business. Arbor Realty Trust maintained stable EBIT margins over the last year, all while growing revenue 121% to US$617m. That's a real positive.
The chart below shows how the company's bottom and top lines have progressed over time. For finer detail, click on the image.
NYSE:ABR Earnings and Revenue History October 26th 2021
While we live in the present moment at all times, there's no doubt in my mind that the future matters more than the past. So why not check this interactive chart depicting future EPS estimates, for Arbor Realty Trust?
Are Arbor Realty Trust Insiders Aligned With All Shareholders?
Like that fresh smell in the air when the rains are coming, insider buying fills me with optimistic anticipation. This view is based on the possibility that stock purchases signal bullishness on behalf of the buyer. However, small purchases are not always indicative of conviction, and insiders don't always get it right.
For the sake of balance, I do note Arbor Realty Trust insiders sold -US$118k worth of shares last year. But this is outweighed by the Lead Independent Director William Green who spent US$251k buying shares, at an average price of around around US$14.93.
On top of the insider buying, it's good to see that Arbor Realty Trust insiders have a valuable investment in the business. With a whopping US$74m worth of shares as a group, insiders have plenty riding on the company's success. That's certainly enough to make me think that management will be very focussed on long term growth.
Should You Add Arbor Realty Trust To Your Watchlist?
One positive for Arbor Realty Trust is that it is growing EPS. That's nice to see. Better yet, insiders are significant shareholders, and have been buying more shares. That makes the company a prime candidate for my watchlist - and arguably a research priority. We don't want to rain on the parade too much, but we did also find 3 warning signs for Arbor Realty Trust (1 makes us a bit uncomfortable!) that you need to be mindful of.
The good news is that Arbor Realty Trust is not the only growth stock with insider buying. Here's a list of them... with insider buying in the last three months!
Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | NYSE:ABR Earnings and Revenue History October 26th 2021 While we live in the present moment at all times, there's no doubt in my mind that the future matters more than the past. If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Arbor Realty Trust (NYSE:ABR). We don't want to rain on the parade too much, but we did also find 3 warning signs for Arbor Realty Trust (1 makes us a bit uncomfortable!) | If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Arbor Realty Trust (NYSE:ABR). NYSE:ABR Earnings and Revenue History October 26th 2021 While we live in the present moment at all times, there's no doubt in my mind that the future matters more than the past. If a company can keep growing earnings per share (EPS) long enough, its share price will eventually follow. | If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Arbor Realty Trust (NYSE:ABR). NYSE:ABR Earnings and Revenue History October 26th 2021 While we live in the present moment at all times, there's no doubt in my mind that the future matters more than the past. Not all of Arbor Realty Trust's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers I've used might not be the best representation of the underlying business. | If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Arbor Realty Trust (NYSE:ABR). NYSE:ABR Earnings and Revenue History October 26th 2021 While we live in the present moment at all times, there's no doubt in my mind that the future matters more than the past. On top of the insider buying, it's good to see that Arbor Realty Trust insiders have a valuable investment in the business. |
30016.0 | 2021-09-26 00:00:00 UTC | 3 High-Yield Dividend Stocks With Great Growth Prospects | ABR | https://www.nasdaq.com/articles/3-high-yield-dividend-stocks-with-great-growth-prospects-2021-09-26 | nan | nan | Many investors appreciate the income that dividend stocks pay. Yet all too often, a dividend stock offers either a high yield or growth prospects, but not both.
Fortunately, you can do better. If you're looking for dividends with great yield and share growth, consider Arbor Realty Trust (NYSE: ABR), Enbridge (NYSE: ENB) and W.P. Carey (NYSE: WPC). All three of these stocks have yields above 5% and a recent history of dividend increases.
Image source: Getty Images.
Arbor Realty Trust is at a bargain price
Arbor is a real estate investment trust (REIT) and direct lender that specializes in mortgages, handling loans secured by healthcare, multifamily, and commercial real estate properties. Arbor doesn't have much exposure to the hospitality or retail industries, so it was pretty much unaffected by the pandemic slowdown. It has increased its dividend for nine consecutive years and more impressively, five consecutive quarters. It currently offers a dividend of $0.35 per share, equal to a yield of 7.35%.
Considering the company's financial shape, it's a bargain, with a price-to-earnings ratio (P/E) of 7. The stock is up more than 139% over the past five years, including more than 28% this year. It has grown funds from operations by more than 71% over the past five years.
Through six months, the company reported $159.9 million in revenue, up from $69 million year over year. Arbor's net income was $138.6 million compared to a loss of $15.2 million in the same period last year. The dividend is well covered, as the company paid out $0.67 per share over the past six months in dividends but had earnings per share of $1.06, a payout ratio of 58%.
Enbridge offers stability and growth
Enbridge stock is up more than 24% for the year. Despite the increase, the Canadian pipeline company is hardly overpriced with a P/E of 16.6. The company offers a dividend of $0.62 a share, bringing a yield of 6.64%.
Enbridge operates natural gas and crude oil pipelines, transporting 25% of the crude oil in North America. It also has a gas utility business and several renewable energy projects. Think of it as a toll booth for oil and gas -- it makes more money when there's more traffic, but it isn't as tied to the price of oil or natural gas as an oil or gas producing company.
The company has a strong track record of growth over the past five years and for the past 25 years, it has annually increased its dividend, including raises in each of the past five quarters. Over the past 26 years, the dividend's compound annual growth rate is 10%.
Enbridge is having a solid year. Through six months, it reported $1.16 in adjusted earnings per share, up from $1.09 year over year. The company said it expects full-year EBITDA to be between $10.85 billion and $11.62 billion, up from $10.38 billion in 2020.
The company says it is conservatively protecting its dividend by keeping dividend payouts to within 60% to 70% of distributable cash flow (DCF). In the first half of the year, it paid out $1.24 per share in dividends while it managed $2.03 per share in DCF, putting the ratio at 61%.
W.P. Carey is a Steady Eddie kind of stock
W.P. Carey is a REIT that specializes in single-tenant net leases for warehouses and industrial, office, retail, and self-storage properties. Its strength is its large, diversified portfolio, which includes 1,266 properties and more than 150 million square feet of rental space across 25 countries.
The pandemic had some impact on W.P. Carey because it leases office and retail space. However, the biggest share of its properties are in industrial (24.9%) and warehouses (23.4%), and its largest client, U-Haul, represents only 3.2% of its holdings.
The company's stock has risen more than 8% this year, more than 15% over the past three years, and more than 96% over the past decade. The company just raised its quarterly dividend from $1.05 per share to $1.052 per share, giving it a yield of 5.45%. If you're looking for dividend growth, it's hard to beat W.P. Carey; it has raised its dividend every quarter since 2001.
Thanks to its long-term leases, which have an average remaining period of 6.6 years, the company has steady cash flows. Over the past 10 years, its funds from operations have increased 331%.
W.P. Carey's second-quarter report shows its health. Its collection rate was 99%, and 98% of its facilities were occupied. It reported revenue of $314.8 million, up 11% year over year and adjusted funds from operations (AFFO) of $1.27 per diluted share, up 11.4% compared to the same period in 2020. The company's AFFO-to-dividend ratio is 82.6%, which isn't high for a REIT, especially considering the consistency of the company's cash flows.
ENB Dividend data by YCharts
There are no bad choices
I like all three of these stocks because their high dividends, share growth, and history of dividend growth make them strong choices right now.
W.P. Carey is the most expensive of the three with a P/E of 29.58, and its dividend yield is the lowest of the trio. But that's because it is considered a safe haven for investors, making the stock more popular and expensive. However, despite it consistently raising its dividend, its rate of growth is lower than that of the other two stocks.
Of the three, I like Arbor Realty Trust the most because it has grown its dividend the most of the three over the past five years -- 118% -- and its low payout ratio sets it up for continued dividend increases. It's also in the midst of a strong comeback year. The same can be argued for Enbridge, though it is probably the riskiest stock of the three.
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Jim Halley owns shares of Arbor Realty Trust. The Motley Fool owns shares of and recommends Enbridge. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | If you're looking for dividends with great yield and share growth, consider Arbor Realty Trust (NYSE: ABR), Enbridge (NYSE: ENB) and W.P. Arbor Realty Trust is at a bargain price Arbor is a real estate investment trust (REIT) and direct lender that specializes in mortgages, handling loans secured by healthcare, multifamily, and commercial real estate properties. Carey is a REIT that specializes in single-tenant net leases for warehouses and industrial, office, retail, and self-storage properties. | If you're looking for dividends with great yield and share growth, consider Arbor Realty Trust (NYSE: ABR), Enbridge (NYSE: ENB) and W.P. Arbor Realty Trust is at a bargain price Arbor is a real estate investment trust (REIT) and direct lender that specializes in mortgages, handling loans secured by healthcare, multifamily, and commercial real estate properties. ENB Dividend data by YCharts There are no bad choices I like all three of these stocks because their high dividends, share growth, and history of dividend growth make them strong choices right now. | If you're looking for dividends with great yield and share growth, consider Arbor Realty Trust (NYSE: ABR), Enbridge (NYSE: ENB) and W.P. The dividend is well covered, as the company paid out $0.67 per share over the past six months in dividends but had earnings per share of $1.06, a payout ratio of 58%. The company has a strong track record of growth over the past five years and for the past 25 years, it has annually increased its dividend, including raises in each of the past five quarters. | If you're looking for dividends with great yield and share growth, consider Arbor Realty Trust (NYSE: ABR), Enbridge (NYSE: ENB) and W.P. The stock is up more than 139% over the past five years, including more than 28% this year. Enbridge offers stability and growth Enbridge stock is up more than 24% for the year. |
30017.0 | 2021-09-17 00:00:00 UTC | 7 Dividend Stocks to Buy With Yields Over 4% | ABR | https://www.nasdaq.com/articles/7-dividend-stocks-to-buy-with-yields-over-4-2021-09-17 | nan | nan | InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Dividend stocks are an important part of every portfolio. Those dividend payments provide a regular income that can be spent, or re-invested. Ideally, you gain through the growing value of the stock as well.
Typically, companies that pay dividends to their shareholders tend to be very stable. They are less volatile than some high-growth stocks might be (even riding out events like a global pandemic), adding balance to your portfolio.
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A higher dividend yield is a good thing, and these seven dividend stocks have been picked for that very reason.
Arbor Realty Trust (NYSE:ABR)
Ellington Financial (NYSE:EFC)
Iron Mountain(NYSE:IRM)
MFA Financial (NYSE:MFA)
Oaktree Specialty Lending Corp (NASDAQ:OCSL)
ONEOK (NYSE:OKE)
Redwood Trust (NYSE:RWT)
While companies paying dividends are usually more reliable investments, that’s not always the case. Here’s an example of dividend stocks that should be avoided for now. But we’re not talking avoiding for this round, we’re looking at good choices. In addition to paying a dividend yield of over 4%, each of the stocks on today’s list has a solid rating in Dividend Grader, earning a “B” or higher. So you know it’s a high-quality pick.
Dividend Stocks to Buy: Arbor Realty Trust (ABR)
ABR) logo on a web browser, magnified by a magnifying glass" width="300" height="169">
Source: Pavel Kapysh / Shutterstock.com
Arbor is a nationwide investment trust and lender specializing in commercial and multifamily property financing. Based in Uniondale New York, the company has been in business for 25 years. In the first quarter of 2021, Arbor’s agency business issued loans of $1.4 billion, with a servicing portfolio of $25.46 billion.
ABR stock has been in growth mode for the past 5 years. In particular, it has recovered nicely from the 2020 stock market crash and pandemic, passing 2019 levels in January. At this point, ABR stock has delivered a 143% return over the past 5 years. More importantly for this list of dividend stocks, it offers a 7.09% dividend yield.
At the time of publication, ABR stock earned an “A” Dividend Grader rating.
Ellington Financial (EFC)
Source: Shutterstock
Ellington Financial is primarily a mortgage finance company. Shares took a beating in the March 2020 stock market crash, but have been in steady recovery mode ever since. At this point, EFC stock is up 373% since the crash and has nearly reached its pre-pandemic levels.
In its second-quarter earnings report, the company’s CEO made it clear why dividend investors are very interested in EFC, which now boasts a 6.94% dividend yield: “Driven by our strong performance and earnings growth, we have now raised our monthly dividend a full 50% this year, to its current level of $0.15 per share.”
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EFC stock is currently rated as a “B” in Dividend Grader.
Dividend Stocks to Buy: Iron Mountain (IRM)
IRM) logo on truck" width="300" height="169">
Source: Shutterstock
If you’ve been anywhere near a big city downtown core, you’ve seen Iron Mountain trucks parked outside the office towers. Since 1951, companies have trusted Iron Mountain to safeguard their records and securely destroy sensitive documents and data. Iron Mountain has some 225,000 customers worldwide, including about 95% of the Fortune 1000.
While IRM stock had a volatile decade prior to 2020, in 2021 it has been on fire. So far this year, shares are up 64%. But that’s not why dividend investors like IRM. They’re more interested in Iron Mountain’s 5.34% dividend yield.
IRM stock currently earns a B-rating in Dividend Grader.
MFA Financial (MFA)
Source: Shutterstock
Investors don’t choose MFA stock for their portfolio for its growth performance. MFA Financial shares basically went nowhere in the decade prior to 2020. MFA has posted gains of 22% so far in 2021, but has yet to recover to pre-pandemic levels. A big part of that has been dealing with borrowers who have been unable to make loan payments.
The company’s CEO told shareholders that 2020 was “the worst year in our 22-year history.” The bad news included having to suspend dividend payments at the height of the crisis.
However, this real estate investment trust has been seeing progress starting in the second half of 2020. That’s led to the company upping its quarterly dividend in Q2 by 33% compared to Q1. That puts its dividend yield at 6.22%, marking a return to the high-yield dividend stocks club.
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The current Dividend Grader rating for MFA stock is “B.”
Dividend Stocks to Buy: Oaktree Specialty Lending (OCSL)
Source: Shutterstock
Oaktree Specialty Lending is a finance company that caters to customers who may be unable to obtain financing through public capital markets. The company has $156 billion in assets under management. The nature of its business spelled trouble during the pandemic. In its 2020 annual report, Oaktree said as much: “Difficult market and economic conditions have, and may continue to, adversely impact the valuations of our and our funds’ investments.”
However, as the pandemic recovery takes hold, OCSL stock has bounced back and then kicked into growth mode. That includes a gain of 30% so far in 2021, and a share price that’s at 5-year highs. With a 6.35% dividend yield, OCSL is on the radar of investors looking to add dividend stocks to their portfolio.
Currently, OCSL stock earns an A-rating in Dividend Grader.
ONEOK (OKE)
Source: Shutterstock
A year ago, natural gas companies like ONEOK saw their shares in free fall. Many factories temporarily shut down and people were working from home, reducing power demands for office towers. In addition, a surge toward green power was leaving natural gas behind along with other fossil fuels. Natural gas prices hit new record lows.
OKE stock plummeted in the March 2020 stock market crash, then fell hard again in June thanks to those low natural gas prices. Despite the challenges, ONEOK continued to pay its quarterly dividend through 2020.
This year has seen a dramatic improvement. Those record low natural gas prices have more than doubled through 2021, hitting levels not seen since 2018. Demand is up, exports are up, and months of reduced production has led to a storage deficit. OKE stock is up 43% so far in 2021 and its dividend yield has hit 6.95%.
7 Cheap Stocks to Buy If You Have $250 to Spend
At the time of publication, the Dividend Grader rating for OKE stock sits at “B.”
Dividend Stocks to Buy: Redwood Trust (RWT)
Source: Shutterstock
California’s Redwood Trust is a housing credit lender. RWT stock, which has bounced back from 2020’s losses with a 64% run so far this year, enjoys strong support among investment analysts. Those polled by the Wall Street Journal currently have RTW rated as a unanimous “Buy” and their average 12-month price target offers 14% upside.
More importantly from the perspective of its ranking among dividend stocks, Redwood Trust offers an attractive dividend yield of 4.98%.
That performance is sufficient to earn RWT stock a B-rating in Dividend Grader.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Louis Navellier, who has been called “one of the most important money managers of our time,” has broken the silence in this shocking “tell all” video… exposing one of the most shocking events in our country’s history… and the one move every American needs to make today.
The post 7 Dividend Stocks to Buy With Yields Over 4% appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (NYSE:ABR) Ellington Financial (NYSE:EFC) Iron Mountain(NYSE:IRM) MFA Financial (NYSE:MFA) Oaktree Specialty Lending Corp (NASDAQ:OCSL) Dividend Stocks to Buy: Arbor Realty Trust (ABR) ABR) logo on a web browser, magnified by a magnifying glass" width="300" height="169"> Source: Pavel Kapysh / Shutterstock.com Arbor is a nationwide investment trust and lender specializing in commercial and multifamily property financing. ABR stock has been in growth mode for the past 5 years. | Arbor Realty Trust (NYSE:ABR) Ellington Financial (NYSE:EFC) Iron Mountain(NYSE:IRM) MFA Financial (NYSE:MFA) Oaktree Specialty Lending Corp (NASDAQ:OCSL) Dividend Stocks to Buy: Arbor Realty Trust (ABR) ABR) logo on a web browser, magnified by a magnifying glass" width="300" height="169"> Source: Pavel Kapysh / Shutterstock.com Arbor is a nationwide investment trust and lender specializing in commercial and multifamily property financing. ABR stock has been in growth mode for the past 5 years. | Arbor Realty Trust (NYSE:ABR) Ellington Financial (NYSE:EFC) Iron Mountain(NYSE:IRM) MFA Financial (NYSE:MFA) Oaktree Specialty Lending Corp (NASDAQ:OCSL) Dividend Stocks to Buy: Arbor Realty Trust (ABR) ABR) logo on a web browser, magnified by a magnifying glass" width="300" height="169"> Source: Pavel Kapysh / Shutterstock.com Arbor is a nationwide investment trust and lender specializing in commercial and multifamily property financing. ABR stock has been in growth mode for the past 5 years. | Arbor Realty Trust (NYSE:ABR) Ellington Financial (NYSE:EFC) Iron Mountain(NYSE:IRM) MFA Financial (NYSE:MFA) Oaktree Specialty Lending Corp (NASDAQ:OCSL) Dividend Stocks to Buy: Arbor Realty Trust (ABR) ABR) logo on a web browser, magnified by a magnifying glass" width="300" height="169"> Source: Pavel Kapysh / Shutterstock.com Arbor is a nationwide investment trust and lender specializing in commercial and multifamily property financing. ABR stock has been in growth mode for the past 5 years. |
30018.0 | 2021-09-13 00:00:00 UTC | January 2024 Options Now Available For Arbor Realty Trust (ABR) | ABR | https://www.nasdaq.com/articles/january-2024-options-now-available-for-arbor-realty-trust-abr-2021-09-13 | nan | nan | Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available today, for the January 2024 expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 858 days until expiration the newly available contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new January 2024 contracts and identified the following put contract of particular interest.
The put contract at the $17.50 strike price has a current bid of $1.50. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $17.50, but will also collect the premium, putting the cost basis of the shares at $16.00 (before broker commissions). To an investor already interested in purchasing shares of ABR, that could represent an attractive alternative to paying $18.09/share today.
Because the $17.50 strike represents an approximate 3% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 58%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 8.57% return on the cash commitment, or 3.65% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Arbor Realty Trust Inc, and highlighting in green where the $17.50 strike is located relative to that history:
The implied volatility in the put contract example above is 65%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 251 trading day closing values as well as today's price of $18.09) to be 33%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Puts of the Mortgage REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available today, for the January 2024 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new January 2024 contracts and identified the following put contract of particular interest. To an investor already interested in purchasing shares of ABR, that could represent an attractive alternative to paying $18.09/share today. | Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available today, for the January 2024 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new January 2024 contracts and identified the following put contract of particular interest. To an investor already interested in purchasing shares of ABR, that could represent an attractive alternative to paying $18.09/share today. | At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new January 2024 contracts and identified the following put contract of particular interest. Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available today, for the January 2024 expiration. To an investor already interested in purchasing shares of ABR, that could represent an attractive alternative to paying $18.09/share today. | At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new January 2024 contracts and identified the following put contract of particular interest. Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available today, for the January 2024 expiration. To an investor already interested in purchasing shares of ABR, that could represent an attractive alternative to paying $18.09/share today. |
30019.0 | 2021-08-19 00:00:00 UTC | Arbor Realty Trust (ABR) Passes Through 8% Yield Mark | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-passes-through-8-yield-mark-2021-08-19 | nan | nan | Looking at the universe of stocks we cover at Dividend Channel, in trading on Thursday, shares of Arbor Realty Trust Inc (Symbol: ABR) were yielding above the 8% mark based on its quarterly dividend (annualized to $1.4), with the stock changing hands as low as $17.24 on the day. Dividends are particularly important for investors to consider, because historically speaking dividends have provided a considerable share of the stock market's total return. To illustrate, suppose for example you purchased shares of the iShares Russell 3000 ETF (IWV) back on 5/31/2000 — you would have paid $78.27 per share. Fast forward to 5/31/2012 and each share was worth $77.79 on that date, a loss of $0.48 or 0.6% decrease over twelve years. But now consider that you collected a whopping $10.77 per share in dividends over the same period, increasing your return to 13.15%. Even with dividends reinvested, that only amounts to an average annual total return of about 1.0%; so by comparison collecting a yield above 8% would appear considerably attractive if that yield is sustainable. Arbor Realty Trust Inc (Symbol: ABR) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets.
In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of Arbor Realty Trust Inc, looking at the history chart for ABR below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 8% annual yield.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the universe of stocks we cover at Dividend Channel, in trading on Thursday, shares of Arbor Realty Trust Inc (Symbol: ABR) were yielding above the 8% mark based on its quarterly dividend (annualized to $1.4), with the stock changing hands as low as $17.24 on the day. Arbor Realty Trust Inc (Symbol: ABR) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Arbor Realty Trust Inc, looking at the history chart for ABR below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 8% annual yield. | Looking at the universe of stocks we cover at Dividend Channel, in trading on Thursday, shares of Arbor Realty Trust Inc (Symbol: ABR) were yielding above the 8% mark based on its quarterly dividend (annualized to $1.4), with the stock changing hands as low as $17.24 on the day. Arbor Realty Trust Inc (Symbol: ABR) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Arbor Realty Trust Inc, looking at the history chart for ABR below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 8% annual yield. | Looking at the universe of stocks we cover at Dividend Channel, in trading on Thursday, shares of Arbor Realty Trust Inc (Symbol: ABR) were yielding above the 8% mark based on its quarterly dividend (annualized to $1.4), with the stock changing hands as low as $17.24 on the day. In the case of Arbor Realty Trust Inc, looking at the history chart for ABR below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 8% annual yield. Arbor Realty Trust Inc (Symbol: ABR) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. | Looking at the universe of stocks we cover at Dividend Channel, in trading on Thursday, shares of Arbor Realty Trust Inc (Symbol: ABR) were yielding above the 8% mark based on its quarterly dividend (annualized to $1.4), with the stock changing hands as low as $17.24 on the day. Arbor Realty Trust Inc (Symbol: ABR) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Arbor Realty Trust Inc, looking at the history chart for ABR below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 8% annual yield. |
30020.0 | 2021-08-17 00:00:00 UTC | Snatch This Bargain 7.7% Yield Dividend Stock Even Cheaper Than Director Green Did | ABR | https://www.nasdaq.com/articles/snatch-this-bargain-7.7-yield-dividend-stock-even-cheaper-than-director-green-did-2021-08 | nan | nan | There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on August 3, Arbor Realty Trust Inc's Director, William C. Green, invested $73,799.91 into 4,139 shares of ABR, for a cost per share of $17.83. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. In trading on Tuesday, bargain hunters could buy shares of Arbor Realty Trust Inc (Symbol: ABR) and achieve a cost basis even cheaper than Green, with shares changing hands as low as $17.75 per share. It should be noted that Green has collected $0.35/share in dividends since the time of their purchase, so they are currently up 1.5% on their purchase from a total return basis. Arbor Realty Trust Inc shares are currently trading down about 2.6% on the day. The chart below shows the one year performance of ABR shares, versus its 200 day moving average:
Looking at the chart above, ABR's low point in its 52 week range is $10.68 per share, with $19.49 as the 52 week high point — that compares with a last trade of $17.72. By comparison, below is a table showing the prices at which ABR insider buying was recorded over the last six months:
PURCHASED INSIDER TITLE SHARES PRICE/SHARE VALUE
03/18/2021 William C. Green Director 3,590 $16.60 $59,603.77
08/03/2021 William C. Green Director 4,139 $17.83 $73,799.91
The current annualized dividend paid by Arbor Realty Trust Inc is $1.4/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 08/13/2021. Below is a long-term dividend history chart for ABR, which can be of good help in judging whether the most recent dividend with approx. 7.7% annualized yield is likely to continue.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $10.68 per share, with $19.49 as the 52 week high point — that compares with a last trade of $17.72. Back on August 3, Arbor Realty Trust Inc's Director, William C. Green, invested $73,799.91 into 4,139 shares of ABR, for a cost per share of $17.83. In trading on Tuesday, bargain hunters could buy shares of Arbor Realty Trust Inc (Symbol: ABR) and achieve a cost basis even cheaper than Green, with shares changing hands as low as $17.75 per share. | Back on August 3, Arbor Realty Trust Inc's Director, William C. Green, invested $73,799.91 into 4,139 shares of ABR, for a cost per share of $17.83. In trading on Tuesday, bargain hunters could buy shares of Arbor Realty Trust Inc (Symbol: ABR) and achieve a cost basis even cheaper than Green, with shares changing hands as low as $17.75 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $10.68 per share, with $19.49 as the 52 week high point — that compares with a last trade of $17.72. | In trading on Tuesday, bargain hunters could buy shares of Arbor Realty Trust Inc (Symbol: ABR) and achieve a cost basis even cheaper than Green, with shares changing hands as low as $17.75 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $10.68 per share, with $19.49 as the 52 week high point — that compares with a last trade of $17.72. Back on August 3, Arbor Realty Trust Inc's Director, William C. Green, invested $73,799.91 into 4,139 shares of ABR, for a cost per share of $17.83. | Back on August 3, Arbor Realty Trust Inc's Director, William C. Green, invested $73,799.91 into 4,139 shares of ABR, for a cost per share of $17.83. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $10.68 per share, with $19.49 as the 52 week high point — that compares with a last trade of $17.72. In trading on Tuesday, bargain hunters could buy shares of Arbor Realty Trust Inc (Symbol: ABR) and achieve a cost basis even cheaper than Green, with shares changing hands as low as $17.75 per share. |
30021.0 | 2021-08-12 00:00:00 UTC | Arbor Realty Trust (ABR) Ex-Dividend Date Scheduled for August 13, 2021 | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-ex-dividend-date-scheduled-for-august-13-2021-2021-08-12 | nan | nan | Arbor Realty Trust (ABR) will begin trading ex-dividend on August 13, 2021. A cash dividend payment of $0.35 per share is scheduled to be paid on August 31, 2021. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. This represents an 2.94% increase over prior dividend payment. At the current stock price of $18.7, the dividend yield is 7.49%.
The previous trading day's last sale of ABR was $18.7, representing a -4.05% decrease from the 52 week high of $19.49 and a 75.09% increase over the 52 week low of $10.68.
ABR is a part of the Consumer Services sector, which includes companies such as Prologis, Inc. (PLD) and Crown Castle International Corporation (CCI). ABR's current earnings per share, an indicator of a company's profitability, is $2.58.
For more information on the declaration, record and payment dates, visit the ABR Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
Interested in gaining exposure to ABR through an Exchange Traded Fund [ETF]?
The following ETF(s) have ABR as a top-10 holding:
VanEck Vectors Mortgage REIT Income ETF (ABR)
Global X SuperDividend REIT ETF (ABR)
iShares Trust (ABR).
The top-performing ETF of this group is SRET with an increase of 3.05% over the last 100 days. MORT has the highest percent weighting of ABR at 4.62%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. ABR is a part of the Consumer Services sector, which includes companies such as Prologis, Inc. (PLD) and Crown Castle International Corporation (CCI). For more information on the declaration, record and payment dates, visit the ABR Dividend History page. | Arbor Realty Trust (ABR) will begin trading ex-dividend on August 13, 2021. The following ETF(s) have ABR as a top-10 holding: VanEck Vectors Mortgage REIT Income ETF (ABR) Global X SuperDividend REIT ETF (ABR) iShares Trust (ABR). Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. For more information on the declaration, record and payment dates, visit the ABR Dividend History page. The following ETF(s) have ABR as a top-10 holding: VanEck Vectors Mortgage REIT Income ETF (ABR) Global X SuperDividend REIT ETF (ABR) iShares Trust (ABR). | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. Arbor Realty Trust (ABR) will begin trading ex-dividend on August 13, 2021. The previous trading day's last sale of ABR was $18.7, representing a -4.05% decrease from the 52 week high of $19.49 and a 75.09% increase over the 52 week low of $10.68. |
30022.0 | 2021-08-12 00:00:00 UTC | Noteworthy Thursday Option Activity: WDAY, GEO, ABR | ABR | https://www.nasdaq.com/articles/noteworthy-thursday-option-activity%3A-wday-geo-abr-2021-08-12 | nan | nan | Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Workday Inc (Symbol: WDAY), where a total volume of 10,046 contracts has been traded thus far today, a contract volume which is representative of approximately 1.0 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 62.3% of WDAY's average daily trading volume over the past month, of 1.6 million shares. Particularly high volume was seen for the $210 strike put option expiring January 20, 2023, with 3,002 contracts trading so far today, representing approximately 300,200 underlying shares of WDAY. Below is a chart showing WDAY's trailing twelve month trading history, with the $210 strike highlighted in orange:
GEO Group Inc (Symbol: GEO) saw options trading volume of 14,273 contracts, representing approximately 1.4 million underlying shares or approximately 61.9% of GEO's average daily trading volume over the past month, of 2.3 million shares. Particularly high volume was seen for the $8 strike call option expiring August 20, 2021, with 3,215 contracts trading so far today, representing approximately 321,500 underlying shares of GEO. Below is a chart showing GEO's trailing twelve month trading history, with the $8 strike highlighted in orange:
And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,964 contracts thus far today. That number of contracts represents approximately 896,400 underlying shares, working out to a sizeable 61.5% of ABR's average daily trading volume over the past month, of 1.5 million shares. Especially high volume was seen for the $17.50 strike call option expiring August 20, 2021, with 3,647 contracts trading so far today, representing approximately 364,700 underlying shares of ABR. Below is a chart showing ABR's trailing twelve month trading history, with the $17.50 strike highlighted in orange:
For the various different available expirations for WDAY options, GEO options, or ABR options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Especially high volume was seen for the $17.50 strike call option expiring August 20, 2021, with 3,647 contracts trading so far today, representing approximately 364,700 underlying shares of ABR. Below is a chart showing GEO's trailing twelve month trading history, with the $8 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,964 contracts thus far today. That number of contracts represents approximately 896,400 underlying shares, working out to a sizeable 61.5% of ABR's average daily trading volume over the past month, of 1.5 million shares. | Especially high volume was seen for the $17.50 strike call option expiring August 20, 2021, with 3,647 contracts trading so far today, representing approximately 364,700 underlying shares of ABR. Below is a chart showing GEO's trailing twelve month trading history, with the $8 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,964 contracts thus far today. That number of contracts represents approximately 896,400 underlying shares, working out to a sizeable 61.5% of ABR's average daily trading volume over the past month, of 1.5 million shares. | Below is a chart showing GEO's trailing twelve month trading history, with the $8 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,964 contracts thus far today. That number of contracts represents approximately 896,400 underlying shares, working out to a sizeable 61.5% of ABR's average daily trading volume over the past month, of 1.5 million shares. Especially high volume was seen for the $17.50 strike call option expiring August 20, 2021, with 3,647 contracts trading so far today, representing approximately 364,700 underlying shares of ABR. | Below is a chart showing ABR's trailing twelve month trading history, with the $17.50 strike highlighted in orange: For the various different available expirations for WDAY options, GEO options, or ABR options, visit StockOptionsChannel.com. Below is a chart showing GEO's trailing twelve month trading history, with the $8 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,964 contracts thus far today. That number of contracts represents approximately 896,400 underlying shares, working out to a sizeable 61.5% of ABR's average daily trading volume over the past month, of 1.5 million shares. |
30023.0 | 2021-08-11 00:00:00 UTC | Ex-Dividend Reminder: Arbor Realty Trust Inc, KKR and Healthcare Realty Trust | ABR | https://www.nasdaq.com/articles/ex-dividend-reminder%3A-arbor-realty-trust-inc-kkr-and-healthcare-realty-trust-2021-08-11 | nan | nan | Looking at the universe of stocks we cover at Dividend Channel, on 8/13/21, Arbor Realty Trust Inc (Symbol: ABR), KKR & CO Inc (Symbol: KKR), and Healthcare Realty Trust, Inc. (Symbol: HR) will all trade ex-dividend for their respective upcoming dividends. Arbor Realty Trust Inc will pay its quarterly dividend of $0.35 on 8/31/21, KKR & CO Inc will pay its quarterly dividend of $0.145 on 8/31/21, and Healthcare Realty Trust, Inc. will pay its quarterly dividend of $0.3025 on 8/31/21. As a percentage of ABR's recent stock price of $18.58, this dividend works out to approximately 1.88%, so look for shares of Arbor Realty Trust Inc to trade 1.88% lower — all else being equal — when ABR shares open for trading on 8/13/21. Similarly, investors should look for KKR to open 0.22% lower in price and for HR to open 1.00% lower, all else being equal.
Below are dividend history charts for ABR, KKR, and HR, showing historical dividends prior to the most recent ones declared.
Arbor Realty Trust Inc (Symbol: ABR):
KKR & CO Inc (Symbol: KKR):
Healthcare Realty Trust, Inc. (Symbol: HR):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 7.53% for Arbor Realty Trust Inc, 0.87% for KKR & CO Inc, and 3.98% for Healthcare Realty Trust, Inc..
In Wednesday trading, Arbor Realty Trust Inc shares are currently up about 0.3%, KKR & CO Inc shares are up about 1.1%, and Healthcare Realty Trust, Inc. shares are down about 0.2% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the universe of stocks we cover at Dividend Channel, on 8/13/21, Arbor Realty Trust Inc (Symbol: ABR), KKR & CO Inc (Symbol: KKR), and Healthcare Realty Trust, Inc. (Symbol: HR) will all trade ex-dividend for their respective upcoming dividends. As a percentage of ABR's recent stock price of $18.58, this dividend works out to approximately 1.88%, so look for shares of Arbor Realty Trust Inc to trade 1.88% lower — all else being equal — when ABR shares open for trading on 8/13/21. Below are dividend history charts for ABR, KKR, and HR, showing historical dividends prior to the most recent ones declared. | Looking at the universe of stocks we cover at Dividend Channel, on 8/13/21, Arbor Realty Trust Inc (Symbol: ABR), KKR & CO Inc (Symbol: KKR), and Healthcare Realty Trust, Inc. (Symbol: HR) will all trade ex-dividend for their respective upcoming dividends. Arbor Realty Trust Inc (Symbol: ABR): KKR & CO Inc (Symbol: KKR): Healthcare Realty Trust, Inc. (Symbol: HR): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of ABR's recent stock price of $18.58, this dividend works out to approximately 1.88%, so look for shares of Arbor Realty Trust Inc to trade 1.88% lower — all else being equal — when ABR shares open for trading on 8/13/21. | Looking at the universe of stocks we cover at Dividend Channel, on 8/13/21, Arbor Realty Trust Inc (Symbol: ABR), KKR & CO Inc (Symbol: KKR), and Healthcare Realty Trust, Inc. (Symbol: HR) will all trade ex-dividend for their respective upcoming dividends. Arbor Realty Trust Inc (Symbol: ABR): KKR & CO Inc (Symbol: KKR): Healthcare Realty Trust, Inc. (Symbol: HR): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of ABR's recent stock price of $18.58, this dividend works out to approximately 1.88%, so look for shares of Arbor Realty Trust Inc to trade 1.88% lower — all else being equal — when ABR shares open for trading on 8/13/21. | Looking at the universe of stocks we cover at Dividend Channel, on 8/13/21, Arbor Realty Trust Inc (Symbol: ABR), KKR & CO Inc (Symbol: KKR), and Healthcare Realty Trust, Inc. (Symbol: HR) will all trade ex-dividend for their respective upcoming dividends. As a percentage of ABR's recent stock price of $18.58, this dividend works out to approximately 1.88%, so look for shares of Arbor Realty Trust Inc to trade 1.88% lower — all else being equal — when ABR shares open for trading on 8/13/21. Below are dividend history charts for ABR, KKR, and HR, showing historical dividends prior to the most recent ones declared. |
30024.0 | 2021-08-05 00:00:00 UTC | The Lead Independent Director of Arbor Realty Trust, Inc. (NYSE:ABR), William Green, Just Bought 3.6% More Shares | ABR | https://www.nasdaq.com/articles/the-lead-independent-director-of-arbor-realty-trust-inc.-nyse%3Aabr-william-green-just | nan | nan | Whilst it may not be a huge deal, we thought it was good to see that the Arbor Realty Trust, Inc. (NYSE:ABR) Lead Independent Director, William Green, recently bought US$74k worth of stock, for US$17.83 per share. Although the purchase is not a big one, increasing their shareholding by only 3.6%, it can be interpreted as a good sign.
The Last 12 Months Of Insider Transactions At Arbor Realty Trust
Notably, that recent purchase by Lead Independent Director William Green was not the only time they bought Arbor Realty Trust shares this year. Earlier in the year, they paid US$12.96 per share in a US$118k purchase. Even though the purchase was made at a significantly lower price than the recent price (US$18.03), we still think insider buying is a positive. While it does suggest insiders consider the stock undervalued at lower prices, this transaction doesn't tell us much about what they think of current prices.
William Green bought a total of 16.83k shares over the year at an average price of US$14.93. The chart below shows insider transactions (by companies and individuals) over the last year. If you want to know exactly who sold, for how much, and when, simply click on the graph below!
NYSE:ABR Insider Trading Volume August 4th 2021
Arbor Realty Trust is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.
Insider Ownership of Arbor Realty Trust
Many investors like to check how much of a company is owned by insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. Arbor Realty Trust insiders own about US$70m worth of shares. That equates to 2.4% of the company. We've certainly seen higher levels of insider ownership elsewhere, but these holdings are enough to suggest alignment between insiders and the other shareholders.
What Might The Insider Transactions At Arbor Realty Trust Tell Us?
It's certainly positive to see the recent insider purchase. We also take confidence from the longer term picture of insider transactions. Insiders likely see value in Arbor Realty Trust shares, given these transactions (along with notable insider ownership of the company). In addition to knowing about insider transactions going on, it's beneficial to identify the risks facing Arbor Realty Trust. For instance, we've identified 3 warning signs for Arbor Realty Trust (1 shouldn't be ignored) you should be aware of.
Of course Arbor Realty Trust may not be the best stock to buy. So you may wish to see this free collection of high quality companies.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Whilst it may not be a huge deal, we thought it was good to see that the Arbor Realty Trust, Inc. (NYSE:ABR) Lead Independent Director, William Green, recently bought US$74k worth of stock, for US$17.83 per share. NYSE:ABR Insider Trading Volume August 4th 2021 Arbor Realty Trust is not the only stock insiders are buying. In addition to knowing about insider transactions going on, it's beneficial to identify the risks facing Arbor Realty Trust. | Whilst it may not be a huge deal, we thought it was good to see that the Arbor Realty Trust, Inc. (NYSE:ABR) Lead Independent Director, William Green, recently bought US$74k worth of stock, for US$17.83 per share. NYSE:ABR Insider Trading Volume August 4th 2021 Arbor Realty Trust is not the only stock insiders are buying. The Last 12 Months Of Insider Transactions At Arbor Realty Trust Notably, that recent purchase by Lead Independent Director William Green was not the only time they bought Arbor Realty Trust shares this year. | Whilst it may not be a huge deal, we thought it was good to see that the Arbor Realty Trust, Inc. (NYSE:ABR) Lead Independent Director, William Green, recently bought US$74k worth of stock, for US$17.83 per share. NYSE:ABR Insider Trading Volume August 4th 2021 Arbor Realty Trust is not the only stock insiders are buying. The Last 12 Months Of Insider Transactions At Arbor Realty Trust Notably, that recent purchase by Lead Independent Director William Green was not the only time they bought Arbor Realty Trust shares this year. | Whilst it may not be a huge deal, we thought it was good to see that the Arbor Realty Trust, Inc. (NYSE:ABR) Lead Independent Director, William Green, recently bought US$74k worth of stock, for US$17.83 per share. NYSE:ABR Insider Trading Volume August 4th 2021 Arbor Realty Trust is not the only stock insiders are buying. What Might The Insider Transactions At Arbor Realty Trust Tell Us? |
30025.0 | 2021-08-03 00:00:00 UTC | Arbor Realty Trust (ABR) Q2 2021 Earnings Call Transcript | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-q2-2021-earnings-call-transcript-2021-08-04 | nan | nan | Image source: The Motley Fool.
Arbor Realty Trust (NYSE: ABR)
Q2 2021 Earnings Call
Jul 30, 2021, 10:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good morning, ladies and gentlemen, and welcome to the second-quarter 2021 Arbor Realty Trustearnings conference call [Operator instructions] I'll now turn the call over to your speaker today, Paul Elenio, chief financial officer. Please begin, sir.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Britney, and good morning, everyone, and welcome to the quarterlyearnings callfor Arbor Realty Trust. This morning, we'll discuss the results for the quarter ended June 30, 2021. With me on the call today is Ivan Kaufman, our president and chief executive officer.
Before we begin, I need to inform you that statements made in thisearnings callmay be deemed forward-looking statements that are subject to risks and uncertainties, including information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. These statements are based on our beliefs, assumptions and expectations of our future performance, taking into account the information currently available to us. Factors that could cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today.
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Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrences of unanticipated events. I'll now turn the call over to Arbor's president and CEO, Ivan Kaufman.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Paul, and thanks to everyone for joining us on today's call. As you can see from this morning's press release, we had another outstanding quarter with many significant accomplishments, including exceptional operating results, which continues to demonstrate our unique ability to consistently generate high quarterly earnings and deliver outsized returns in every market cycle. I can't stress enough the importance of having multiple products with diverse income streams, which allows us to consistently grow our earnings and dividends, while others in our space have experienced little or no growth at all. We have a much higher quality of earnings with consistent dividend growth and a very low dividend payout ratio, which is why we strongly believe we should consistently trade at a substantial premium and much lower dividend yield than our peer group.
We also remain extremely well positioned for continued success, giving us great confidence that we will produce outstanding results for the balance of 2021. Our tremendous operating results combined with our strong outlook has allowed us to once again increase our dividend to $0.35 per share. This is our fifth consecutive quarterly dividend increase and our ninth increase in the last 12 quarters, all while continuing to maintain the lowest dividend payout ratio in the industry. We built a premium operating platform, focusing on the right asset classes with very stable liability structures and active balance sheet, GSE agency business, private label program and single-family rental platform producing a long track record of exceptional performance with consistent earnings and dividend growth.
As a result, we have been the top-performing REIT in our space for each and every one of the last five years. Before we dive into the details of our quarterly results and the significant growth we continue to experience in all areas of our business, I want to highlight some of our more notable second-quarter accomplishments. We had a very active and successful quarter in many areas of our business. We produced tremendous transaction volumes originating in excess of $3 billion in new loans and investments this quarter, including over $1.8 billion in balance sheet loan originations, which is a new record.
And just as importantly, our pipeline is currently at all-time highs. As a result, we were very active in the capital markets, successfully raising approximately $400 million of accretive capital in the second quarter to fund this growth. We issued $140 million of common equity, $175 million of five year, 5% unsecured debt and $230 million of new 6.375% perpetual preferred equity, which will allow us to fund our growing pipeline of loans and investments and be extremely accretive to our future earnings and dividends. In fact, this capital was $0.08 to $0.10 accretive in our annual earnings run rate, allowing us to increase our dividend again this quarter.
Every time we raise capital is to fund our growing balance sheet loan business, which is not only high accretive to our current earnings and dividends, but also allows us to build a pipeline for two to three years of new GSE agency loans, showing the long-term growth of our platform and creating higher quality earnings and dividends in the future. We were also very successful in continuing to access the CLO securitization market in the second quarter, closing our 15th largest CLO to date, totaling $815 million with very favorable terms and pricing. We have consistently been a leader in the CLO securitization market as financing a high-quality balance sheet portfolio with the appropriate liability structures continues to be one of our key business strategies. The utilization of these vehicles has contributed greatly to our success by allowing us to appropriately match-fund our assets with nonrecourse, non-mark-to-market long-term debt and generate very attractive levered returns on our capital and provide us with a rock-solid balance sheet.
And in the second quarter, we are very pleased to have closed our second private label securitization totaling $450 million with very effective execution, which contributed greatly to our second-quarter earnings and continues to demonstrate the strength and diversity of our versatile lending platform. Turning now to our second-quarter performance, as Paul will discuss in more detail, our quarterly financial results were once again truly remarkable. We produced distributable earnings of $0.45 per share, which is incredible accomplishment and well in excess of our current dividend, representing a payout ratio of around 78%. Our ability to consistently generate exceptional results and increase our dividend is a true testament to the value of our franchise and the many diverse income streams we have created.
We continue to realize significant benefits from many areas of our diverse operating platform, continued growth in our GSE agency platform which produces strong margins and increased servicing fees, significant contributions from our private label program, record growth and significant benefits from the size and scale of our balance sheet business as well as superior execution on our liability structures, strong performance of our multifamily focused portfolio with very few delinquencies and substantial income from our residential businesses. And these reoccurring benefits, combined with our versatile originations platform, strong pipeline and credit quality of our portfolio puts us in a unique position to be able to continue to produce significant distributable earnings going forward as we're extremely well positioned for future growth and success. And our balance sheet business, we're seeing tremendous growth as deal flows continues to really exceed our expectations. We grew our balance sheet loan book another 18% in the second quarter on record quarterly volume of $1.8 billion and have grown at 35% already this year to $7.4 billion in June -- as of June 30.
Our pipeline is also at an all-time high, which will allow us to meaningfully grow our loan book for the balance of the year. This unprecedented growth has significantly increased our run rate of net interest income going forward. And again, very importantly, these balance sheet loans also create substantial pipeline of future GSE agency loan origination volumes and long-dated servicing revenues, further increasing our future earnings and dividends. It is also very important to stress that over 90% of our book are senior bridge loans, and more importantly, 87% of our portfolio is in multifamily assets, which has been the most resilient asset class in all cycles and continues to significantly outperform all of asset classes in this cycle as well.
Additionally, as we have mentioned in the past, we have very little exposure to the asset classes that have been affected the most by the recession, such as retail and hospitality. And we also have adequate reserves against our positions. During the height of pandemic, we recorded a $7.5 million specific reserve on one of our hotel assets and subsequently used our own capital purchased remaining note at a discount. We worked very hard on the transaction, and I'm extremely pleased to report the successful sale of our position in the second quarter, allowing us to reverse the full $7.5 million reserve, collect approximately $3.5 million of unpaid interest and free up approximately $60 million of our invested capital that we'll redeploy into our balance sheet lending business and generate strong levered returns on this capital.
We have always provided ourselves on investing heavily in our asset management function, and this incredibly successful workout further demonstrates the value of our unique franchise. We continue to experience growth in our GSE agency platform, and we are seeing significant increased momentum in our private label program as well. We originated approximately $925 million in agency loans in the second quarter and $1.3 billion, including our private label business. We are also off to a very good start in the third quarter, and we are expecting to close approximately $300 million of agency loans and $400 million of private label business in July.
Equally as important, we have a robust pipeline, giving us confidence in our ability to produce significant agency and private label volumes for this balance of the year. Our GSE agency platform continues to offer a premium value as it requires limited capital and generates significant long-dated, predictable income streams and produces significant annual cash flow. Additionally, our $26 billion GSE agency servicing portfolio, which has grown 20% in the last year is mostly prepayment-protected and generates approximately $120 million a year and growing reoccurring cash flow, which is up 25% from $95 million annually last year. This is in addition to the strong gain-on-sale margins we continue to generate from our origination platform, which combined with new and increased servicing revenues will continue to contribute greatly to our earnings and dividends.
We're also very pleased with the significant growth we are seeing in our single-family rental platform. In the second quarter, we closed another $110 million of single-family rental product and currently have well over $1 billion of additional deals in our pipeline, making us very optimistic about the growth in this segment of our business. We also believe we are the leader in the single-family build-to-rent space, which provides us with the opportunity to originate construction, bridge and permanent loans on the same transaction. Again, we are very excited about the growth in this platform, and are confident this business will be a significant driver of yet another source of income, further diversifying our lending platform.
In summary, we had an exceptional quarter and are well positioned to have another outstanding second quarter -- second half of the year. We have a very versatile operating platform that is multifamily centric with a strong pipeline, significant servicing income, sizable balance sheet portfolio, single-family rental platform and residential mortgage business, providing us many diverse and growing business lines that position us exceptionally well for continued future success. And we are confident that a superior multi-tiered operating platform will allow us to continue to generate high-quality earnings and dividends and preserve our long-term standing as the best-performing company in our space. I will now turn the call over to Paul to take you through our financial results.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Ivan. As Ivan mentioned, we had another exceptional quarter, producing distributable earnings of $69 million or $0.45 per share. These results once again translated into industry high ROEs of approximately 17% for the quarter and allowed us to increase our dividend to an annual run rate of $1.40 a share.
And this quarterly dividend increase reflects our fifth consecutive quarterly increase and our 21st increase in the last 10 years. Our financial results continue to benefit greatly from many aspects of our diverse business model, including significant growth in our agency, private label and balance sheet business platforms that produce substantial gain on sales margins, long-dated servicing income and strong levered returns on our capital, the income we continue to generate from our residential banking joint venture and the credit quality of our portfolio. As we guided to on our last call, we did see some more normalized results from our residential banking business joint venture as volumes and margins return to more normalized levels. We recorded approximately $5 million of income from this investment in the second quarter, which contributed approximately $0.03 a share on a tax-effected basis to our distributable earnings.
And based on the current market conditions, we expect this trend to continue for the balance of the year, resulted in estimated income from this investment of between $4 million to $5 million a quarter going forward. Our adjusted book value at June 30 was approximately $11.35, adding back roughly $61 million of noncash general CECL reserves on a tax-effected basis. This is up approximately 5% from $10.86 last quarter, largely due to our second-quarter capital raises, the significant earnings we generated in the second quarter in excess of our dividend, as well as from the successful recovery of a $7.5 million reserve on a hotel asset during the quarter. And as a reminder, we have very little remaining exposure to the asset classes that have been affected the most by the recession, such as retail and hospitality.
Our total exposure to these asset classes is approximately $100 million or about 1% of our portfolio, which we believe we have adequately reserved for giving us great confidence that our adjusted book value accurately reflects the impact of the recession. Looking at the results from our GSE agency business. We originated $925 million of loans and recorded $1 billion of loan sales in the second quarter. The margin on our GSE agency loan sales was up significantly to approximately 1.83% in the second quarter from 1.47% in the first quarter, mainly due to a higher percentage of FHA loan sales in the second quarter, which carry a much higher profit margin.
Additionally, as Ivan mentioned, we were very active in our private label program, originating $377 million of new loans in the second quarter as well as completing our second private label securitization totaled $450 million with very effective execution, resulting in an all-in margin for the second quarter of 2.37% on our total loan sales. And in the second quarter, we also recorded $26 million of mortgage servicing rights income related to $1.2 billion of committed loans, representing an average MSR rate of around 2.20% compared to 2.53% last quarter, mainly due to a higher mix of FHA and private label loans in the second quarter that contain a lower servicing fee. Our servicing portfolio did grow another 2% this quarter to $26 billion at June 30, with a weighted average servicing fee of around 46 basis points and an estimated remaining life of nine years. This portfolio will continue to generate a predictable annuity of income going forward around $120 million gross annually, which is up approximately $25 million or 25% on an annual basis from the same time last year.
Additionally, prepayment fees related to certain loans that have yield maintenance provisions did increase this quarter to $4.2 million compared to $2.7 million from last quarter. We also continue to see very positive trends related to our GSE agency business collections, which we believe reflects the strength of our borrowers and the quality of our portfolio. We only have a handful of delinquent loans outstanding and extremely low forbearance numbers in our portfolio through June 30. Loans in forbearance represent less than 0.3% of our $19.2 billion Fannie loan book and around 2.5% of our $4.7 billion Freddie Mac loan book, which is down substantially from March as we have had no new request for forbearances in the last several months, and a significant amount of our loans have completed the program and are now current.
In our balance sheet lending operation, we grew our portfolio 18% to $7.4 billion in the second quarter on record quarterly volume of $1.8 billion. Our $7.4 billion investment portfolio had an all-in yield of 5.33% at June 30 compared to 5.65% at March 31, mainly due to higher rates on runoff as compared to new originations during the quarter. The average balance in our core investments was up to $6.6 billion this quarter, from $5.9 billion last quarter, mainly due to a significant growth we experienced in both the first and second quarters. The average yield on these investments was up to 5.85% for the second quarter compared to 5.72% for the first quarter mainly due to receiving $3.5 million in back interest from the successful workout of a hotel asset and for more acceleration of fees from early runoff in the second quarter, which was partially offset by higher interest rates on runoff as compared to originations in the second quarter.
Total debt on our core assets was approximately $6.4 billion at June 30, with an all-in debt cost of approximately 2.79%, which was down from a debt cost of around 2.9% at March 31, mainly due to a reduction in cost of funds from our new CLO vehicle and reduced rates in our warehouse and repurchase agreements during the second quarter. The average balance on our debt facilities was up to approximately $5.9 billion for the second quarter from $5.2 billion for the first quarter, mostly due to financing the growth in our portfolio and issuing $175 million of new unsecured notes during the second quarter. And the average cost of funds in our debt facilities decreased to 2.89% for the second quarter from 2.99% for the first quarter. Overall, net interest spreads in our core assets increased to 2.96% this quarter compared to 2.73% last quarter, again mainly due to interest collected on the sale of our position in a hotel asset and more acceleration of fees from early runoff in the second quarter.
And our overall spot net interest spreads were down to 2.54% at June 30 from 2.75% at March 31 due to yield compression on new originations as compared to runoff. Lastly, the average leverage ratio on our core lending assets, including the trust preferred and perpetual preferred stock as equity was up slightly to 84% in the second quarter from 83% in the first quarter. And our overall debt-to-equity ratio on a spot basis was flat at 2.9:1 at both June 30 and March 31, excluding general CECL reserves. That completes our prepared remarks for this morning.
I'll now turn it back to the operator to take any questions you may have at this time. Britney?
Questions & Answers:
Operator
[Operator instructions] And we will take our first question from Steve Delaney with JMP Securities. Your line is now open.
Steve Delaney -- JMP Securities -- Analyst
Thanks and good morning Ivan and Paul. And it's getting redundant, but I have to say, congrats on another excellent quarter. The thing that struck me this quarter, looking over the results is, not only are you doing the basic blocking and tackling, but the level of sophistication, tapping the capital markets for various transactions just continues to improve. So props on all that.
Speaking of the capital markets transaction, and I think all of us have been interested in your private label program that you started last summer, or that you had your first transaction. Can you comment a little bit, you mentioned better execution, but could you comment a little bit maybe specifically like where you saw AAAs go out relative to swaps? And I think the thing that I'd really like to know is, how do you estimate what your pre-loss return might be on the approximate eight and a half percent B-piece that you're holding on to? Thanks.
Ivan Kaufman -- President and Chief Executive Officer
Sure. I don't have in front of me exactly where we executed the AAAs until we can furnish that to you. But we have very, very good execution. Our first private label deal came out during the initial aspects of COVID.
It was the first of our brand. This is our second deal. And of course, will be a serial issue based on our pipeline. And the more we issue, the better our execution.
So we're really pleased with where we're trading. And we're really pleased with the reception. And it's both our name and reputation in the multifamily market, the fact that we're a big CLO issue, there's a lot of cross-over buyers, and we expect our execution to get better and better each time. And then we're even evaluating whether we want to do a public deal which even improves our execution given the flow that we have.
So we're optimistic about our market participation relative to the expected losses.
Steve Delaney -- JMP Securities -- Analyst
Or -- pre the return actually, pre-loss return.
Ivan Kaufman -- President and Chief Executive Officer
Yes, we -- I think where we calculate holding the B piece is that anywhere between a 10% and a 12% return factor, the losses and prepayments. And as you know, our loss history on our multifamily portfolio is nominal, next to nothing. But that's all factored in. We carry it at the proper return.
And there are a lot of efficiencies by generating and holding our own B piece with the new Dodd-Frank rules and stuff, that gives us a competitive advantage in the market as well.
Steve Delaney -- JMP Securities -- Analyst
Yes. And I guess one of the benefits here, I mean, obviously, you still do your CLO business, but these are fixed rate loans with longer duration than you would see in your bridge portfolio, right? I mean, so you're putting a 10% to 12% return, but it's something I think you're probably looking at a much longer life to that investment, I assume then when you when you put a CLO together?
Ivan Kaufman -- President and Chief Executive Officer
Yeah, it's an average life of probably nine years on a 10% to 12% coupon, which is very hard to get that kind of return for that kind of term. So we're pretty pleased with that element of it. And once again, the further long-dated income streams that we're getting not only on servicing, but on that portion of the B piece, which we own, control and created. And anything we create is what we consider to be a superior product and better risk-adjusted returns.
Steve Delaney -- JMP Securities -- Analyst
Right. And it sounds like based on the July originations, I think you mentioned, or Paul did $400 million. It would seem likely that you'll be doing at least one more of these before the end of 2021, I assume. What are you...
Ivan Kaufman -- President and Chief Executive Officer
Yes, we're optimistic. Yes, we're optimistic based on pipe margin that we can protect the market. Yes.
Steve Delaney -- JMP Securities -- Analyst
OK. And just one final thing. I'll leave the details to others. But obviously, a change at the top of the FHA in the last month or so.
Any thoughts on maybe help what policy shifts you might expect over the next year or so from Sandra Thompson compared to Calabria, who I think we all know was a bit of a hawk with respect to GSE risk taking or volumes or that type of thing. So just curious with your -- how you -- what your initial reaction was to that change? And whether how it might impact your business one way or the other?
Ivan Kaufman -- President and Chief Executive Officer
Yes, I think it's good for the GSE business and for us. And in particular, there's going to be more and more of an effort on the affordable side and putting more money toward the affordable aspect of GSE business. And we think it's going to be a more favorable environment for firms like us and I think it will be more lucrative.
Steve Delaney -- JMP Securities -- Analyst
Thank you, Ivan and congrats again, Paul.
Paul Elenio -- Chief Financial Officer
Thanks, Steve.
Operator
We will take our next question from Stephen Laws with Raymond James. Your line is now open.
Stephen Laws -- Raymond James & Associates -- Analyst
Thank you. Good morning and to echo Steve's comments, these are very repetitive calls but for good reasons. So congratulations on another continued growth and another strong quarter. And thinking about the SFR opportunities, what is the pipeline there? What's the competition like? It seems like a number of competitors continue to talk about opportunities there.
And kind of as you stand today, when you put a new dollar to work, where do you think those ROEs can go as you scale that business?
Ivan Kaufman -- President and Chief Executive Officer
The SFR business is a very attractive business segment right now especially the build-to-rent communities. We got in early, got aggressive early and built up a nice pipeline. Spreads have compressed quite a bit. But then again, our borrowing and our liability structure has gotten more competitive.
What we like about the business, specifically on the build to rent, the construction component requires more expertise, not everybody is in it. Once you do the construction loan, you end up with a bridge loan on a takeout loan. We have locked up and have great relationships with a lot of the key players in the market. And I think good players in the market.
There's a lot of new entrants, you have to proceed with caution. Late entrants into the market is not always the best person to do business with. So I think we're pretty pleased with the pipeline we have and we're pleased with the opportunities that we have and the spreads we have. There will be some compression because it is more competitive and we'll just be selective.
We're just thrilled that we were early in. We're able to develop these great relationships and create some borrower loyalty on our side of the coin.
Stephen Laws -- Raymond James & Associates -- Analyst
Thanks, Ivan. Paul, to touch on prepayment, I think there's some -- I noted in the Q, there is some prepay income, but I think it was a historical comparison. So the portfolio growth, I'm not surprised that's up. But can you talk about the expected repayments and maybe early income from any early repayments as we think about the portfolio maturing in the next six to 12 months?
Paul Elenio -- Chief Financial Officer
Sure. So Steve, you're right. Prepayments on the servicing side or runoff on the servicing side was almost double what it was last quarter. As you remember from last quarter, I thought last quarter was surprisingly light at around $400 million, came in around $800 million this quarter.
And what was interesting, a little interesting phenomenon occurred, we did, as you mentioned, get a little bit more prepayment fees than I expected, that we modeled and that we were getting over the last few quarters. And when I went and looked at certain of those transactions, it wasn't that people were refiling away from us. Again, we're really focus, laser-focused on retaining the business. So if someone's going to refi, we want to make sure we get that opportunity.
But we saw a little bit in the second quarter and I don't know if it's a trend that will continue. It's hard to predict. It's there was a lot more sale volume at really appreciated values and people were fine writing those yield maintenance checks when they were getting significant increases in the value of their properties. So that was a little phenomenon we saw.
Like Ivan's view on whether we think that continues, it's hard to predict but that's kind of what we saw in the second quarter.
Stephen Laws -- Raymond James & Associates -- Analyst
Great. Thanks for your time Ivan and Paul. Appreciate it.
Ivan Kaufman -- President and Chief Executive Officer
Thanks, Steve.
Operator
And we will take our next question from Rick Shane with J.P. Morgan. Your line is now open.
Rick Shane -- J.P. Morgan -- Analyst
Hey, guys. Thanks for taking my question this morning. Actually, just one quick detail. You guys have gone through everything thoroughly.
When we look at the capitalization rate on the MSR for the quarter, it was down a little bit sequentially. Just curious, looking at the fees and duration of the servicing rights, I don't see any change there. So I'm just curious what's driving that? Is it a more conservative assumption or are we missing something?
Paul Elenio -- Chief Financial Officer
Hey, Rick. It's Paul. Thanks for the question. Good to hear from you again.
No, as I mentioned in my commentary, it was just mix. In the quarter, we had more committed loans because that's how we do our MSR capitalization is on committed loans. We had more committed loans on the private label side and on the FHA side of the business. So they drove higher margins, but they also drove lower MSR rates only because the FHA deals and the private label deals have like a 20 basis point servicing fee and Fannie is up in the 50s.
So it's just a matter of mix. If that mix changes and it likely will over time, it will be more normalized. It just happened to be a specific quarter where we had more mix in the lower servicing fee earning assets.
Rick Shane -- J.P. Morgan -- Analyst
Got it. And when we think about the private label, there's nothing from a duration perspective that's materially different than the rest of the portfolio. I know there's a lot of protection on the agency business. I want to make sure I understand the private label business as well in terms of pre-payment protections.
Ivan Kaufman -- President and Chief Executive Officer
It's the same, if not greater, pre-payment protection. So you have some options on some of the agency business to pay off less penalty toward the end of the term. This is a little bit longer in duration. I would say it's probably 10% to 15% longer in duration.
Rick Shane -- J.P. Morgan -- Analyst
Terrific. Hey, guys. Thank you so much for the question. Appreciate the time this morning.
Ivan Kaufman -- President and Chief Executive Officer
Thanks, Rick.
Operator
And we will take our final question from Jade Rahmani with KBW. Your line is now open.
Ryan Tomasello -- KBW -- Analyst
Hi, everyone. This is Ryan Tomasello on for Jade. Ivan, I was wondering if you can just discuss your general outlook for GSEs, the GSEs in the second half of the year in terms of volumes and overall performance?
Ivan Kaufman -- President and Chief Executive Officer
I think the GSE business is going to be stronger in the second half than it was in the first half. Out of the gate, specifically in the second quarter, the GSEs widened their margins. And I also think that we're dealing with some residual collaborator issues. It's my feeling based on lower interest rates and then wanting to meet their volume targets that there will be a little bit more GSE originations in the first half, particularly everybody is loading up right now, building up their pipeline.
I think you'll see a little bit more activity. And I think some of the barriers that Calabria was bringing to the table, I think, are being stripped away at this point and you have kind of the existing regime, which has been in place under Sandra Thompson, probably will go back to a little bit of the historical way of operating. So I'm very optimistic that the GSE business for the balance of the year will be as strong, if not stronger than it was in the first half of the year.
Ryan Tomasello -- KBW -- Analyst
And can you talk about some of the technology initiatives that you have been investing behind, specifically in the small balance lending space? And I guess just overall, how you're thinking about technology investments generally across the Arbor platform going forward?
Ivan Kaufman -- President and Chief Executive Officer
I think the way we're approaching technology is we have a goal of where we want to be in two or three years in terms of eliminating certain redundancy functions as well as personnel functions. And that's piece by piece. We think there's going to be a lot of advancement on the servicing side, on the origination side and the way we use data. We have a three year plan, and we're doing it piece by piece by piece, making continual improvements.
As technology improves, it facilitates our ability to implement the different processes and smooth out our workflow processes. But I believe we can continue to grow our business and maintain a very small and incremental build to our personnel taking advantage of those different technologies across the spectrum. But it's not an overnight thing. It's progress made in each segment of the business and then running them all in tandem and having that benefit the whole process.
Ryan Tomasello -- KBW -- Analyst
Great. And then final one for me regarding the private label business. I was wondering if you see an opportunity, Ivan to partner with other nonbank lenders on private label CMBS issuance to scale volumes for that platform?
Ivan Kaufman -- President and Chief Executive Officer
I think that's something that we will look to do in the future. What we wanted to do is get our brand going, use our own originations. We do work with a lot of brokers who can turn it up. We're always cautious on having too big of a pipeline and being able to execute the market very effectively.
I think once we do our third one and if we end up looking and doing public deals, then maybe we'll consider co-originating with a few others. At the end of the day, we will own and hold our own B pieces. So we're very particular who we partner with, who underwrites the loans and who originates them. So we'll proceed with caution as we build that process and our brand up.
Ryan Tomasello -- KBW -- Analyst
Great. Thanks for taking the questions.
Ivan Kaufman -- President and Chief Executive Officer
Thanks, Ryan.
Operator
And I would now like to turn the program over to Ivan Kaufman for any additional or closing remarks.
Ivan Kaufman -- President and Chief Executive Officer
Yes. Well, thanks again for everybody participating and investing with us and following us. And I guess the reoccurring theme from everybody in what we've been able to do is have consistent dividend increases, which is really a unique thing in our space. We're the only company, as I mentioned in my prepared statements that does not only have a stable dividend and why we think we should be trading at a premium.
But more importantly, we have exhibited unprecedented growth on a consistent basis. And thanks again for your confidence and look forward to our nextearnings call Thank you very much. Have a great day.
Duration: 24 minutes
Call participants:
Paul Elenio -- Chief Financial Officer
Ivan Kaufman -- President and Chief Executive Officer
Steve Delaney -- JMP Securities -- Analyst
Stephen Laws -- Raymond James & Associates -- Analyst
Rick Shane -- J.P. Morgan -- Analyst
Ryan Tomasello -- KBW -- Analyst
More ABR analysis
All earnings call transcripts
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Any thoughts on maybe help what policy shifts you might expect over the next year or so from Sandra Thompson compared to Calabria, who I think we all know was a bit of a hawk with respect to GSE risk taking or volumes or that type of thing. Arbor Realty Trust (NYSE: ABR) Q2 2021 Earnings Call Jul 30, 2021, 10:00 a.m. And I think some of the barriers that Calabria was bringing to the table, I think, are being stripped away at this point and you have kind of the existing regime, which has been in place under Sandra Thompson, probably will go back to a little bit of the historical way of operating. | Duration: 24 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James & Associates -- Analyst Rick Shane -- J.P. Morgan -- Analyst Ryan Tomasello -- KBW -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q2 2021 Earnings Call Jul 30, 2021, 10:00 a.m. Any thoughts on maybe help what policy shifts you might expect over the next year or so from Sandra Thompson compared to Calabria, who I think we all know was a bit of a hawk with respect to GSE risk taking or volumes or that type of thing. | Duration: 24 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James & Associates -- Analyst Rick Shane -- J.P. Morgan -- Analyst Ryan Tomasello -- KBW -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q2 2021 Earnings Call Jul 30, 2021, 10:00 a.m. Any thoughts on maybe help what policy shifts you might expect over the next year or so from Sandra Thompson compared to Calabria, who I think we all know was a bit of a hawk with respect to GSE risk taking or volumes or that type of thing. | Duration: 24 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James & Associates -- Analyst Rick Shane -- J.P. Morgan -- Analyst Ryan Tomasello -- KBW -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q2 2021 Earnings Call Jul 30, 2021, 10:00 a.m. Any thoughts on maybe help what policy shifts you might expect over the next year or so from Sandra Thompson compared to Calabria, who I think we all know was a bit of a hawk with respect to GSE risk taking or volumes or that type of thing. |
30026.0 | 2021-07-19 00:00:00 UTC | Did You Participate In Any Of Arbor Realty Trust's (NYSE:ABR) Fantastic 299% Return ? | ABR | https://www.nasdaq.com/articles/did-you-participate-in-any-of-arbor-realty-trusts-nyse%3Aabr-fantastic-299-return-2021-07-19 | nan | nan | When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose your money. But on the bright side, you can make far more than 100% on a really good stock. One great example is Arbor Realty Trust, Inc. (NYSE:ABR) which saw its share price drive 148% higher over five years. The last week saw the share price soften some 2.2%.
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
During five years of share price growth, Arbor Realty Trust achieved compound earnings per share (EPS) growth of 32% per year. This EPS growth is higher than the 20% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock. The reasonably low P/E ratio of 7.12 also suggests market apprehension.
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
NYSE:ABR Earnings Per Share Growth July 19th 2021
We like that insiders have been buying shares in the last twelve months. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here..
What About Dividends?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Arbor Realty Trust the TSR over the last 5 years was 299%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
A Different Perspective
We're pleased to report that Arbor Realty Trust shareholders have received a total shareholder return of 125% over one year. Of course, that includes the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 32% per year), it would seem that the stock's performance has improved in recent times. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Even so, be aware that Arbor Realty Trust is showing 3 warning signs in our investment analysis , and 1 of those is a bit unpleasant...
Arbor Realty Trust is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | One great example is Arbor Realty Trust, Inc. (NYSE:ABR) which saw its share price drive 148% higher over five years. NYSE:ABR Earnings Per Share Growth July 19th 2021 We like that insiders have been buying shares in the last twelve months. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.. What About Dividends? | One great example is Arbor Realty Trust, Inc. (NYSE:ABR) which saw its share price drive 148% higher over five years. NYSE:ABR Earnings Per Share Growth July 19th 2021 We like that insiders have been buying shares in the last twelve months. During five years of share price growth, Arbor Realty Trust achieved compound earnings per share (EPS) growth of 32% per year. | One great example is Arbor Realty Trust, Inc. (NYSE:ABR) which saw its share price drive 148% higher over five years. NYSE:ABR Earnings Per Share Growth July 19th 2021 We like that insiders have been buying shares in the last twelve months. During five years of share price growth, Arbor Realty Trust achieved compound earnings per share (EPS) growth of 32% per year. | One great example is Arbor Realty Trust, Inc. (NYSE:ABR) which saw its share price drive 148% higher over five years. NYSE:ABR Earnings Per Share Growth July 19th 2021 We like that insiders have been buying shares in the last twelve months. We note that for Arbor Realty Trust the TSR over the last 5 years was 299%, which is better than the share price return mentioned above. |
30027.0 | 2021-07-06 00:00:00 UTC | Notable Tuesday Option Activity: X, MCD, ABR | ABR | https://www.nasdaq.com/articles/notable-tuesday-option-activity%3A-x-mcd-abr-2021-07-06 | nan | nan | Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in United States Steel Corp. (Symbol: X), where a total volume of 122,747 contracts has been traded thus far today, a contract volume which is representative of approximately 12.3 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 44.3% of X's average daily trading volume over the past month, of 27.7 million shares. Particularly high volume was seen for the $23 strike call option expiring July 09, 2021, with 9,153 contracts trading so far today, representing approximately 915,300 underlying shares of X. Below is a chart showing X's trailing twelve month trading history, with the $23 strike highlighted in orange:
McDonald's Corp (Symbol: MCD) options are showing a volume of 10,200 contracts thus far today. That number of contracts represents approximately 1.0 million underlying shares, working out to a sizeable 44.3% of MCD's average daily trading volume over the past month, of 2.3 million shares. Particularly high volume was seen for the $235 strike call option expiring July 09, 2021, with 1,298 contracts trading so far today, representing approximately 129,800 underlying shares of MCD. Below is a chart showing MCD's trailing twelve month trading history, with the $235 strike highlighted in orange:
And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,670 contracts thus far today. That number of contracts represents approximately 867,000 underlying shares, working out to a sizeable 43.6% of ABR's average daily trading volume over the past month, of 2.0 million shares. Particularly high volume was seen for the $20 strike call option expiring August 20, 2021, with 5,707 contracts trading so far today, representing approximately 570,700 underlying shares of ABR. Below is a chart showing ABR's trailing twelve month trading history, with the $20 strike highlighted in orange:
For the various different available expirations for X options, MCD options, or ABR options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Particularly high volume was seen for the $20 strike call option expiring August 20, 2021, with 5,707 contracts trading so far today, representing approximately 570,700 underlying shares of ABR. Below is a chart showing MCD's trailing twelve month trading history, with the $235 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,670 contracts thus far today. That number of contracts represents approximately 867,000 underlying shares, working out to a sizeable 43.6% of ABR's average daily trading volume over the past month, of 2.0 million shares. | That number of contracts represents approximately 867,000 underlying shares, working out to a sizeable 43.6% of ABR's average daily trading volume over the past month, of 2.0 million shares. Below is a chart showing MCD's trailing twelve month trading history, with the $235 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,670 contracts thus far today. Particularly high volume was seen for the $20 strike call option expiring August 20, 2021, with 5,707 contracts trading so far today, representing approximately 570,700 underlying shares of ABR. | Below is a chart showing MCD's trailing twelve month trading history, with the $235 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,670 contracts thus far today. That number of contracts represents approximately 867,000 underlying shares, working out to a sizeable 43.6% of ABR's average daily trading volume over the past month, of 2.0 million shares. Particularly high volume was seen for the $20 strike call option expiring August 20, 2021, with 5,707 contracts trading so far today, representing approximately 570,700 underlying shares of ABR. | That number of contracts represents approximately 867,000 underlying shares, working out to a sizeable 43.6% of ABR's average daily trading volume over the past month, of 2.0 million shares. Below is a chart showing ABR's trailing twelve month trading history, with the $20 strike highlighted in orange: For the various different available expirations for X options, MCD options, or ABR options, visit StockOptionsChannel.com. Below is a chart showing MCD's trailing twelve month trading history, with the $235 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 8,670 contracts thus far today. |
30028.0 | 2021-06-22 00:00:00 UTC | JPMorgan Chase Is Preparing for Inflationary Risks: Here's How You Can Prepare Your Portfolio | ABR | https://www.nasdaq.com/articles/jpmorgan-chase-is-preparing-for-inflationary-risks%3A-heres-how-you-can-prepare-your | nan | nan | Jamie Dimon, CEO of JPMorgan Chase (NYSE: JPM), told investors recently that the bank has been "stockpiling cash" to prepare for a potentially inflationary environment. The nation's largest bank is currently sitting on $500 billion in cash, which it's prepared to deploy if interest rates tick up higher. Here's what this means for JPMorgan and, more importantly, what you can do to prepare your own portfolio for inflation.
Image source: Getty Images.
JPMorgan Chase is hoarding cash to "protect the fat tails"
Dimon said that we need a better rate structure that reflects the inflation he believes is coming. He also mentioned that JPMorgan Chase will "look to protect the fat tails," which are simply extreme risks that exist outside of the norm.
Dimon isn't necessarily saying inflation is a lock to happen. However, it does mean the bank views inflation as a potential risk that could get out of hand.
If inflation were to stay higher than the Federal Reserve is comfortable with, the Fed will likely react by raising interest rates. In this scenario, JPMorgan Chase will reinvest its cash at better interest rates. Ultimately, Dimon wants JPMorgan Chase to be "a port of safety" for whatever storm may be on the horizon.
Dimon isn't the only one to sound the alarm on inflation. During Berkshire Hathaway's annual meeting in May, CEO Warren Buffett said, "We are seeing very substantial inflation. ... People are raising prices to us and it's being accepted." Morgan Stanley CEO James Gorman has said that he expects rates to rise in the early part of next year, going against the Federal Reserve's expectation of rate hikes in 2023.
How you can prepare your portfolio for potential inflation
JPMorgan Chase's strategy makes sense for the big bank. However, there are certain things investors can do to protect their portfolios from inflation.
First of all, investors should always diversify their portfolios, and preparing for inflation is no different. Aim to own some assets that will benefit from the ripple effects that come from rising inflation.
Commodities and commodity producers, value stocks, and real estate investment trusts (REITs) can all be good stocks investors can buy to protect against inflation. These assets tend to be more inflation resistant. In fact, in an interview with CNBC, legendary investor Paul Tudor Jones said, "The only thing I know for sure is I want to have 5% in gold, 5% in bitcoin, 5% in cash, and 5% in commodities."
Commodities include things like precious metals, electricity, beef, and other items. The iShares S&P GSCI Commodity-Indexed Trust is an ETF that could give you broad exposure to commodities, including energy, agriculture, and metals. Inflation tends to rise as commodity prices rise, and when commodity prices rise, that tends to be favorable for those that produce it.
REITs are another great investment to hedge inflation. That's because property prices and rental incomes should rise alongside it. Companies that can more easily pass costs on to customers tend to be good hedges against inflation.
The Vanguard Real Estate Index Fund can be one way to gain exposure to the broader real estate market. If you're looking for a company to own in this space, Arbor Realty Trust is a good dividend-paying REIT you can trust.
Image source: Getty Images.
As inflation rises and interest rates climb higher, interest-rate-sensitive companies like banks and insurers will also benefit. Banks make money off the difference between the interest rate earned and the interest rate paid on deposits. In this space, you could own the Financial Select Sector SPDR Fund, which gives you exposure to those largest financial institutions, including Berkshire Hathaway, JPMorgan Chase, and Bank of America, to name a few.
There is one caveat, however. If interest rates rise too rapidly, consumers may be less likely to take out loans, and banks would take a hit from slow loan growth as economic activity slows down.
Insurers also can benefit from inflation for a couple of reasons. For one, they have the ability to pass along rising rates to their customers. Again, companies that can more easily pass on costs to customers tend to do better in inflationary environments.
Second, inflation brings with it higher interest rates, which benefit insurers that generate investment income from excess funds generated from underwriting policies. Two insurers I like are Progressive and Allstate.
You can also reduce interest-rate sensitive holdings, such as Treasury bonds, and hold a small allocation of gold or even cryptocurrencies as a way to hedge inflation. Gold can also be a great hedge, especially if inflation rises higher than expected.
Higher inflation doesn't mean you need to get overly defensive with your portfolio. Too many investors lost money in the 2010s holding onto gold and other assets in anticipation of inflation that never came, and missed out on the huge rally in tech names.
Continue to hold your highfliers, but also allocate some portion of your capital to those assets that benefit from inflation. There's no telling whether inflation will continue to stay elevated in the next year, so the best you can do is spread your risks wisely.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Jamie Dimon, CEO of JPMorgan Chase (NYSE: JPM), told investors recently that the bank has been "stockpiling cash" to prepare for a potentially inflationary environment. JPMorgan Chase is hoarding cash to "protect the fat tails" Dimon said that we need a better rate structure that reflects the inflation he believes is coming. In fact, in an interview with CNBC, legendary investor Paul Tudor Jones said, "The only thing I know for sure is I want to have 5% in gold, 5% in bitcoin, 5% in cash, and 5% in commodities." | Commodities and commodity producers, value stocks, and real estate investment trusts (REITs) can all be good stocks investors can buy to protect against inflation. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares) and Vanguard REIT ETF. The Motley Fool recommends the following options: long January 2023 $200 calls on Berkshire Hathaway (B shares), short January 2023 $200 puts on Berkshire Hathaway (B shares), and short January 2023 $265 calls on Berkshire Hathaway (B shares). | Commodities and commodity producers, value stocks, and real estate investment trusts (REITs) can all be good stocks investors can buy to protect against inflation. Inflation tends to rise as commodity prices rise, and when commodity prices rise, that tends to be favorable for those that produce it. As inflation rises and interest rates climb higher, interest-rate-sensitive companies like banks and insurers will also benefit. | Commodities and commodity producers, value stocks, and real estate investment trusts (REITs) can all be good stocks investors can buy to protect against inflation. As inflation rises and interest rates climb higher, interest-rate-sensitive companies like banks and insurers will also benefit. * They just revealed what they believe are the ten best stocks for investors to buy right now... and JPMorgan Chase wasn't one of them! |
30029.0 | 2021-06-15 00:00:00 UTC | Financial Sector Update for 06/15/2021: FOA,WRE,BAM,BAM-UN.TO,ABR,NMRK | ABR | https://www.nasdaq.com/articles/financial-sector-update-for-06-15-2021%3A-foawrebambam-un.toabrnmrk-2021-06-15 | nan | nan | Financial stocks recovered moderately in afternoon trading, with the NYSE Financial Index riding a 0.3% advance, overcoming an earlier decline, while the SPDR Financial Select Sector ETF was climbing 0.4%.
The Philadelphia Housing Index also was climbing 0.8% although the SPDR Real Estate Select Sector ETF was down 0.9%.
In company news, Finance of America Cos (FOA) was nearly 23% higher late in Tuesday trading, easing from an earlier 31% intra-day peak of $9.57 a share that followed a Raymond James upgrade of the consumer lender to strong buy from outperform previously and also setting a $13.50 price target for the stock.
Newmark Group (NMRK) rose 4.8% after Wolfe Research began coverage of the commercial real estate services company with an outperform stock rating and a $22 price target.
Among decliners, Washington Real Estate Investment Trust (WRE) fell 6.3% after disclosing plans to sell all but one of its office properties in the greater Washington, DC, region to Brookfield Asset Management (BAM) for $766 million. The current owner of the Watergate office building also has signed a letter of intent to sell its remaining retail assets to an unnamed buyer as the company shifts its focus to multifamily housing. Brookfield shares were 1.5% higher.
Arbor Realty Trust (ABR) dropped 4.7% after late Monday pricing a $111.9 million public offering of 6 million common shares at about $18.65 apiece, or about 4% under its last closing price.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (ABR) dropped 4.7% after late Monday pricing a $111.9 million public offering of 6 million common shares at about $18.65 apiece, or about 4% under its last closing price. In company news, Finance of America Cos (FOA) was nearly 23% higher late in Tuesday trading, easing from an earlier 31% intra-day peak of $9.57 a share that followed a Raymond James upgrade of the consumer lender to strong buy from outperform previously and also setting a $13.50 price target for the stock. Newmark Group (NMRK) rose 4.8% after Wolfe Research began coverage of the commercial real estate services company with an outperform stock rating and a $22 price target. | Arbor Realty Trust (ABR) dropped 4.7% after late Monday pricing a $111.9 million public offering of 6 million common shares at about $18.65 apiece, or about 4% under its last closing price. Financial stocks recovered moderately in afternoon trading, with the NYSE Financial Index riding a 0.3% advance, overcoming an earlier decline, while the SPDR Financial Select Sector ETF was climbing 0.4%. The Philadelphia Housing Index also was climbing 0.8% although the SPDR Real Estate Select Sector ETF was down 0.9%. | Arbor Realty Trust (ABR) dropped 4.7% after late Monday pricing a $111.9 million public offering of 6 million common shares at about $18.65 apiece, or about 4% under its last closing price. Financial stocks recovered moderately in afternoon trading, with the NYSE Financial Index riding a 0.3% advance, overcoming an earlier decline, while the SPDR Financial Select Sector ETF was climbing 0.4%. In company news, Finance of America Cos (FOA) was nearly 23% higher late in Tuesday trading, easing from an earlier 31% intra-day peak of $9.57 a share that followed a Raymond James upgrade of the consumer lender to strong buy from outperform previously and also setting a $13.50 price target for the stock. | Arbor Realty Trust (ABR) dropped 4.7% after late Monday pricing a $111.9 million public offering of 6 million common shares at about $18.65 apiece, or about 4% under its last closing price. Financial stocks recovered moderately in afternoon trading, with the NYSE Financial Index riding a 0.3% advance, overcoming an earlier decline, while the SPDR Financial Select Sector ETF was climbing 0.4%. In company news, Finance of America Cos (FOA) was nearly 23% higher late in Tuesday trading, easing from an earlier 31% intra-day peak of $9.57 a share that followed a Raymond James upgrade of the consumer lender to strong buy from outperform previously and also setting a $13.50 price target for the stock. |
30030.0 | 2021-06-12 00:00:00 UTC | 3 Dividend Stocks You Can Trust to Pay You | ABR | https://www.nasdaq.com/articles/3-dividend-stocks-you-can-trust-to-pay-you-2021-06-12 | nan | nan | When searching for dividend stocks, there are a few things you want to consider. Of course you want a company that has an attractive dividend yield, and anything above 2% to 3% is generally considered to be pretty good. High yield isn't everything, though -- you also want to make sure the company has a history of steady earnings growth. Increasing profits provide a company with stability, which allows it to not only make consistent dividend payments, but also to raise those payments on a consistent basis.
These traits are ideal in dividend stocks, and they're why Arbor Realty Trust (NYSE: ABR), Cincinnati Financial (NASDAQ: CINF), and United Bankshares (NASDAQ: UBSI) are all great dividend stocks you can trust to pay you year after year.
Arbor Realty: A REIT with a high yield
Arbor Realty is a real estate investment trust (REIT) focused on the multifamily housing sector, with 81% of its total loan portfolio made up of these loans. The multifamily housing space has high barriers to entry, which gives Arbor Realty a competitive advantage and provides stability to its earnings.
Multifamily loans tend to be less cyclical than single-family housing, which can fluctuate depending on market conditions. In times of recession, individuals are less likely to take out mortgages for single-family units. However, housing is always in need, and those individuals would be more likely to look toward multifamily units to rent. That's why multifamily housing tends to weather recessionary conditions better than single-family housing.
Image source: Getty Images.
Not only that, but multifamily loans are protected against prepayment. This means you don't see a big rush of refinancing in the space when rates are lowered. As a result, earnings don't see such large fluctuations as single-family real estate companies.
Arbor Realty has done a good job of growing its loan portfolio, which is up 29% on a compounded annual basis since 2015. This strong portfolio growth has resulted in net interest income growth of 15% compounded annually and 29% compounded gains in net income since 2015. Thanks to its stellar growth rate, Arbor Realty has increased its dividend payout for nearly a decade straight and pays investors a 7.1% yield to boot -- making it a high-yield dividend stock you can trust.
Cincinnati Financial: A Dividend King
Insurance companies are another good source of income stocks. That's because insurance is a relatively straightforward business -- companies underwrite policies, and if they manage risk properly they make an underwriting profit. With these excess profits, companies put the money to work in the financial market to generate some form of investment income. Insurance companies can be a cash cow and a great source of yield in your portfolio as well, which is why Warren Buffett has often called the insurance industry Berkshire Hathaway's "most important sector."
Cincinnati Financial is a property and casualty insurer that has increased its dividend payout for 61 years straight. This makes it a member of the exclusive Dividend Kings group of stocks. A Dividend King is a company that has increased its dividend payout for at least 50 years straight, and only 27 companies currently hold the title.
The insurer has managed to increase dividends for so many years thanks to its capital management and underwriting profitable policies. Last year, the company posted a combined ratio of 98.1%. Combined ratio is an important measure of profitability in the insurance industry; anything under 100% means you are earning an underwriting profit. In the past five years, Cincinnati Financial has achieved an average combined ratio of 96.1%.
As a result, it has seen its earned premiums grow at a compound annual growth rate of 6.2% -- above average for its industry. Continued growth in premiums coupled with underwriting profitable policies make Cincinnati Financial another trustworthy income stock that yields investors a solid 2.1%.
United Bankshares: The unheralded income stock
United Bankshares isn't a Dividend Aristocrat, but it's not for a lack of increasing its dividends. The regional bank has raised its dividend payout for 47 years straight. The only reason it's not included with the Dividends Aristocrats is because it's not an S&P 500 company -- making this regional bank an under-the-radar dividend stalwart.
Image source: Getty Images.
Last year, it increased net income by 11.1% despite the pandemic. This was boosted by its mortgage banking activity, as well as its expansion into the Carolinas with its purchase of Carolina Financial.
In the first quarter this year, interest income was up 14%, compared to last year, to $206 million. The bank was boosted by a drastic reduction in provision for credit losses as well as income from mortgage banking activities. This helped net income increase 166% over last year to $107 million.
United Bankshares has done a stellar job of increasing net interest income and net income over the past decade as well, achieving compound annual growth rates of 10% and 14%, respectively. Not only that, but it pays out a solid 3.7% dividend yield, making it another solid dividend stock you can trust.
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Courtney Carlsen has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool recommends the following options: long January 2023 $200 calls on Berkshire Hathaway (B shares), short January 2023 $200 puts on Berkshire Hathaway (B shares), and short January 2023 $265 calls on Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | These traits are ideal in dividend stocks, and they're why Arbor Realty Trust (NYSE: ABR), Cincinnati Financial (NASDAQ: CINF), and United Bankshares (NASDAQ: UBSI) are all great dividend stocks you can trust to pay you year after year. The multifamily housing space has high barriers to entry, which gives Arbor Realty a competitive advantage and provides stability to its earnings. With these excess profits, companies put the money to work in the financial market to generate some form of investment income. | These traits are ideal in dividend stocks, and they're why Arbor Realty Trust (NYSE: ABR), Cincinnati Financial (NASDAQ: CINF), and United Bankshares (NASDAQ: UBSI) are all great dividend stocks you can trust to pay you year after year. United Bankshares has done a stellar job of increasing net interest income and net income over the past decade as well, achieving compound annual growth rates of 10% and 14%, respectively. The Motley Fool recommends the following options: long January 2023 $200 calls on Berkshire Hathaway (B shares), short January 2023 $200 puts on Berkshire Hathaway (B shares), and short January 2023 $265 calls on Berkshire Hathaway (B shares). | These traits are ideal in dividend stocks, and they're why Arbor Realty Trust (NYSE: ABR), Cincinnati Financial (NASDAQ: CINF), and United Bankshares (NASDAQ: UBSI) are all great dividend stocks you can trust to pay you year after year. Thanks to its stellar growth rate, Arbor Realty has increased its dividend payout for nearly a decade straight and pays investors a 7.1% yield to boot -- making it a high-yield dividend stock you can trust. United Bankshares: The unheralded income stock United Bankshares isn't a Dividend Aristocrat, but it's not for a lack of increasing its dividends. | These traits are ideal in dividend stocks, and they're why Arbor Realty Trust (NYSE: ABR), Cincinnati Financial (NASDAQ: CINF), and United Bankshares (NASDAQ: UBSI) are all great dividend stocks you can trust to pay you year after year. Thanks to its stellar growth rate, Arbor Realty has increased its dividend payout for nearly a decade straight and pays investors a 7.1% yield to boot -- making it a high-yield dividend stock you can trust. Cincinnati Financial: A Dividend King Insurance companies are another good source of income stocks. |
30031.0 | 2021-05-20 00:00:00 UTC | We Think Some Shareholders May Hesitate To Increase Arbor Realty Trust, Inc.'s (NYSE:ABR) CEO Compensation | ABR | https://www.nasdaq.com/articles/we-think-some-shareholders-may-hesitate-to-increase-arbor-realty-trust-inc.s-nyse%3Aabr-ceo | nan | nan | Performance at Arbor Realty Trust, Inc. (NYSE:ABR) has been reasonably good and CEO Ivan Kaufman has done a decent job of steering the company in the right direction. As shareholders go into the upcoming AGM on 26 May 2021, CEO compensation will probably not be their focus, but rather the steps management will take to continue the growth momentum. However, some shareholders may still be hesitant of being overly generous with CEO compensation.
How Does Total Compensation For Ivan Kaufman Compare With Other Companies In The Industry?
According to our data, Arbor Realty Trust, Inc. has a market capitalization of US$2.7b, and paid its CEO total annual compensation worth US$12m over the year to December 2020. That's a notable increase of 30% on last year. While this analysis focuses on total compensation, it's worth acknowledging that the salary portion is lower, valued at US$1.0m.
On comparing similar companies from the same industry with market caps ranging from US$2.0b to US$6.4b, we found that the median CEO total compensation was US$4.0m. Hence, we can conclude that Ivan Kaufman is remunerated higher than the industry median. What's more, Ivan Kaufman holds US$21m worth of shares in the company in their own name, indicating that they have a lot of skin in the game.
Component 2020 2019 Proportion (2020)
Salary US$1.0m US$1.0m 9%
Other US$11m US$7.9m 91%
Total Compensation US$12m US$8.9m 100%
Talking in terms of the industry, salary represented approximately 17% of total compensation out of all the companies we analyzed, while other remuneration made up 83% of the pie. Arbor Realty Trust sets aside a smaller share of compensation for salary, in comparison to the overall industry. If total compensation is slanted towards non-salary benefits, it indicates that CEO pay is linked to company performance.
NYSE:ABR CEO Compensation May 20th 2021
A Look at Arbor Realty Trust, Inc.'s Growth Numbers
Arbor Realty Trust, Inc.'s earnings per share (EPS) grew 25% per year over the last three years. It achieved revenue growth of 81% over the last year.
Shareholders would be glad to know that the company has improved itself over the last few years. The combination of strong revenue growth with medium-term EPS improvement certainly points to the kind of growth we like to see. Historical performance can sometimes be a good indicator on what's coming up next but if you want to peer into the company's future you might be interested in this free visualization of analyst forecasts.
Has Arbor Realty Trust, Inc. Been A Good Investment?
Most shareholders would probably be pleased with Arbor Realty Trust, Inc. for providing a total return of 151% over three years. So they may not be at all concerned if the CEO were to be paid more than is normal for companies around the same size.
To Conclude...
Given that the company's overall performance has been reasonable, the CEO remuneration policy might not be shareholders' central point of focus in the upcoming AGM. Still, not all shareholders might be in favor of a pay raise to the CEO, seeing that they are already being paid higher than the industry.
We can learn a lot about a company by studying its CEO compensation trends, along with looking at other aspects of the business. In our study, we found 3 warning signs for Arbor Realty Trust you should be aware of, and 1 of them shouldn't be ignored.
Arguably, business quality is much more important than CEO compensation levels. So check out this free list of interesting companies that have HIGH return on equity and low debt.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Performance at Arbor Realty Trust, Inc. (NYSE:ABR) has been reasonably good and CEO Ivan Kaufman has done a decent job of steering the company in the right direction. NYSE:ABR CEO Compensation May 20th 2021 A Look at Arbor Realty Trust, Inc.'s Growth Numbers Arbor Realty Trust, Inc.'s earnings per share (EPS) grew 25% per year over the last three years. According to our data, Arbor Realty Trust, Inc. has a market capitalization of US$2.7b, and paid its CEO total annual compensation worth US$12m over the year to December 2020. | Performance at Arbor Realty Trust, Inc. (NYSE:ABR) has been reasonably good and CEO Ivan Kaufman has done a decent job of steering the company in the right direction. NYSE:ABR CEO Compensation May 20th 2021 A Look at Arbor Realty Trust, Inc.'s Growth Numbers Arbor Realty Trust, Inc.'s earnings per share (EPS) grew 25% per year over the last three years. Hence, we can conclude that Ivan Kaufman is remunerated higher than the industry median. | Performance at Arbor Realty Trust, Inc. (NYSE:ABR) has been reasonably good and CEO Ivan Kaufman has done a decent job of steering the company in the right direction. NYSE:ABR CEO Compensation May 20th 2021 A Look at Arbor Realty Trust, Inc.'s Growth Numbers Arbor Realty Trust, Inc.'s earnings per share (EPS) grew 25% per year over the last three years. According to our data, Arbor Realty Trust, Inc. has a market capitalization of US$2.7b, and paid its CEO total annual compensation worth US$12m over the year to December 2020. | Performance at Arbor Realty Trust, Inc. (NYSE:ABR) has been reasonably good and CEO Ivan Kaufman has done a decent job of steering the company in the right direction. NYSE:ABR CEO Compensation May 20th 2021 A Look at Arbor Realty Trust, Inc.'s Growth Numbers Arbor Realty Trust, Inc.'s earnings per share (EPS) grew 25% per year over the last three years. According to our data, Arbor Realty Trust, Inc. has a market capitalization of US$2.7b, and paid its CEO total annual compensation worth US$12m over the year to December 2020. |
30032.0 | 2021-05-19 00:00:00 UTC | Notable Wednesday Option Activity: ABR, SCCO, AZZ | ABR | https://www.nasdaq.com/articles/notable-wednesday-option-activity%3A-abr-scco-azz-2021-05-19 | nan | nan | Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Arbor Realty Trust Inc (Symbol: ABR), where a total of 7,767 contracts have traded so far, representing approximately 776,700 underlying shares. That amounts to about 52.1% of ABR's average daily trading volume over the past month of 1.5 million shares. Particularly high volume was seen for the $15 strike call option expiring May 21, 2021, with 3,061 contracts trading so far today, representing approximately 306,100 underlying shares of ABR. Below is a chart showing ABR's trailing twelve month trading history, with the $15 strike highlighted in orange:
Southern Copper Corp (Symbol: SCCO) saw options trading volume of 7,522 contracts, representing approximately 752,200 underlying shares or approximately 51.9% of SCCO's average daily trading volume over the past month, of 1.4 million shares. Particularly high volume was seen for the $85 strike call option expiring June 18, 2021, with 1,309 contracts trading so far today, representing approximately 130,900 underlying shares of SCCO. Below is a chart showing SCCO's trailing twelve month trading history, with the $85 strike highlighted in orange:
And AZZ Inc (Symbol: AZZ) options are showing a volume of 717 contracts thus far today. That number of contracts represents approximately 71,700 underlying shares, working out to a sizeable 48.9% of AZZ's average daily trading volume over the past month, of 146,650 shares. Especially high volume was seen for the $60 strike call option expiring May 21, 2021, with 341 contracts trading so far today, representing approximately 34,100 underlying shares of AZZ. Below is a chart showing AZZ's trailing twelve month trading history, with the $60 strike highlighted in orange:
For the various different available expirations for ABR options, SCCO options, or AZZ options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Particularly high volume was seen for the $15 strike call option expiring May 21, 2021, with 3,061 contracts trading so far today, representing approximately 306,100 underlying shares of ABR. Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Arbor Realty Trust Inc (Symbol: ABR), where a total of 7,767 contracts have traded so far, representing approximately 776,700 underlying shares. That amounts to about 52.1% of ABR's average daily trading volume over the past month of 1.5 million shares. | Below is a chart showing ABR's trailing twelve month trading history, with the $15 strike highlighted in orange: Southern Copper Corp (Symbol: SCCO) saw options trading volume of 7,522 contracts, representing approximately 752,200 underlying shares or approximately 51.9% of SCCO's average daily trading volume over the past month, of 1.4 million shares. Below is a chart showing AZZ's trailing twelve month trading history, with the $60 strike highlighted in orange: For the various different available expirations for ABR options, SCCO options, or AZZ options, visit StockOptionsChannel.com. Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Arbor Realty Trust Inc (Symbol: ABR), where a total of 7,767 contracts have traded so far, representing approximately 776,700 underlying shares. | Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Arbor Realty Trust Inc (Symbol: ABR), where a total of 7,767 contracts have traded so far, representing approximately 776,700 underlying shares. Below is a chart showing ABR's trailing twelve month trading history, with the $15 strike highlighted in orange: Southern Copper Corp (Symbol: SCCO) saw options trading volume of 7,522 contracts, representing approximately 752,200 underlying shares or approximately 51.9% of SCCO's average daily trading volume over the past month, of 1.4 million shares. That amounts to about 52.1% of ABR's average daily trading volume over the past month of 1.5 million shares. | Particularly high volume was seen for the $15 strike call option expiring May 21, 2021, with 3,061 contracts trading so far today, representing approximately 306,100 underlying shares of ABR. Below is a chart showing ABR's trailing twelve month trading history, with the $15 strike highlighted in orange: Southern Copper Corp (Symbol: SCCO) saw options trading volume of 7,522 contracts, representing approximately 752,200 underlying shares or approximately 51.9% of SCCO's average daily trading volume over the past month, of 1.4 million shares. Below is a chart showing AZZ's trailing twelve month trading history, with the $60 strike highlighted in orange: For the various different available expirations for ABR options, SCCO options, or AZZ options, visit StockOptionsChannel.com. |
30033.0 | 2021-05-19 00:00:00 UTC | Arbor Realty Trust (ABR) Ex-Dividend Date Scheduled for May 20, 2021 | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-ex-dividend-date-scheduled-for-may-20-2021-2021-05-19 | nan | nan | Arbor Realty Trust (ABR) will begin trading ex-dividend on May 20, 2021. A cash dividend payment of $0.34 per share is scheduled to be paid on June 01, 2021. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. This represents an 3.03% increase over prior dividend payment. At the current stock price of $17.77, the dividend yield is 7.65%.
The previous trading day's last sale of ABR was $17.77, representing a -1.58% decrease from the 52 week high of $18.06 and a 158.25% increase over the 52 week low of $6.88.
ABR is a part of the Consumer Services sector, which includes companies such as Prologis, Inc. (PLD) and Equinix, Inc. (EQIX). ABR's current earnings per share, an indicator of a company's profitability, is $2.47.
For more information on the declaration, record and payment dates, visit the ABR Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
Interested in gaining exposure to ABR through an Exchange Traded Fund [ETF]?
The following ETF(s) have ABR as a top-10 holding:
VanEck Vectors Mortgage REIT Income ETF (MORT)
iShares Trust (REM).
The top-performing ETF of this group is REM with an increase of 16.95% over the last 100 days. MORT has the highest percent weighting of ABR at 4.71%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. ABR is a part of the Consumer Services sector, which includes companies such as Prologis, Inc. (PLD) and Equinix, Inc. (EQIX). For more information on the declaration, record and payment dates, visit the ABR Dividend History page. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. The following ETF(s) have ABR as a top-10 holding: VanEck Vectors Mortgage REIT Income ETF (MORT) iShares Trust (REM). Arbor Realty Trust (ABR) will begin trading ex-dividend on May 20, 2021. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. For more information on the declaration, record and payment dates, visit the ABR Dividend History page. The following ETF(s) have ABR as a top-10 holding: VanEck Vectors Mortgage REIT Income ETF (MORT) iShares Trust (REM). | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. The following ETF(s) have ABR as a top-10 holding: VanEck Vectors Mortgage REIT Income ETF (MORT) iShares Trust (REM). Arbor Realty Trust (ABR) will begin trading ex-dividend on May 20, 2021. |
30034.0 | 2021-05-19 00:00:00 UTC | With EPS Growth And More, Arbor Realty Trust (NYSE:ABR) Is Interesting | ABR | https://www.nasdaq.com/articles/with-eps-growth-and-more-arbor-realty-trust-nyse%3Aabr-is-interesting-2021-05-19 | nan | nan | Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story stocks' without revenue, let alone profit. Unfortunately, high risk investments often have little probability of ever paying off, and many investors pay a price to learn their lesson.
In contrast to all that, I prefer to spend time on companies like Arbor Realty Trust (NYSE:ABR), which has not only revenues, but also profits. While that doesn't make the shares worth buying at any price, you can't deny that successful capitalism requires profit, eventually. In comparison, loss making companies act like a sponge for capital - but unlike such a sponge they do not always produce something when squeezed.
How Fast Is Arbor Realty Trust Growing?
As one of my mentors once told me, share price follows earnings per share (EPS). That makes EPS growth an attractive quality for any company. Impressively, Arbor Realty Trust has grown EPS by 25% per year, compound, in the last three years. As a general rule, we'd say that if a company can keep up that sort of growth, shareholders will be smiling.
I like to take a look at earnings before interest and (EBIT) tax margins, as well as revenue growth, to get another take on the quality of the company's growth. Not all of Arbor Realty Trust's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers I've used might not be the best representation of the underlying business. Arbor Realty Trust maintained stable EBIT margins over the last year, all while growing revenue 81% to US$572m. That's a real positive.
In the chart below, you can see how the company has grown earnings, and revenue, over time. Click on the chart to see the exact numbers.
NYSE:ABR Earnings and Revenue History May 19th 2021
You don't drive with your eyes on the rear-view mirror, so you might be more interested in this free report showing analyst forecasts for Arbor Realty Trust's future profits.
Are Arbor Realty Trust Insiders Aligned With All Shareholders?
Like standing at the lookout, surveying the horizon at sunrise, insider buying, for some investors, sparks joy. This view is based on the possibility that stock purchases signal bullishness on behalf of the buyer. However, insiders are sometimes wrong, and we don't know the exact thinking behind their acquisitions.
For the sake of balance, I do note Arbor Realty Trust insiders sold -US$118k worth of shares last year. But that is far less than the large US$177k share acquisition by Lead Independent Director William Green.
Along with the insider buying, another encouraging sign for Arbor Realty Trust is that insiders, as a group, have a considerable shareholding. With a whopping US$66m worth of shares as a group, insiders have plenty riding on the company's success. This should keep them focused on creating long term value for shareholders.
Is Arbor Realty Trust Worth Keeping An Eye On?
Given my belief that share price follows earnings per share you can easily imagine how I feel about Arbor Realty Trust's strong EPS growth. The cranberry sauce on the turkey is that insiders own a bunch of shares, and one has been buying more. So I do think this is one stock worth watching. Even so, be aware that Arbor Realty Trust is showing 3 warning signs in our investment analysis , and 1 of those is a bit unpleasant...
There are plenty of other companies that have insiders buying up shares. So if you like the sound of Arbor Realty Trust, you'll probably love this free list of growing companies that insiders are buying.
Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In contrast to all that, I prefer to spend time on companies like Arbor Realty Trust (NYSE:ABR), which has not only revenues, but also profits. NYSE:ABR Earnings and Revenue History May 19th 2021 You don't drive with your eyes on the rear-view mirror, so you might be more interested in this free report showing analyst forecasts for Arbor Realty Trust's future profits. So if you like the sound of Arbor Realty Trust, you'll probably love this free list of growing companies that insiders are buying. | In contrast to all that, I prefer to spend time on companies like Arbor Realty Trust (NYSE:ABR), which has not only revenues, but also profits. NYSE:ABR Earnings and Revenue History May 19th 2021 You don't drive with your eyes on the rear-view mirror, so you might be more interested in this free report showing analyst forecasts for Arbor Realty Trust's future profits. While that doesn't make the shares worth buying at any price, you can't deny that successful capitalism requires profit, eventually. | In contrast to all that, I prefer to spend time on companies like Arbor Realty Trust (NYSE:ABR), which has not only revenues, but also profits. NYSE:ABR Earnings and Revenue History May 19th 2021 You don't drive with your eyes on the rear-view mirror, so you might be more interested in this free report showing analyst forecasts for Arbor Realty Trust's future profits. Along with the insider buying, another encouraging sign for Arbor Realty Trust is that insiders, as a group, have a considerable shareholding. | In contrast to all that, I prefer to spend time on companies like Arbor Realty Trust (NYSE:ABR), which has not only revenues, but also profits. NYSE:ABR Earnings and Revenue History May 19th 2021 You don't drive with your eyes on the rear-view mirror, so you might be more interested in this free report showing analyst forecasts for Arbor Realty Trust's future profits. For the sake of balance, I do note Arbor Realty Trust insiders sold -US$118k worth of shares last year. |
30035.0 | 2021-05-13 00:00:00 UTC | Thursday's ETF Movers: REM, COPX | ABR | https://www.nasdaq.com/articles/thursdays-etf-movers%3A-rem-copx-2021-05-13 | nan | nan | In trading on Thursday, the iShares Mortgage Real Estate ETF (REM) is outperforming other ETFs, up about 2.4% on the day. Components of that ETF showing particular strength include shares of Arbor Realty Trust (ABR), up about 4.3% and shares of Cherry Hill Mortgage Investment (CHMI), up about 3.5% on the day.
And underperforming other ETFs today is the Copper Miners ETF (COPX), down about 3% in Thursday afternoon trading. Among components of that ETF with the weakest showing on Thursday were shares of Turquoise Hill Resources (TRQ), lower by about 16.5%, and shares of Hudbay Minerals (HBM.CA), lower by about 5.4% on the day.
VIDEO: Thursday's ETF Movers: REM, COPX
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Components of that ETF showing particular strength include shares of Arbor Realty Trust (ABR), up about 4.3% and shares of Cherry Hill Mortgage Investment (CHMI), up about 3.5% on the day. Among components of that ETF with the weakest showing on Thursday were shares of Turquoise Hill Resources (TRQ), lower by about 16.5%, and shares of Hudbay Minerals (HBM.CA), lower by about 5.4% on the day. VIDEO: Thursday's ETF Movers: REM, COPX The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Components of that ETF showing particular strength include shares of Arbor Realty Trust (ABR), up about 4.3% and shares of Cherry Hill Mortgage Investment (CHMI), up about 3.5% on the day. And underperforming other ETFs today is the Copper Miners ETF (COPX), down about 3% in Thursday afternoon trading. Among components of that ETF with the weakest showing on Thursday were shares of Turquoise Hill Resources (TRQ), lower by about 16.5%, and shares of Hudbay Minerals (HBM.CA), lower by about 5.4% on the day. | Components of that ETF showing particular strength include shares of Arbor Realty Trust (ABR), up about 4.3% and shares of Cherry Hill Mortgage Investment (CHMI), up about 3.5% on the day. In trading on Thursday, the iShares Mortgage Real Estate ETF (REM) is outperforming other ETFs, up about 2.4% on the day. Among components of that ETF with the weakest showing on Thursday were shares of Turquoise Hill Resources (TRQ), lower by about 16.5%, and shares of Hudbay Minerals (HBM.CA), lower by about 5.4% on the day. | Components of that ETF showing particular strength include shares of Arbor Realty Trust (ABR), up about 4.3% and shares of Cherry Hill Mortgage Investment (CHMI), up about 3.5% on the day. In trading on Thursday, the iShares Mortgage Real Estate ETF (REM) is outperforming other ETFs, up about 2.4% on the day. And underperforming other ETFs today is the Copper Miners ETF (COPX), down about 3% in Thursday afternoon trading. |
30036.0 | 2021-05-07 00:00:00 UTC | Arbor Realty Trust (ABR) Q1 2021 Earnings Call Transcript | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-q1-2021-earnings-call-transcript-2021-05-08 | nan | nan | Image source: The Motley Fool.
Arbor Realty Trust (NYSE: ABR)
Q1 2021 Earnings Call
May 07, 2021, 10:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good morning, ladies and gentlemen, and welcome to the first-quarter 2021 Arbor Realty Trustearnings conference call [Operator instructions] I would now like to hand the conference over to your speaker today, Mr. Paul Elenio, chief financial officer. Please go ahead.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Chris. And good morning everyone, and welcome to the quarterlyearnings callfor Arbor Realty Trust. This morning, we will discuss the results for the quarter ended March 31, 2021.
With me on the call today is Ivan Kaufman, our president and chief executive officer. Before we begin, I need to inform you that statements made in thisearnings callmay be deemed forward-looking statements that are subject to risks and uncertainties including information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. These statements are based on our beliefs, assumptions, and expectations of our future performance taking into account the information currently available to us. Factors that could cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports.
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Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today. Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrences of unanticipated events. I'll now turn the call over to Arbor's president and CEO, Ivan Kaufman.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Paul, and thanks to everyone for joining us on today's call. We're very excited today to discuss our outstanding first-quarter results and the significant success we've had in continuing to build on the tremendous momentum we created in 2020. As we mentioned on our last call, we've been the top-performing REIT in this space for almost five years in a row, and we're extremely confident that we would be able to continue that success in 2021. Our exceptional first quarter results continue to demonstrate our unique ability to consistently deliver outsized returns in every market cycle through our diverse operating platform.
One of our primary goals for 2021 was to join the dividend elite club of 10 straight years of dividend growth. We are very pleased to have accomplished that goal by increasing our dividend to $0.34 a share this quarter. This is our fourth consecutive quarterly dividend increase and our 20th increase in the last 10 years, all while continuing to maintain the lowest dividend payout ratio in the industry. We built a viable operating platform, focusing on the right asset classes with very stable liability structures, an active balance sheet, GSE agency business, private label program, and single-family rental platform, and many diversified income streams that generate strong earnings and dividends in every market cycle.
I can't stress enough the importance of having multiple products with diverse income streams, and that is why we believe we should consistently trade at a substantial premium to our peer group. To further highlight our incredible success, I would like to talk about the significant growth we experienced in the first quarter in all areas of our business and how well-positioned we are to continue this success going forward. As Paul will discuss in more detail, our first-quarter financial results were once again very remarkable. We produced distributable earnings of $0.52 per share, which is an incredible accomplishment and well in excess of our current dividend, representing a payout ratio of just around 65%.
Our ability to consistently generate exceptional results and increase our dividend is a true testament to the value of our franchise and the many diversified income streams we have created. We continue to realize significant benefits from many areas of our diverse platform, including continued growth in our GSE agency platform that produces strong margins and increased servicing fees, strong contributions from our private label program, record growth, and significant benefits from the size and scale of our balance sheet business as well as superior execution in our liability structures. Strong performance of our multifamily focused portfolios with very few delinquencies and extremely low forbearances and substantial income from our residential business. And these reoccurring benefits, combined with our versatile originations platform, strong pipeline, and credit quality of our portfolio puts us in a unique position to be able to continue to produce significant distributable earnings going forward as we are extremely well-positioned for future growth and success.
A little over a year ago, we made a commitment to build out a premier single-family rental platform. We believe the single-family rental space is as big as the multifamily lending market and is a phenomenal business with enormous opportunities in the bridge, permanent lending, and build-to-rent products. We made considerable progress in growing out this platform and are committed to being a leader in the space. We are very pleased with the significant growth we are seeing in our pipeline of opportunity by leveraging off of our existing originations capacity and capabilities.
In the first quarter, we closed $162 million of single-family rental product and currently have well over $1 billion of additional deals in our pipeline, making us very optimistic about the growth in this segment of our business. We also believe we are the leader in the single-family build-to-rent space, which provides us with opportunities to originate construction, bridge, and permanent loans on the same transactions. Again, we are very excited about the growth in this platform and are confident this business will be a significant driver of yet another income stream, further diversifying our lending platform. We also continue to experience significant growth in our GSE agency platform and are seeing increased momentum in our private label product as well.
We originated $1.25 billion in agency loans in the first quarter and $1.4 billion, including our private label business, which is up from $800 million in agency originations and $1.1 billion, including private label for the first quarter of last year. Equally as important, we have a very robust pipeline, giving us confidence in our ability to produce significant agency volumes for the balance of the year. Our GSE agency platform continues to offer a premium value as it requires limited capital and generate significant long-dated, predictable income streams, and produces significant annual cash flow. Additionally, our $25.5 billion GSE agency servicing portfolio, which has grown 26% in the last year is mostly prepayment-protected and generates $117 million a year and growing in reoccurring cash flow, which is up 33% from $88 million annually last year.
This is in addition to the strong gain on sale margins, we continue to generate from our origination platform, which combined with new and increased servicing revenues, will continue to contribute greatly to our earnings and dividends. We're seeing tremendous growth in our balance sheet business as we -- as our deal flow has greatly exceeded our expectations. We have already grown our balance sheet loan book 14% in the first quarter to $6.3 billion on $1 billion in new originations, and we have a very robust pipeline, which will allow us to meaningfully grow our loan book for the balance of the year. This unprecedented growth will significantly increase our run rate of net interest income going forward.
And very importantly, these balance sheet loans also create a substantial pipeline of future GSE agency origination volumes and long-dated servicing revenues, further increasing our future earnings and dividends. Additionally, we are very successful in raising $150 million of common equity in the first quarter and issuing $175 million of five year, 5% unsecured debt last week, which will allow us to fund our growing pipeline of loans and investments to be extremely accretive to our future earnings and dividends. In fact, once this capital is fully deployed, we estimate it will be $0.06 to $0.08 accretive to annual earnings rate. And for every $100 million of capital we raise in the future, at these prices, we estimate we will grow our annual earnings and dividend by an additional $0.02 to $0.03 a share.
Another area of emphasis and one of key business strategies is the financing of our high-quality balance sheet portfolio with the appropriate liability structures. We have consistently been the leader in the CLO securitization market, and we were once again very successful in closing our 14th CLO in the first quarter totaling $785 million with very favorable terms, including higher leverage, reduced pricing, enhanced flexibility, and a two and a half year replenishment feature. The continued utilization of these vehicles have contributed greatly to our success by allowing us to appropriately match fund our assets with nonrecourse, non-mark-to-market, long-term dated and generate very attractive levered returns on our capital and provide us with a rock-solid balance sheet. It is also very important to stress that over 90% of our book are senior bridge loans.
And more importantly, 83% of our portfolio is in multifamily assets, which has been the most resilient asset class in all cycles and continues to significantly outperform all other asset classes in this cycle as well. In summary, we had an exceptional quarter, and we are well-positioned to have another outstanding year in 2021. We have a versatile operating platform that is multifamily centric, with a strong pipeline, significant servicing income, sizable balance sheet portfolio, single-family rental platform, and residential mortgage business, providing us with many diverse and growing business lines that position us exceptionally well for continued future success. And as a result, we are confident that we will continue to outperform our peers and preserve our long-term history of being the best-performing company in our space.
I will now turn this call over to Paul who'll take you through the financial results.
Paul Elenio -- Chief Financial Officer
OK. Thanks, Ivan. As Ivan mentioned, we had another exceptional quarter, producing distributable earnings of $75 million or $0.52 per share for the first quarter. These results once again translated into industry high ROEs of approximately 20% for the first quarter, which was up 50% from the first quarter last year, and have allowed us to increase our dividend run rate to $1.36 a share.
Our financial results continue to benefit greatly from many aspects of our diverse business model, including significant growth in our agency and balance sheet business platforms that produce substantial gain on sales margins, long-dated servicing income and strong levered returns on our capital, the substantial income we continue to generate from our residential banking joint venture and the credit quality of our portfolio. As we mentioned earlier, we did another phenomenal quarter from our residential banking business, we recorded approximately $22 million of income from this investment in the first quarter, which contributed approximately $0.13 a share on a tax-effected basis to our distributable earnings. The income from this investment was higher than we expected in the first quarter, mainly due to entering into an agreement with one of our key principals to purchase a portion of our future ownership interest at a premium, which accounted for approximately $11 million of additional income allocated to us in the first quarter. As a result of this transaction, we will receive approximately 9% of all income from this business on a go-forward basis.
The income from this investment continues to emphasize the diversity of our income streams and acts as a natural hedge against declining interest rates, specifically earnings on our escrow balances. While this investment will continue to contribute to our distributable earnings going forward, as expected, we are seeing some normalization in volumes and margins in the business, which started in March, and we believe this trend could continue for the balance of the year. Our adjusted book value at March 31 was approximately $10.86 a share, adding back roughly $62 million of noncash general CECL reserves on a tax-affected basis. This is up 5% from approximately $10.35 a share last quarter, largely due to our first quarter capital raise as well as the significant earnings we generated in the first quarter that were well in excess of our dividend.
And as a reminder, we have very little exposure to the asset classes that have been affected the most by the recession, such as retail and hospitality. Our total exposure to these asset classes is approximately $200 million or 4% of our portfolio. We also believe we have adequately reserved for these assets and do not feel at this point that a material further impairment will be necessary, which gives us confidence that our adjusted book value accurately reflects the current impact of the recession. Looking at the results from our GSE agency business, we originated $1.25 billion in loans and recorded $1.8 billion in loan sales in the first quarter.
The margins on our GSE agency loan sales was up to approximately 1.47% in the first quarter from 1.41% in the fourth quarter. In the first quarter, we recorded $37 million of mortgage servicing rights income related to $1.5 billion of committed loans, representing an average MSR rate of around 2.53%, compared to 2.45% last quarter. And as Ivan mentioned, we've also seen an uptick in our private label business, originating $150 million of new product in the first quarter. Our servicing portfolio also grew another 3% this quarter to $25.5 billion at March 31, with a weighted average servicing fee of 46 basis points and an estimated remaining life of 9 years.
This portfolio will continue to generate a predictable annuity of income going forward of around $117 million gross annually, which is up approximately $29 million or 33% on an annual basis from the same time last year. Additionally, prepayment fees related to certain loans that have yielded maintenance provisions was approximately $2.7 million for both the first quarter and fourth quarters. We also continue to see very positive trends related to our GSE agency business collections, which we believe reflects the strength of our borrowers and the quality of our GSE agency portfolio. We only have a handful of delinquent loans outstanding and extremely low forbearance numbers in our portfolio through March.
Loans in forbearance represent less than 0.4% of our $19.1 billion Fannie book and around 5.25% of our $4.8 billion Freddie loan book, which is actually down slightly since January as we've had very few new requests for forbearances in the last several months. And as a result of these extremely low forbearance numbers, we also have no material unrecovered servicing advances outstanding. In our balance sheet lending operation, we had substantial growth, growing our portfolio 14% to $6.3 billion in the first quarter on over $1 billion of new originations. Our $6.3 billion investment portfolio had an all-in yield of 5.64% at March 31, compared to 5.8% at December 31, mainly due to higher rates on runoff as compared to new originations during the quarter.
The average balance in our core investments was up to $5.9 billion this quarter from $5.1 billion last quarter, mainly due to the significant growth we experienced in both the fourth and first quarters. The average yield in these investments was 5.72% for the first quarter compared to 6.04% for the fourth quarter, mainly due to more acceleration of fees from early runoff in the fourth quarter and higher interest rates on runoff as compared to originations in the first quarter. Total debt on our core assets was approximately $5.6 billion at March 31, with an all-in debt cost of approximately 2.9%, compared to a debt cost of around 3.03% at December 31. The average balance on our debt facilities was up to approximately $5.2 billion for the first quarter from $4.6 billion for the fourth quarter, again, mostly due to financing the growth in our portfolio.
And the average cost of funds in our debt facilities decreased to 2.99% for the first quarter from 3.05% for the fourth quarter. Overall, net interest spreads in our core assets decreased to 2.73% this quarter, compared to 2.99% last quarter, again, mainly due to yield compression on new originations as compared to runoff and less acceleration of fees from early runoff this quarter. And our overall spot net interest spreads were relatively flat at 2.74% at March 31 and 2.77% at December 31. Lastly, the average leverage ratio on our core lending assets, including the trust preferreds and perpetual preferred stock as equity, was down to 83% in the first quarter from 85% in the fourth quarter, and our overall debt-to-equity ratio on a spot basis was flat at 3.0:1 for both March 31 and December 31, excluding general CECL reserves.
That completes our prepared remarks for this morning. And I'll now turn it back to the operator to take any questions you may at this time. Chris?
Questions & Answers:
Operator
[Operator instructions] And our first question comes from Steve Delaney from JMP Securities. Please go ahead.
Steve Delaney -- JMP Securities -- Analyst
Good morning, Ivan and Paul. Congrats on a strong report overall and especially the latest dividend hike to $0.34. I looked back at our model this morning and from AIR records, and I think they're accurate. You've now doubled your dividend since the $0.17 paid in the fourth quarter of 2016.
So just a bit over four years, so quite an accomplishment. As far as Q&A, Ivan, I could tell the enthusiasm in your SFR and B2R initiative, could you just give us an update on that program in terms of -- I understand it's carried in the structured business currently. But how large are the outstanding loans on the books at March 31, and how do the returns on these compare to your traditional bridge loan product?
Ivan Kaufman -- President and Chief Executive Officer
So we think the build-to-rent space is a phenomenal space, and I'm intent on dominating that space and personally active in relationship building. What we like about the business is it has three components. The first one is the construction element, which is a little bit more complicated, it requires a balance sheet and real entrepreneurial capability. And that's the initial phase.
We're generally pricing those loans for levered returns of low to mid-teens, but that's just the beginning of the story. The real benefit is transitioning them to a bridge loan and they look very much like a multifamily loan and give us the same kind of returns. And then we exit those through our private label program or sometimes through the agencies. So we get what we call a free bite to the apple with each product, and it creates long-dated revenue streams.
The other aspects are just doing scattered sites, floating-rate loans or fixed-rate loans. That's a little bit more of a competitive market, and we're fairly active in that as well. Relative to what's on the balance sheet and what's in the pipeline, Paul, I'm going to transition that to you on what we've done year to date.
Paul Elenio -- Chief Financial Officer
Yes. Sure. And thanks, Steve, for the compliments, I think what we've accomplished has been extraordinary as well. As far as where the numbers land on the balance sheet and kind of the different pieces, as Ivan laid out, we've got several pieces of this business.
We have a permanent side of the business, as you know. Some of that is fixed-rate loans, which we did have a little bit of a sale this quarter on some inventory we had in our balance sheet. That will go through the agency business because it's being sold kind of into the market as individual sales, and we'll carry that for our agency business. It hasn't been big yet, but that's where that will go.
The rest of the business, the permanent variable rate loans that we're swapping out and pooling for securitization, kind of like a CLO or a private label securitization, that will end up on the structured side of the business and has. And then you've got the build-to-rent and the bridge loans. So all that being said, where we're at is we have about $190 million sitting in our balance sheet business, which is comprised of bridge, funded build-to-rent, and permanent execution that's variable rate. Keep in mind, though, we've done about $350 million of build-to-rent deals and only about $40 million of that has been funded.
So there's about $300 million that's unfunded that we've committed to and we disclosed in our filings, but as we fund those advances, it will continue to add to the balance sheet portfolio on the structured side.
Steve Delaney -- JMP Securities -- Analyst
And the -- we saw an increase in private label, $152 million in the quarter or at least that's what -- in terms of originations. Now are some of those single-family rental, fixed-rate loans. They are not?
Ivan Kaufman -- President and Chief Executive Officer
No. No. Those are just pure fixed rate loans. And that's a good lead in because what you'll see, and this is one of the benefits of the way we run our company, is as you're fully aware from some of the other people you cover, there are -- agency originations were quite soft in the first quarter.
We look at it a little bit holistically. It's just a matter of where we're going to originate, whether it be originate, whether it be agency, whether it be private label, whether it be bridge. And depending on the appetite of the agencies, we may do more private label or more bridge. And that's what makes our franchise so unique in the sense, it's just a matter of which pocket the originations go into.
Overall, we look at the overall, not the particular segment.
Steve Delaney -- JMP Securities -- Analyst
Understood.
Paul Elenio -- Chief Financial Officer
And the overall -- and, Steve, just to give some numbers to that, the overall for the quarter between the agency, private label, and balance sheet, we did $2.5 billion of transactions this quarter. If you go back to this time last year, in the first quarter, which was largely pre-pandemic, if you remember, we did about $2 billion. So we're up 28% over last year's numbers which were pre-pandemic. So this growth has been pretty exceptional.
Steve Delaney -- JMP Securities -- Analyst
One final thing, Ivan. We're looking -- it's early in the year, but we are working with lower caps on the GSEs on multifamily -- kind of awkward, but I call $70 billion, lower than $80 billion. You know what I'm talking about. But Fannie Mae totally blew through in the first quarter, it did $21.5 billion versus $17.5 billion, so $4 billion over.
I'm thinking as we get into the second half of the year, these seem pretty firm when they -- when collaborator put these in place, that he wanted them down and he wanted more affordable. Is this going to play into -- I know the private label that you did was not necessarily focused on this. But could we see, by the second half of this year, another opportunity for you to aggregate private label multifamily and do a second CMBS transaction?
Ivan Kaufman -- President and Chief Executive Officer
Without a question. I mean, while the first quarter was strong, it was really as a result of a strong January. The agencies backed off and February and March were actually much lighter than anticipated. And that's when we started gaining a lot of momentum on our private label.
So we've gained considerable momentum, and I think it will be an active part of our business for all of 2021. And also, we don't see that backing off. We see the agencies having cap issues. We see a greater level of affordability, which you know we play in very big.
So we think our private label is going to be a great part of our story.
Steve Delaney -- JMP Securities -- Analyst
Thank you both for the comments.
Ivan Kaufman -- President and Chief Executive Officer
Thanks, Steve.
Operator
And our next question comes from Lee Cooperman from Omega Family Office. Your line is open.
Lee Cooperman -- Omega Family Office -- Investor
I hesitate to add any complements to supplement the prior questioner. But let me just say that I've been involved with the company. Actually since the IPO and very heavily for the last decade, and have to complement you on the movement into multiple product lines, the CLOs that you managed to issue. I think you've been very masterful in running the company.
What should I worry about? What worries you at night? What keeps you up?
Ivan Kaufman -- President and Chief Executive Officer
Clearly, when you're growing a business, there's always a lot to worry about. But I want to reflect on one thing that we're one of the only companies in our space that didn't suffer any dilution going through the financial dislocation that just occurred.
Lee Cooperman -- Omega Family Office -- Investor
You actually bought your stock back at the lows.
Ivan Kaufman -- President and Chief Executive Officer
We did. We did. Most people were getting rescue capital. So we would keep an eye on our liquidity.
We would keep an eye on our liability structures. Those are critical because we always go through a downturn. And as long as you have the right liability structures in place and good credit quality, you'll manage with those dislocations. And we want to have as much liquidity as possible.
I mean looking back on it, Lee, I guess, not having had to issue equity, I would have loved to have bought back more stock. So for us, we focus on our liability structures, and we focus on our liquidity. And most significantly, we will focus on our ability to manage our portfolio, which is outstanding. So those are the things that we focus on, so we don't lose too much sleep.
Lee Cooperman -- Omega Family Office -- Investor
Well, congratulations on your performance. Stay well. I lose sleep because of my prostate not because of Arbor Realty.
Ivan Kaufman -- President and Chief Executive Officer
Thanks, Lee. Stay healthy.
Operator
And our next question comes from Charlie Arestia from J.P. Morgan. Please go ahead.
Charlie Arestia -- J.P. Morgan -- Analyst
Hey. Good morning, Ivan and Paul. Thanks for taking the question today. We've heard a lot recently about there being a lot of capital chasing after multifamily and industrial properties lately, sort of a flight to quality post COVID, broader unknowns around office and hospitality and more of the known issues with retail.
Obviously, multifamily is most relevant to Arbor by a wide margin. But Ivan, would love to get your view on what you're seeing out there in terms of competition for your core assets. If you're seeing that competition pick up recently as more of your peers have gotten more comfortable deploying capital than maybe a quarter or two ago.
Ivan Kaufman -- President and Chief Executive Officer
The competition is fierce. I mean, it's actually greater now than it was pre-pandemic. And even a lot of the people who got hurt are back and being very aggressive. So there's no question there's a lot of compression on our pricing, but trying to make that up on the debt side.
And we do have a franchise. And so we do have a lot of momentum. We did bulk up in the fourth quarter and first quarter to kind of get ahead. So we have good spreads in place.
We'll work on our liability structures and keep an eye on credit. And I think one of the other things we're going to focus on very, very, very precisely is that for the loans we do put on our balance sheet, we're going to try and turn them as much as we can into agency and pick up the back end fees and reduce our risk on some of the loans on our books. But make no mistake about it. It's an extraordinarily aggressive environment right now.
Charlie Arestia -- J.P. Morgan -- Analyst
And look, we're sitting here in the first week of May. Obviously, agency originations came back down to earth a little bit this quarter. Curious, if you can give us a sense of where volumes might shake out for the year, given what the pipeline looks like, and you guys typically have pretty good visibility into that. I think we all realize that 2020 was certainly an unusual year, but wondering how '21 volumes might compare to your pre-COVID annual numbers.
Ivan Kaufman -- President and Chief Executive Officer
So as I mentioned a little earlier, the agencies, while they had a great January, they did back off their price and lost some market share. They're starting to get aggressive again. So I think it's going to be a pretty good year. I'll let Paul comment a little bit on the numbers.
We are seeing growth in our private label segment of our business, which when the agencies widen out a little bit, then that segment will pick up. I think from a holistic basis, we'll probably do fairly consistently what we did last year. The mix may be a little different between private label and between the agency side. Paul, you want to fill in some of the numbers?
Paul Elenio -- Chief Financial Officer
Yes. Sure. So, Charlie, good question, and I'll give you some color. And as Ivan said, the agencies were a little light in February, March and even into April, but our pipeline has gotten really, really big.
So just some context around that. We did about 300 -- with private label, we did about $365 million of agency and private label in April, but we have over a $2 billion pipeline right now in agency and private label. So it's starting to pick up again. And our balance sheet business has grown dramatically, as you've seen.
And in the month of April, we did another $450 million of balance sheet product. We did have about $350 million of runoff. There was a couple of deals that ran off a little larger. So the growth was about $100 million.
But I guess the way we look at it is exactly the way Ivan's laid this out. We've got multiple pockets, multiple different products. And I think we will be higher than we were last year on total volume, but the mix will change, right, because we'll have a little bit less, maybe on the agency, a little bit more private label, and certainly more origination volume on the balance sheet side. So that's the kind of way we look at it.
And again, we have the ability to go in all different areas of our business lines. The unknown is runoff. And as Ivan mentioned, we're laser-focused on recapturing as much of the runoff as we can. We've always been a firm that's prided ourselves on portfolio retention.
And on the balance sheet side, we've been doing mostly multifamily bridge loans of late. And in the last two quarters, we've recaptured more than 50% of the runoff on the balance sheet side into agency and APL product. So that's the way we manage the business. I think, as Ivan said, we'll probably come in right around we were last year.
The mix will just be a little different, and we're excited about.
Charlie Arestia -- J.P. Morgan -- Analyst
Got it. Thank you both so much for the color.
Operator
And our next question comes from Stephen Laws from Raymond James. Your line is open.
Stephen Laws -- Raymond James -- Analyst
Good morning. And as previous people say, congrats on another strong quarter. So like that's -- every quarter, it's a great run. You guys have done a lot of hard work.
To follow-up on the previous comments, Ivan, on the private label, as you see that mix shift, do you have enough track record in the private label side to know kind of your margins and gain on sale there? And if you see a decline in the Fannie business, which I think has some higher margins than the other, is that going to be offset? Or how do we think about that changing on a weighted basis as the mix shifts?
Ivan Kaufman -- President and Chief Executive Officer
So the first private-label securitization is always the hardest. And what we were really pleased about, it was well-received. And we were a little nervous because with the pandemic hitting and potential credit issues, we didn't want any -- have a misstep. So we're very pleased to say that the portfolio performed perfectly, and the market is really expecting us to come back to market.
And I think that second execution is going to be even better than our first, which did very well. So we think it will do very well. Paul can comment more on the margin side of the business, but we feel really comfortable that, that's just another product in line with similar execution to how we have it on the agency side of the business.
Paul Elenio -- Chief Financial Officer
Yes. And, Stephen, I think that's right. It will change a little bit depending on market. We'll aggregate, as Ivan said, for another securitization.
Obviously, we're swapping out what we can to protect our spreads. And I've always guided this business from a low of 101.35 to a high of 101.50 on the margin. And I think that's where we've been coming in consistently. Could the private label business do a little better in some of our securitizations? Yes.
But I think it will blend all to around there. If it surprises us on the upside, that's great. But I don't think the move in mix from agency to private label will change our margins dramatically overall on a weighted basis.
Stephen Laws -- Raymond James -- Analyst
Two questions just kind of around the higher rate, the move-in rates we've seen. First, on the servicing side, how sensitive is that? How much duration is that at? If rates moved up, would that extend the life of those cash flows even further? And how much so? Or is it less sensitive than what you might see on resi MSRs? And secondly, does it give you an opportunity to earn a higher return on your escrow balances? How is that invested? If so, how much incremental return can you generate there?
Paul Elenio -- Chief Financial Officer
Yes. So, Ivan, I don't know if you want me to take that?
Ivan Kaufman -- President and Chief Executive Officer
Go ahead, Paul. You take it.
Paul Elenio -- Chief Financial Officer
Yes. I think that's right. The MSRs that we generate is substantially different, as you know, Stephen, to resi, because most of what we're doing is 10 to 12 to 15-year paper that has yield maintenance provisions and lockouts to about six months prior to maturity. So this stuff is very sticky, and that's what we love about this business.
There are times people pay off early. You see we get prepayment fees. They make holes on the yield maintenance. But I think it's less rate-sensitive, as you said, than resi.
That being said, if rates move and it makes sense for somebody to redo a deal, we'll be there to recapture that deal, and we'll also get it on the back end on the maintenance side. The second part of your question was --
Stephen Laws -- Raymond James -- Analyst
Escrow returns on the spread.
Paul Elenio -- Chief Financial Officer
Yes. So we're sitting with about $1.4 billion in escrow balances right now. And clearly, they're earning far less than they were earning in the past, as you know, because of where rates have gone. And we've had some natural hedges against that with the run-up in our resi business.
But yes, I mean, if rates move up substantially, we're going to see an increase in our escrow balances. That could be offset by the fact that we've got certain loans in our portfolio with LIBOR floors that may not fully kick in. But yes, clearly, on the escrow side, you could see a real run up. I think we're earning about $5 million and annually on our escrow balances right now.
That number was $15 million, $16 million, $17 million when rates were higher a couple of years ago. So there's obviously tremendous room for expansion there if rates were to run.
Stephen Laws -- Raymond James -- Analyst
Yes. Yes. Great. Well, that's helpful color.
Thanks for the comments, Paul. Appreciate it.
Operator
And our next question comes from Jade Rahmani with KBW.
Ryan Tomasello -- KBW -- Analyst
This is Ryan Tomasello on for Jade. Just in terms of the SFR business, clearly, there's a nice opportunity there. I was curious, Ivan, if you think that there will be an additional amount of investment required to build out that platform. I know you've already spent some capital in that space, but curious, based on the outlook, if you think you'd like to spend more there.
And as a follow-up to that, are there any interesting M&A opportunities to support the build-out of that SFR lending business?
Ivan Kaufman -- President and Chief Executive Officer
So on the build-out, it's actually a pretty good question because we were initially building it out at a totally separate and dedicated unit. And we came to the conclusion that we can actually integrate it into our existing structure and have it aligned and part of our existing structure. And when it comes to the build-to-rent unit, most of the operational structure and credit decisions are being made by the same bridge group. So we're able to create enormous efficiencies and the same efficiencies on the origination side.
So it won't cost us as much. We actually adjusted that when we started. So there won't be that much incremental overhead other than on an executive level, which we pretty much have a full complement of executives that we need to create that. In terms of acquisition opportunities, I don't really see that many acquisition opportunities at the moment.
We saw a few. We passed on them. We felt building them up better would be more interesting. I think it's more a commitment of our executive talent to create the relationships and the infrastructure, which we're very, very pleased with our growth.
As Paul mentioned earlier, we have a pipeline of almost $1 billion that we think we can close over the next 12 months. And that ramps up because a lot of the build-to-rent takes 24 months to deploy that money. And then even with the $1 billion that we put out, it's going to take probably two years to get that money fully deployed. So we're pretty pleased with all the elements that we have in place at the moment.
Ryan Tomasello -- KBW -- Analyst
And then, Ivan, in terms of -- or maybe for Paul, rather, in terms of the residential mortgage JVs, just sifting through the puts and takes there with the volume normalization, coupled with the partial sell-down of your stake, what do you think is a meaningful baseline for our models over the next few quarters with that business? Just so that we're all on the same page here in terms of the reasonableness of expectations.
Paul Elenio -- Chief Financial Officer
Sure. So this is the hardest thing we talk about every quarter, right, because this business has surprised us on the upside every single quarter. But yes, as I mentioned in my commentary, we did have some excess income during the quarter from the sell-down of a piece of our interest. So if you normalize that, it was probably $10 million, $11 million.
There certainly has been some margin compression and some normalization of volumes as we all expected, and we saw it in the public companies as well that you guys all follow. April was probably one of our lower points at this point. We don't have it fully closed yet, but it's coming in, obviously, pretty light. I think for me, the way I look at this, and hopefully, it will surprise us on the upside, is that they're doing anywhere from a low of $40 million to a high of $70 million a quarter in profit and our 9% represents anywhere from $4 million to $6 million of that.
That's a normalized level for us. So it's $0.02 to $0.03 a share a quarter on a normalized level. I think that probably starts in the second quarter. Maybe it will be a little higher, maybe it'll be a little bit a little lower in different quarters.
But it's a good business. We like it a lot. We're obviously very big on the consumer direct and retail side of that business. We're driven by technology greatly in that business, so we can gain market share.
And I think that's a pretty conservative number for us of $4 million to $6 million a quarter for our share, and then hopefully, it grows from there.
Ryan Tomasello -- KBW -- Analyst
And then just one last question, if I can. Just to give us an update around the seven NPLs that were unchanged quarter over quarter. Can you discuss the credit outlook there, anything noticeable that has changed over the last few quarters? And maybe just a quick reminder on the major assets that comprised that pool.
Paul Elenio -- Chief Financial Officer
Sure. So we haven't really seen a change at all in our credit. In fact, our credit sell very, very strong. We've seen very few cracks, both on the agency side and on the balance sheet side.
So that number is quite impressive that, that number is held in there. And a couple of the deals that we've talked about in the past that are on that NPL list as we've got a couple of student housing deals that we think will work out just fine and don't need reserves for. We've got one healthcare deal. And I think what's on there is also one multifamily deal.
Again, we don't have a reserve on it, but we're working through that product right now. So there's nothing really changed. It's a few assets, a couple of student housing, one multifamily, one healthcare deal. We don't have many in the way of reserves against those assets, maybe on that $60 million in net carrying, we have about $6 million of reserves.
But we haven't seen the outlook materially change on those assets, and we're confident that we're adequately reserved. We're going to work out these assets and get some of them to perform and maybe even have a recovery down the road, but that's our view.
Operator
And with that, it appears there are no further questions over the line at this time. I'd like to go ahead and turn the program back over to Ivan for any closing remarks.
Ivan Kaufman -- President and Chief Executive Officer
Well, thanks, everybody, for your participation. It's been a great first quarter. We're really optimistic about the year and what we've put together in our operating franchise and multiple income streams. Look forward to the next quarter and everybody's participation.
Everybody, have a great day.
Operator
[Operator signoff]
Duration: 37 minutes
Call participants:
Paul Elenio -- Chief Financial Officer
Ivan Kaufman -- President and Chief Executive Officer
Steve Delaney -- JMP Securities -- Analyst
Lee Cooperman -- Omega Family Office -- Investor
Charlie Arestia -- J.P. Morgan -- Analyst
Stephen Laws -- Raymond James -- Analyst
Ryan Tomasello -- KBW -- Analyst
More ABR analysis
All earnings call transcripts
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (NYSE: ABR) Q1 2021 Earnings Call May 07, 2021, 10:00 a.m. Operator [Operator signoff] Duration: 37 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Lee Cooperman -- Omega Family Office -- Investor Charlie Arestia -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Ryan Tomasello -- KBW -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. And these reoccurring benefits, combined with our versatile originations platform, strong pipeline, and credit quality of our portfolio puts us in a unique position to be able to continue to produce significant distributable earnings going forward as we are extremely well-positioned for future growth and success. | Operator [Operator signoff] Duration: 37 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Lee Cooperman -- Omega Family Office -- Investor Charlie Arestia -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Ryan Tomasello -- KBW -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q1 2021 Earnings Call May 07, 2021, 10:00 a.m. We continue to realize significant benefits from many areas of our diverse platform, including continued growth in our GSE agency platform that produces strong margins and increased servicing fees, strong contributions from our private label program, record growth, and significant benefits from the size and scale of our balance sheet business as well as superior execution in our liability structures. | Operator [Operator signoff] Duration: 37 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Lee Cooperman -- Omega Family Office -- Investor Charlie Arestia -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Ryan Tomasello -- KBW -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q1 2021 Earnings Call May 07, 2021, 10:00 a.m. We originated $1.25 billion in agency loans in the first quarter and $1.4 billion, including our private label business, which is up from $800 million in agency originations and $1.1 billion, including private label for the first quarter of last year. | Operator [Operator signoff] Duration: 37 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Lee Cooperman -- Omega Family Office -- Investor Charlie Arestia -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Ryan Tomasello -- KBW -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q1 2021 Earnings Call May 07, 2021, 10:00 a.m. Paul Elenio -- Chief Financial Officer And the overall -- and, Steve, just to give some numbers to that, the overall for the quarter between the agency, private label, and balance sheet, we did $2.5 billion of transactions this quarter. |
30037.0 | 2021-05-06 00:00:00 UTC | Here's a High-Yield Dividend Stock You Can Trust | ABR | https://www.nasdaq.com/articles/heres-a-high-yield-dividend-stock-you-can-trust-2021-05-06 | nan | nan | As a dividend investor, you want a company that accomplishes two things. One, it should pay out an attractive dividend yield. And two, it should have stable earnings, so that it can consistently make dividend payments you can count on.
Both these qualities are often found in real estate investment trusts (REITs). These are companies that pool together investor capital and use that money to invest in real estate assets. They give ordinary investors an opportunity to invest in real estate and grab a share of the profits, too. Because of their tax structure, REITs tend to pay out more attractive dividend yields than other companies.
One REIT that has caught my eye is Arbor Realty Trust (NYSE: ABR), a provider of real estate loans with a focus on multifamily housing. Arbor Realty posted strong results in 2020 despite a shaky economic backdrop, and it yields an attractive 7.5% dividend at Thursday morning's prices.
Image source: Getty Images.
Stability through its business model
Arbor Realty focuses on lending for multifamily housing, which makes up nearly 81% of its loan portfolio. The remainder of its portfolio is in assets like land, single-family rentals, healthcare, hotels, and other real estate types.
It focuses on multifamily loans because of the stability and high barriers to entry in the space. In recent earnings calls, management discussed the outperformance of multifamily loans, noting how these loans remain stable in a variety of market cycles. This is because housing is a critical part of our lives, and unlike retail or office space, demand for it is fairly constant. Not only that, but individuals may be less likely to take out mortgages during a recession, leading to an increased demand for rental units, which gives stability to multifamily lenders.
The company is a provider of bridge loans, which make up 92% of its $5.5 billion loan and investment portfolio. Bridge loans provide short-term financing to borrowers. Arbor Realty focuses on lending to those borrowers who look to buy property and improve its value over a short time period. Its weighted average months to maturity on its current loans is 16 months, much shorter than other loans in its portfolio, which range from 45 months to 75 months.
Steady growth in the business
Arbor Realty posted strong numbers last year amid the pandemic. The company grew interest income by 7.4% to $339 million last year. This, coupled with a reduction in interest expense, helped net interest income grow 31.4% year over year to $170 million. Bottom-line growth was strong too, with net income up 26.4% to $196 million and diluted earnings per share up 11% to $1.41.
These growth rates have remained steady for Arbor Realty in recent years, too. Since 2015, the company has grown net interest income at a compound annual rate of 21%. It has also grown other revenue, such as servicing income and other fees, at 57% compounded during that same time period. This all flowed down to the bottom line, where net income and diluted earnings per share have grown at annualized rates of 29% and 9%, respectively.
The company's stable earnings stem from steady growth of its loan originations and loan portfolio. In 2020, the company originated a record $9.15 billion in loans. This strong performance helped Arbor Realty grow its structured loan portfolio by 28% during the year. This is in line with recent performance, which has seen the portfolio grow at a compound annual rate of 29% since 2015.
A dividend you can trust
Arbor's loan growth has driven revenue and earnings stability -- key factors when it comes to dividend-paying stocks. Another factor dividend investors want to pay attention to is the payout ratio. This is simply the company's dividends per share divided by earnings per share, a helpful metric for showing how affordable its dividend is. A ratio of 100% means a company is paying out everything it earns (which is normally unsustainable).
Arbor Realty has a payout ratio around 70%, which would be high for most companies but is quite good in the REIT space. This solid figure gives investors added confidence in the company's ability to maintain and grow its dividends. In fact, management is quite proud that the company has increased dividends for nine consecutive years, a testament to the stability of the business model.
Arbor Realty is a solid REIT with a strong dividend yield of 7.5%. The company has done a stellar job of growing its loan portfolio in the attractive multifamily industry, which tends to perform well across market environments, making this a reliable dividend stock.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | One REIT that has caught my eye is Arbor Realty Trust (NYSE: ABR), a provider of real estate loans with a focus on multifamily housing. Arbor Realty posted strong results in 2020 despite a shaky economic backdrop, and it yields an attractive 7.5% dividend at Thursday morning's prices. The company has done a stellar job of growing its loan portfolio in the attractive multifamily industry, which tends to perform well across market environments, making this a reliable dividend stock. | One REIT that has caught my eye is Arbor Realty Trust (NYSE: ABR), a provider of real estate loans with a focus on multifamily housing. Stability through its business model Arbor Realty focuses on lending for multifamily housing, which makes up nearly 81% of its loan portfolio. This, coupled with a reduction in interest expense, helped net interest income grow 31.4% year over year to $170 million. | One REIT that has caught my eye is Arbor Realty Trust (NYSE: ABR), a provider of real estate loans with a focus on multifamily housing. The company's stable earnings stem from steady growth of its loan originations and loan portfolio. A dividend you can trust Arbor's loan growth has driven revenue and earnings stability -- key factors when it comes to dividend-paying stocks. | One REIT that has caught my eye is Arbor Realty Trust (NYSE: ABR), a provider of real estate loans with a focus on multifamily housing. The company is a provider of bridge loans, which make up 92% of its $5.5 billion loan and investment portfolio. The company's stable earnings stem from steady growth of its loan originations and loan portfolio. |
30038.0 | 2021-05-06 00:00:00 UTC | Arbor Realty Trust's Series C Preferred Stock Shares Cross 8% Yield Mark | ABR | https://www.nasdaq.com/articles/arbor-realty-trusts-series-c-preferred-stock-shares-cross-8-yield-mark-2021-05-06 | nan | nan | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.52 on the day. This compares to an average yield of 6.37% in the "Real Estate" preferred stock category, according to Preferred Stock Channel. As of last close, ABR.PRC was trading at a 6.60% premium to its liquidation preference amount, versus the average premium of 4.81% in the "Real Estate" category.
Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock:
In Thursday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently up about 0.6% on the day, while the common shares (Symbol: ABR) are off about 2%.
Click here to find out the 50 highest yielding preferreds »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.52 on the day. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently up about 0.6% on the day, while the common shares (Symbol: ABR) are off about 2%. As of last close, ABR.PRC was trading at a 6.60% premium to its liquidation preference amount, versus the average premium of 4.81% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.52 on the day. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently up about 0.6% on the day, while the common shares (Symbol: ABR) are off about 2%. As of last close, ABR.PRC was trading at a 6.60% premium to its liquidation preference amount, versus the average premium of 4.81% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.52 on the day. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently up about 0.6% on the day, while the common shares (Symbol: ABR) are off about 2%. As of last close, ABR.PRC was trading at a 6.60% premium to its liquidation preference amount, versus the average premium of 4.81% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.52 on the day. As of last close, ABR.PRC was trading at a 6.60% premium to its liquidation preference amount, versus the average premium of 4.81% in the "Real Estate" category. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently up about 0.6% on the day, while the common shares (Symbol: ABR) are off about 2%. |
30039.0 | 2021-04-29 00:00:00 UTC | Validea John Neff Strategy Daily Upgrade Report - 4/29/2021 | ABR | https://www.nasdaq.com/articles/validea-john-neff-strategy-daily-upgrade-report-4-29-2021-2021-04-29 | nan | nan | The following are today's upgrades for Validea's Low PE Investor model based on the published strategy of John Neff. This strategy looks for firms with persistent earnings growth that trade at a discount relative to their earnings growth and dividend yield.
ARBOR REALTY TRUST INC (ABR) is a mid-cap growth stock in the Construction Services industry. The rating according to our strategy based on John Neff changed from 60% to 79% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Arbor Realty Trust, Inc. is a real estate investment trust. The Company invests in a portfolio of structured finance assets in the multifamily and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages, preferred and direct equity. Its segments include Structured Business and Agency Business. In addition, the Company may also directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. It focuses on investment types, such as Bridge Financing, Mezzanine Financing, Junior Participation Financing and Preferred Equity Investments. It offers bridge financing products to borrowers, typically seeking short-term capital to use in an acquisition of property. It offers mezzanine financing in the form of loans that are subordinate to a conventional first mortgage loan and senior to the borrower's equity in a transaction.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
P/E RATIO: PASS
EPS GROWTH: PASS
FUTURE EPS GROWTH: FAIL
SALES GROWTH: PASS
TOTAL RETURN/PE: PASS
FREE CASH FLOW: FAIL
EPS PERSISTENCE: PASS
Detailed Analysis of ARBOR REALTY TRUST INC
Full Guru Analysis for ABR
Full Factor Report for ABR
VERITEX HOLDINGS INC (VBTX) is a small-cap growth stock in the Regional Banks industry. The rating according to our strategy based on John Neff changed from 60% to 79% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Veritex Holdings, Inc. is a bank holding company. The Company, through its subsidiary, Veritex Community Bank (the Bank), a Texas state chartered bank, provides relationship-driven commercial banking products and services tailored to meet the needs of small to medium-sized businesses and professionals. It operates through community banking segment. The Bank provides a range of banking services to individual and corporate customers, which include commercial and retail lending, and the acceptance of checking and savings deposits. It offers a suite of online banking solutions, including access to account balances, online transfers, online bill payment and electronic delivery of customer statements, as well as automated teller machines, and banking by telephone, mail and personal appointment. It also offers debit cards, direct deposit, cashier's checks and letters of credit, as well as treasury management services, including wire transfer services and automated clearinghouse services.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
P/E RATIO: PASS
EPS GROWTH: PASS
FUTURE EPS GROWTH: FAIL
SALES GROWTH: PASS
TOTAL RETURN/PE: PASS
FREE CASH FLOW: PASS
EPS PERSISTENCE: FAIL
Detailed Analysis of VERITEX HOLDINGS INC
Full Guru Analysis for VBTX
Full Factor Report for VBTX
More details on Validea's John Neff strategy
About John Neff: While known as the manager with whom many top managers entrusted their own money, Neff was far from the smooth-talking, high-profile Wall Streeter you might expect. He was mild-mannered and low-key, and the same might be said of the Windsor Fund that he managed for more than three decades. In fact, Neff himself described the fund as "relatively prosaic, dull, [and] conservative." There was nothing dull about his results, however. From 1964 to 1995, Neff guided Windsor to a 13.7 percent average annual return, easily outpacing the S&P 500's 10.6 percent return during that time. That 3.1 percentage point difference is huge over time -- a $10,000 investment in Windsor (with dividends reinvested) at the start of Neff's tenure would have ended up as more than $564,000 by the time he retired, more than twice what the same investment in the S&P would have yielded (about $233,000). Considering the length of his tenure, that track record may be the best ever for a manager of such a large fund.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | ARBOR REALTY TRUST INC (ABR) is a mid-cap growth stock in the Construction Services industry. Detailed Analysis of ARBOR REALTY TRUST INC Full Guru Analysis for ABR Full Factor Report for ABR VERITEX HOLDINGS INC (VBTX) is a small-cap growth stock in the Regional Banks industry. The following are today's upgrades for Validea's Low PE Investor model based on the published strategy of John Neff. | Detailed Analysis of ARBOR REALTY TRUST INC Full Guru Analysis for ABR Full Factor Report for ABR VERITEX HOLDINGS INC (VBTX) is a small-cap growth stock in the Regional Banks industry. ARBOR REALTY TRUST INC (ABR) is a mid-cap growth stock in the Construction Services industry. The Company invests in a portfolio of structured finance assets in the multifamily and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages, preferred and direct equity. | Detailed Analysis of ARBOR REALTY TRUST INC Full Guru Analysis for ABR Full Factor Report for ABR VERITEX HOLDINGS INC (VBTX) is a small-cap growth stock in the Regional Banks industry. ARBOR REALTY TRUST INC (ABR) is a mid-cap growth stock in the Construction Services industry. The Company, through its subsidiary, Veritex Community Bank (the Bank), a Texas state chartered bank, provides relationship-driven commercial banking products and services tailored to meet the needs of small to medium-sized businesses and professionals. | ARBOR REALTY TRUST INC (ABR) is a mid-cap growth stock in the Construction Services industry. Detailed Analysis of ARBOR REALTY TRUST INC Full Guru Analysis for ABR Full Factor Report for ABR VERITEX HOLDINGS INC (VBTX) is a small-cap growth stock in the Regional Banks industry. The following are today's upgrades for Validea's Low PE Investor model based on the published strategy of John Neff. |
30040.0 | 2021-03-31 00:00:00 UTC | Contrarian Income Mailbag: Your Questions, My Answers | ABR | https://www.nasdaq.com/articles/contrarian-income-mailbag%3A-your-questions-my-answers-2021-03-31 | nan | nan | Thank you to our 1,578 Contrarian Income Report subscribers who attended our Q1 webcast a couple of weeks back!
We have you, our thoughtful reader and income investor, to thank for the inspiration behind the firehose. We received 114 questions during our one-hour call, plus several more beforehand. Amazing.
As promised, I have read each and every question (as has our excellent customer service team). Last week, we chatted about CEFs. Let's tackle some dividend stock questions today.
Q: I love your overall dividend approach. I have some cash on the sideline expecting a correction. Any thoughts on the timing and percentage dip of that correction?
With markets likely to remain rocky, we need not be in a hurry to put dry powder to work immediately. Investor sentiment is quite cheery once again, which is a reason for caution. Interest rates also remain a wild card, because another leg up in the 10-year rate would likely roil markets.
That said, our Federal Reserve is printing a boatload of money. The "M2" money supply is up a scorching 26% year-over-year. This cash is finding its way into speculations such as "meme stocks" and cryptocurrencies. Due to this flood of money, any pullback is likely to be modest and represent a buying opportunity.
Q: How much cash should we hold now as a percentage?
The long-term trend of the broader market is pointing up. We should use any soft patches in the weeks and months ahead to put any remaining dry powder to work.
If you haven't yet deployed most of your cash, doing so over the next three or four months is a good goal.
Q: What do you think about BDCs (business development companies) as rates rise?
Business development companies (BDCs) can thrive as rates rise. BDCs extend loans to small businesses and often their loans have a "floating rate" component included. So, the BDC tends to make more money as long-term rates rise.
I'm keeping an eye on BDCs as well as financials, REITs (real estate investment trusts), and floating-rate funds. As always, I'll let you know when I see a nice buying opportunity.
Q: I thought you took UTF out of the portfolio. I still have some, and it pays 6.8%. With infrastructure spending on the way, should I hang onto it?
Our Cohen & Steers Infrastructure Fund (UTF) is a great high-paying way to play infrastructure. UTF invests in "cash cow" infrastructure companies that own and operate utilities, airports, toll roads, railroads, and other physical framework.
Longtime CIR subscribers will remember the name fondly. The first time we bought and held this excellent fund, we enjoyed 95% total returns, and many of the gains were delivered to us in the form of UTF's neat monthly payout!
We often discuss how well-run CEFs often beat the pants off of pedestrian ETFs, and that's exactly what UTF did to household utility ETF XLU:
Our Utility CEF Crushed its ETF "Competitor"
Since we re-added UTF to our CIR portfolio, its price has rallied, and the fund now trades at a premium to NAV. This is a great long-term holding, but there's no reason for us to chase it. Let's sit back, be patient and wait for a pullback to purchase more shares.
Q: Are you going to start considering ABR, ARES, LADR and AGNC again? They seem to be out of trouble and have high yields.
Yes, as the commercial real estate market gets back on its feet, we will monitor these high-paying landlords. Arbor Realty (ABR) and Ladder Capital (LADR) are the two strongest candidates at the moment.
That said, I do anticipate that commercial real estate will have headwinds for years. Many retail stores are toast, and how many people are actually going back to work in an office after this? Some, but probably not most.
The trend in commercial downsizing has only begun. So, while I love the management teams behind ABR and LADR, we'll be watching the broader commercial market for cues when to buy.
Q: Are there any 10% dividend stocks worth considering?
In a word... no. At least not right now.
As recently as last April, yes. We were able to add ONEOK (OKE) at a 13.2% yield. Alas, its yield has shrunk to 7.4%.
(Admittedly, a good problem to have. Its yield compression is a result of 85% total returns that we have enjoyed on the position!)
Alas, if we're looking for 10%+ annual returns, currently we'll have to do it through a combination of yield plus price appreciation.
Q: When you consider dividend investments, Brett, what is more important in your opinion:
The current yield and value of the stock itself, or
The "engine" that is driving the business and the profits?
The business engine. Always consider where the cash flow is coming from, first.
In other words, if the business is humming, the dividends will be there. And as the payout keeps chugging along, so will the stock price. A dividend will protect the stock from downside and, with growth, provide a sweet kicker of upside.
We are currently undergoing the greatest economic shift in American history, however. Some cash trains are being derailed while others are accelerating.
For some, is a once-in-a-lifetime wealth-building event. For others, it will wipe out decades of diligent saving and investing.
Which side will you be on? Click here to learn more about this Great American Reset and the dividend stocks that are likely to benefit the most.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Q: Are you going to start considering ABR, ARES, LADR and AGNC again? Arbor Realty (ABR) and Ladder Capital (LADR) are the two strongest candidates at the moment. So, while I love the management teams behind ABR and LADR, we'll be watching the broader commercial market for cues when to buy. | Q: Are you going to start considering ABR, ARES, LADR and AGNC again? Arbor Realty (ABR) and Ladder Capital (LADR) are the two strongest candidates at the moment. So, while I love the management teams behind ABR and LADR, we'll be watching the broader commercial market for cues when to buy. | So, while I love the management teams behind ABR and LADR, we'll be watching the broader commercial market for cues when to buy. Q: Are you going to start considering ABR, ARES, LADR and AGNC again? Arbor Realty (ABR) and Ladder Capital (LADR) are the two strongest candidates at the moment. | So, while I love the management teams behind ABR and LADR, we'll be watching the broader commercial market for cues when to buy. Q: Are you going to start considering ABR, ARES, LADR and AGNC again? Arbor Realty (ABR) and Ladder Capital (LADR) are the two strongest candidates at the moment. |
30041.0 | 2021-03-30 00:00:00 UTC | ABR Named Top 10 REIT at Dividend Channel With 8.50% Yield | ABR | https://www.nasdaq.com/articles/abr-named-top-10-reit-at-dividend-channel-with-8.50-yield-2021-03-30 | nan | nan | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $15.53 represents a price-to-book ratio of 1.5 and an annual dividend yield of 8.50% — by comparison, the average stock in Dividend Channel's coverage universe yields 3.2% and trades at a price-to-book ratio of 2.5. The report also cited the strong quarterly dividend history at Arbor Realty Trust Inc, and favorable long-term multi-year growth rates in key fundamental data points.
The report stated, ''Dividend investors approaching investing from a value standpoint are generally most interested in researching the strongest most profitable companies, that also happen to be trading at an attractive valuation. That's what we aim to find using our proprietary DividendRank formula, which ranks the coverage universe based upon our various criteria for both profitability and valuation, to generate a list of the top most 'interesting' stocks, meant for investors as a source of ideas that merit further research.''
REITs hold a special place in the hearts of dividend investors, because they must distribute at least 90% of their taxable income each year to shareholders as dividends. While this can make for a high dividend yield, it also introduces some volatility and uncertainty into the level of payments from year to year — huge dividend payouts are common when a REIT turns large profits, versus smaller payouts or even periods of no dividends in times of losses.
The current annualized dividend paid by Arbor Realty Trust Inc is $1.32/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 03/02/2021. Below is a long-term dividend history chart for ABR, which the report stressed as being of key importance. Indeed, studying a company's past dividend history can be of good help in judging whether the most recent dividend is likely to continue.
10 Top Ranked High Yield REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $15.53 represents a price-to-book ratio of 1.5 and an annual dividend yield of 8.50% — by comparison, the average stock in Dividend Channel's coverage universe yields 3.2% and trades at a price-to-book ratio of 2.5. | The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $15.53 represents a price-to-book ratio of 1.5 and an annual dividend yield of 8.50% — by comparison, the average stock in Dividend Channel's coverage universe yields 3.2% and trades at a price-to-book ratio of 2.5. Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. For example, the recent ABR share price of $15.53 represents a price-to-book ratio of 1.5 and an annual dividend yield of 8.50% — by comparison, the average stock in Dividend Channel's coverage universe yields 3.2% and trades at a price-to-book ratio of 2.5. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $15.53 represents a price-to-book ratio of 1.5 and an annual dividend yield of 8.50% — by comparison, the average stock in Dividend Channel's coverage universe yields 3.2% and trades at a price-to-book ratio of 2.5. |
30042.0 | 2021-03-29 00:00:00 UTC | 3 Big Dividend Stocks Yielding at Least 8%; Analysts Say ‘Buy’ | ABR | https://www.nasdaq.com/articles/3-big-dividend-stocks-yielding-at-least-8-analysts-say-buy-2021-03-29 | nan | nan | We’ll talk about dividend stocks, but we’ll get there through tax policy. The connection is simple: Government spending is going up, as exemplified by the $1.9 trillion COVID stimulus bill passed this month. Stimulative cash infusions into the economy are likely to boost consumer spending, and there are worries that the Biden Administration has no plans to pay for its increased spending.
Several tax proposals made into the Democratic Party discourse in last year’s election, and President Biden was elected on at least an implicit promise to raise taxes on wealthier taxpayers.
Should the progressive Democrats push these proposals into law, it could potentially make an immediate, and likely negative, impact on the stock markets. And that brings us to dividend stocks.
These traditionally defensive investments offer investors a ready income stream through the dividend payments, no matter how the market moves. The key factor is the yield, or the return rate of the dividend.
Wall Street’s analysts have been doing some of the footwork for us, pinpointing dividend-paying stocks that have kept up high yields, at least 8% to be exact. Opening up the TipRanks database, we examine the details behind three such stocks to find out what else makes them compelling buys.
Arbor Realty Trust (ABR)
The first dividend stock we’ll look at is Arbor Realty Trust, a direct lender in the apartment complex segment. Arbor funds small loans for Fannie Mae and Freddie Mac; in the fourth quarter last year, ending on December 31, the company originated over $2.7 billion in loans.
Arbor's business is growing, and that is visible in both the company’s quarterly results and the stock value. ABR reported year-over-year revenue increases in each quarter of 2020 – even in the first quarter, during which EPS came in negative due to the corona crisis. In the most recent quarter, 4Q20, the company showed $125.6 million in total revenues, up 54% from the year ago quarter. EPS came in at 80 cents per share, compared to 72 cents in Q3 and 34 cents in 4Q19. Turning to the share value, ABR is up 211% in the last 12 months, far outpacing the broader markets.
The company also provides investors with a strong dividend. Arbor has a 2-year history of keeping the payment reliable, and the current payment, sent out earlier this month for 33 cents per common share, marked the seventh dividend increase in the last 9 quarters. At $1.32 annualized, the dividend yields 8.57%, far higher than the 1.78% average found among peer companies.
5-star analyst Stephen DeLaney, of JMP, is impressed with Arbor’s overall position, especially regarding the company's ability to produce strong agency volumes.
"Agency originations in the fourth quarter were $2.75B, an impressive increase of 88% from $1.47B in the third quarter. The pipeline for new originations is showing no signs of a slowdown yet and the company expects the agency lending momentum to continue into the first half of 2021. The agency servicing portfolio now sits at $24.6B and produces ~ $110M of recurring annual revenue, which is largely prepayment protected," DeLaney wrote.
DeLaney points out that agency credit quality remains solid, noting: "Loans in payment forbearance remain manageable with just 0.5% in Arbor’s $18.3B Fannie portfolio, while loans in forbearance in the company’s $4.9B Freddie Mac portfolio totaled 5.2%."
To this end, DeLaney rates ABR shares an Outperform (i.e. Buy), and his $18 price target implies a 16% upside for the coming year. (To watch DeLaney’s track record, click here)
Overall, there are 4 recent reviews on file for Arbor Realty, and they are all Buys – making the analyst consensus view here a Strong Buy. The average price target currently stands at $16.75, which indicates room for 8% growth from current levels. (See ABR stock analysis on TipRanks)
Mobile Telesystems (MBT)
Next up, we’ll switch lanes and look at Russia’s largest mobile network operator. Mobile and wireless networks are big business, and Mobile Telesystems (MTS) operates in Russia, Belarus, and Armenia. The company offers a range of services, including cellular networks; local telephone service; and broadband.
MTS doesn’t put its eggs in one basket. The company announced last week a $10 million stake in the AI chip developing Kneron, an investment that it hopes will pay for itself through chip distribution rights in Russia and the development of an exclusive line of AI-enabled smart devices.
In its recent Q4/full year 2020 report, MTS showed positive growth on a number of key metrics. The company’s total group revenue for 2020 grew 5.2% year-over-year, to reach 494.9 billion rubles (US$6.5 billion). This was driven in part by a 6.4% increase in mobile service revenue in Russia during the fourth quarter. MTS showed a sequential quarterly gain of 230,000 active mobile subscribers in Q4. Pay-TV subscriptions grew 44% in 2020, and broadband subscriptions grew more than 10% yoy in the fourth quarter.
MTS has an active dividend policy, regularly paying out twice per year, and adjusting the payment in to keep it in line with earnings. The most recent dividend went out in October of last year, at 19 cents per common share. This gives a 9.79% yield, a highly favorable comparison to the average yield found in the tech sector, of less than 1%. Also of note for return-minded investors, the company’s board approved a 15 billion ruble stock buyback in 2021. This comes to $198 million in US currency.
J.P. Morgan analyst Alexei Gogolev takes a bullish stance on Mobile Telesystems, noting: “We are encouraged with MTS strong start of 2021 with continued mobile service growth as well as commitment for higher than expected shareholder remuneration despite elevated capex."
The analyst added, "We highlight strong fundamentals in the MTS story, supported by the healthy state of the Russian wireless market and no signs of incremental worsening of competitive positioning. We like MTS’ total shareholder returns (which are boosted by both dividends and share buybacks) and view the name as the best way to play the Russian telecom space.”
To this end, Gogolev puts an Overweight (i.e. Buy) rating on MBT shares, and his $11 price target suggest a 33% one-year upside potential. (To watch Gogolev’s track record, click here)
So far, MBT has slipped under the radar of Wall Street’s analyst corps; the dearth of recent reviews leaves the stock with a Moderate Buy consensus rating. The shares are selling for $8.25, with an average price target, $11.10, matching Gogolev’s. (See MBT stock analysis on TipRanks)
Two Harbors Investment (TWO)
We’ll wrap up our high-yield dividend list with Two Harbors Investment, a real estate investment trust (REIT) with a portfolio focus on residential mortgage-backed securities (RMBS) mortgage servicing rights (MSR). The company states that ‘other financial assets’ make up between 5% and 10% of the portfolio.
Looking back at recent performance, Two Harbors shows some mixed results from the end of 2020. In the fourth quarter, the company reported comprehensive income of $113.5 million, compared to $219 million in the previous quarter. Core earnings, however, rose quarter-over-quarter, from $75.5 billion to $82 million. Book value also came in strong at $7.63, up 3.5% from the prior quarter.
Like most REITs, Two Harbors pays out a reliable dividend. The company reduced the payment early in 2020, at the height of the COVID pandemic crisis, but has raised it twice since then. The current payment is 17 cents per common share, declared on March 18 for payment on April 29. At this rate, which annualizes to 68 cents, the dividend yields a strong 9.3%.
Covering Two Harbors for JMP Securities, analyst Trevor Cranston expects "attractive dividend to persist," and believes "the company should trade at a higher premium due to generally lower spread risk and low interest rate sensitivity."
However, Cranston points out that investing in TWO stock is not without risk.
"We view the greatest risk to shares at these levels to be the outstanding lawsuit with the company’s former external manager. While the company has not established a contingent liability and we do not have a reasonable basis for estimating one, we acknowledge the risk that the lawsuit may result in a charge in the future that would lower the company’s book value and, therefore, also likely impact the stock price. While we believe a premium valuation for TWO is justified given fundamentals, we believe investors should also remain aware of this legal situation when investing in the company’s shares," Cranston opined.
In line with these comments, the analyst rates TWO an Outperform (i.e. Buy), along with an $8 price target to imply a 10% upside. (To watch Cranston’s track record, click here)
Overall, Two Harbors has 5 recent reviews, and they break down to 3 Buys and 2 Holds, for a Moderate Buy analyst consensus rating. The shares are selling for $7.25, and their $7.75 average target suggests a modest upside of 7%. (See TWO stock analysis on TipRanks)
To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (ABR) The first dividend stock we’ll look at is Arbor Realty Trust, a direct lender in the apartment complex segment. ABR reported year-over-year revenue increases in each quarter of 2020 – even in the first quarter, during which EPS came in negative due to the corona crisis. Turning to the share value, ABR is up 211% in the last 12 months, far outpacing the broader markets. | To this end, DeLaney rates ABR shares an Outperform (i.e. Buy), and his $18 price target implies a 16% upside for the coming year. Arbor Realty Trust (ABR) The first dividend stock we’ll look at is Arbor Realty Trust, a direct lender in the apartment complex segment. ABR reported year-over-year revenue increases in each quarter of 2020 – even in the first quarter, during which EPS came in negative due to the corona crisis. | Arbor Realty Trust (ABR) The first dividend stock we’ll look at is Arbor Realty Trust, a direct lender in the apartment complex segment. ABR reported year-over-year revenue increases in each quarter of 2020 – even in the first quarter, during which EPS came in negative due to the corona crisis. Turning to the share value, ABR is up 211% in the last 12 months, far outpacing the broader markets. | Arbor Realty Trust (ABR) The first dividend stock we’ll look at is Arbor Realty Trust, a direct lender in the apartment complex segment. ABR reported year-over-year revenue increases in each quarter of 2020 – even in the first quarter, during which EPS came in negative due to the corona crisis. Turning to the share value, ABR is up 211% in the last 12 months, far outpacing the broader markets. |
30043.0 | 2021-03-20 00:00:00 UTC | William Green Is The Lead Independent Director of Arbor Realty Trust, Inc. (NYSE:ABR) And They Just Picked Up 3.2% More Shares | ABR | https://www.nasdaq.com/articles/william-green-is-the-lead-independent-director-of-arbor-realty-trust-inc.-nyse%3Aabr-and | nan | nan | Even if it's not a huge purchase, we think it was good to see that William Green, the Lead Independent Director of Arbor Realty Trust, Inc. (NYSE:ABR) recently shelled out US$60k to buy stock, at US$16.60 per share. However, it only increased their shares held by 3.2%, and it wasn't a huge purchase by absolute value, either.
The Last 12 Months Of Insider Transactions At Arbor Realty Trust
Notably, that recent purchase by Lead Independent Director William Green was not the only time they bought Arbor Realty Trust shares this year. Earlier in the year, they paid US$12.96 per share in a US$118k purchase. Even though the purchase was made at a significantly lower price than the recent price (US$16.63), we still think insider buying is a positive. While it does suggest insiders consider the stock undervalued at lower prices, this transaction doesn't tell us much about what they think of current prices.
Over the last year, we can see that insiders have bought 17.69k shares worth US$207k. But insiders sold 9.10k shares worth US$118k. In the last twelve months there was more buying than selling by Arbor Realty Trust insiders. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date!
NYSE:ABR Insider Trading Volume March 20th 2021
Arbor Realty Trust is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.
Insider Ownership of Arbor Realty Trust
Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. I reckon it's a good sign if insiders own a significant number of shares in the company. Insiders own 2.9% of Arbor Realty Trust shares, worth about US$66m. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment.
So What Do The Arbor Realty Trust Insider Transactions Indicate?
It's certainly positive to see the recent insider purchase. And an analysis of the transactions over the last year also gives us confidence. Given that insiders also own a fair bit of Arbor Realty Trust we think they are probably pretty confident of a bright future. In addition to knowing about insider transactions going on, it's beneficial to identify the risks facing Arbor Realty Trust. When we did our research, we found 3 warning signs for Arbor Realty Trust (1 is a bit unpleasant!) that we believe deserve your full attention.
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Even if it's not a huge purchase, we think it was good to see that William Green, the Lead Independent Director of Arbor Realty Trust, Inc. (NYSE:ABR) recently shelled out US$60k to buy stock, at US$16.60 per share. NYSE:ABR Insider Trading Volume March 20th 2021 Arbor Realty Trust is not the only stock insiders are buying. Insider Ownership of Arbor Realty Trust Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. | Even if it's not a huge purchase, we think it was good to see that William Green, the Lead Independent Director of Arbor Realty Trust, Inc. (NYSE:ABR) recently shelled out US$60k to buy stock, at US$16.60 per share. NYSE:ABR Insider Trading Volume March 20th 2021 Arbor Realty Trust is not the only stock insiders are buying. The Last 12 Months Of Insider Transactions At Arbor Realty Trust Notably, that recent purchase by Lead Independent Director William Green was not the only time they bought Arbor Realty Trust shares this year. | NYSE:ABR Insider Trading Volume March 20th 2021 Arbor Realty Trust is not the only stock insiders are buying. Even if it's not a huge purchase, we think it was good to see that William Green, the Lead Independent Director of Arbor Realty Trust, Inc. (NYSE:ABR) recently shelled out US$60k to buy stock, at US$16.60 per share. The Last 12 Months Of Insider Transactions At Arbor Realty Trust Notably, that recent purchase by Lead Independent Director William Green was not the only time they bought Arbor Realty Trust shares this year. | Even if it's not a huge purchase, we think it was good to see that William Green, the Lead Independent Director of Arbor Realty Trust, Inc. (NYSE:ABR) recently shelled out US$60k to buy stock, at US$16.60 per share. NYSE:ABR Insider Trading Volume March 20th 2021 Arbor Realty Trust is not the only stock insiders are buying. The Last 12 Months Of Insider Transactions At Arbor Realty Trust Notably, that recent purchase by Lead Independent Director William Green was not the only time they bought Arbor Realty Trust shares this year. |
30044.0 | 2021-03-02 00:00:00 UTC | Noteworthy Tuesday Option Activity: NBIX, LZB, ABR | ABR | https://www.nasdaq.com/articles/noteworthy-tuesday-option-activity%3A-nbix-lzb-abr-2021-03-02 | nan | nan | Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Neurocrine Biosciences, Inc. (Symbol: NBIX), where a total of 4,134 contracts have traded so far, representing approximately 413,400 underlying shares. That amounts to about 50.4% of NBIX's average daily trading volume over the past month of 819,825 shares. Especially high volume was seen for the $115 strike call option expiring March 19, 2021, with 3,264 contracts trading so far today, representing approximately 326,400 underlying shares of NBIX. Below is a chart showing NBIX's trailing twelve month trading history, with the $115 strike highlighted in orange:
La-Z-Boy Inc. (Symbol: LZB) options are showing a volume of 2,948 contracts thus far today. That number of contracts represents approximately 294,800 underlying shares, working out to a sizeable 49.9% of LZB's average daily trading volume over the past month, of 590,380 shares. Especially high volume was seen for the $45 strike call option expiring April 16, 2021, with 1,273 contracts trading so far today, representing approximately 127,300 underlying shares of LZB. Below is a chart showing LZB's trailing twelve month trading history, with the $45 strike highlighted in orange:
And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 7,315 contracts thus far today. That number of contracts represents approximately 731,500 underlying shares, working out to a sizeable 48.3% of ABR's average daily trading volume over the past month, of 1.5 million shares. Especially high volume was seen for the $20 strike call option expiring July 16, 2021, with 2,969 contracts trading so far today, representing approximately 296,900 underlying shares of ABR. Below is a chart showing ABR's trailing twelve month trading history, with the $20 strike highlighted in orange:
For the various different available expirations for NBIX options, LZB options, or ABR options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Especially high volume was seen for the $20 strike call option expiring July 16, 2021, with 2,969 contracts trading so far today, representing approximately 296,900 underlying shares of ABR. Below is a chart showing LZB's trailing twelve month trading history, with the $45 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 7,315 contracts thus far today. That number of contracts represents approximately 731,500 underlying shares, working out to a sizeable 48.3% of ABR's average daily trading volume over the past month, of 1.5 million shares. | That number of contracts represents approximately 731,500 underlying shares, working out to a sizeable 48.3% of ABR's average daily trading volume over the past month, of 1.5 million shares. Below is a chart showing LZB's trailing twelve month trading history, with the $45 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 7,315 contracts thus far today. Especially high volume was seen for the $20 strike call option expiring July 16, 2021, with 2,969 contracts trading so far today, representing approximately 296,900 underlying shares of ABR. | Below is a chart showing LZB's trailing twelve month trading history, with the $45 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 7,315 contracts thus far today. That number of contracts represents approximately 731,500 underlying shares, working out to a sizeable 48.3% of ABR's average daily trading volume over the past month, of 1.5 million shares. Especially high volume was seen for the $20 strike call option expiring July 16, 2021, with 2,969 contracts trading so far today, representing approximately 296,900 underlying shares of ABR. | Below is a chart showing ABR's trailing twelve month trading history, with the $20 strike highlighted in orange: For the various different available expirations for NBIX options, LZB options, or ABR options, visit StockOptionsChannel.com. Below is a chart showing LZB's trailing twelve month trading history, with the $45 strike highlighted in orange: And Arbor Realty Trust Inc (Symbol: ABR) options are showing a volume of 7,315 contracts thus far today. That number of contracts represents approximately 731,500 underlying shares, working out to a sizeable 48.3% of ABR's average daily trading volume over the past month, of 1.5 million shares. |
30045.0 | 2021-03-01 00:00:00 UTC | Arbor Realty Trust (ABR) Ex-Dividend Date Scheduled for March 02, 2021 | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-ex-dividend-date-scheduled-for-march-02-2021-2021-03-01 | nan | nan | Arbor Realty Trust (ABR) will begin trading ex-dividend on March 02, 2021. A cash dividend payment of $0.33 per share is scheduled to be paid on March 19, 2021. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. This represents an 3.13% increase over prior dividend payment.
The previous trading day's last sale of ABR was $16.67, representing a -3.02% decrease from the 52 week high of $17.19 and a 370.9% increase over the 52 week low of $3.54.
ABR is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Prologis, Inc. (PLD). ABR's current earnings per share, an indicator of a company's profitability, is $1.38.
For more information on the declaration, record and payment dates, visit the ABR Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
Interested in gaining exposure to ABR through an Exchange Traded Fund [ETF]?
The following ETF(s) have ABR as a top-10 holding:
VanEck Vectors Mortgage REIT Income ETF (MORT)
Global X SuperDividend REIT ETF (SRET)
iShares Trust (REM).
The top-performing ETF of this group is MORT with an increase of 28.75% over the last 100 days. It also has the highest percent weighting of ABR at 4.8%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. ABR is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Prologis, Inc. (PLD). For more information on the declaration, record and payment dates, visit the ABR Dividend History page. | Arbor Realty Trust (ABR) will begin trading ex-dividend on March 02, 2021. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. The previous trading day's last sale of ABR was $16.67, representing a -3.02% decrease from the 52 week high of $17.19 and a 370.9% increase over the 52 week low of $3.54. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. The previous trading day's last sale of ABR was $16.67, representing a -3.02% decrease from the 52 week high of $17.19 and a 370.9% increase over the 52 week low of $3.54. The following ETF(s) have ABR as a top-10 holding: VanEck Vectors Mortgage REIT Income ETF (MORT) Global X SuperDividend REIT ETF (SRET) iShares Trust (REM). | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. Arbor Realty Trust (ABR) will begin trading ex-dividend on March 02, 2021. The previous trading day's last sale of ABR was $16.67, representing a -3.02% decrease from the 52 week high of $17.19 and a 370.9% increase over the 52 week low of $3.54. |
30046.0 | 2021-02-19 00:00:00 UTC | Arbor Realty Trust (ABR) Q4 2020 Earnings Call Transcript | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-q4-2020-earnings-call-transcript-2021-02-19 | nan | nan | Image source: The Motley Fool.
Arbor Realty Trust (NYSE: ABR)
Q4 2020 Earnings Call
Feb 19, 2021, 10:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good morning, ladies and gentlemen, and welcome to the fourth-quarter and full-year Arbor Realty Trustearnings conference call [Operator instructions] Please be advised that today's conference is being recorded. [Operator instructions] I would now like to turn the call over to your speaker today, Paul Elenio, chief financial officer. Please go ahead.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Keith, and good morning, everyone and welcome to the quarterlyearnings callfor Arbor Realty Trust. This morning, we'll discuss the results for the quarter ended December 30, 2020. With me on the call today is Ivan Kaufman, our president and chief executive officer.
Before we begin, I need to inform you that statements made in thisearnings callmay be deemed forward-looking statements that are subject to risks and uncertainties, including information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. These statements are based on our beliefs, assumptions, and expectations of our future performance taking into account the information currently available to us. Factors that cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today.
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Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrences of unanticipated events. We also have one housekeeping item we'd like to mention. Historically, we have disclosed core earnings as an important non-GAAP financial metric to assess the performance of our business. Effective in the fourth quarter, we are changing the name from core earnings to distributable earnings as a result of discussions between the mortgage REIT industry and the SEC over the past several months to adopt terminology that is more descriptive of what this metric represents.
This is nothing more than a name change, and not a change in how we calculate the metric. Distributable earnings is calculated the same way we calculated core earnings in the past. I'll now turn the call over to Arbor's president and CEO, Ivan Kaufman.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Paul, and thanks to everyone for joining us on today's call. We're very excited today to discuss the significant success we had in closing out what was an exceptional 2020, as well as our plans and outlook for 2021, which we believe will be another outstanding year. As you can see from this morning's press release, we had another record quarter, and 2020's results reflect one of the best years as a public company. We are very well-positioned to succeed in the current economic climate, which gives us great confidence in our ability to continue to have tremendous success in 2021.
We have built a viable operating platform, focused on a rate right asset class with very stable liability structures, strong liquidity, an active balance sheet, and GSE, Agency Business, and many diversified income streams that generate strong earnings and dividends every market cycle. Our business model also provides many diversified opportunities for growth, which clearly puts us in a class by ourselves, and allowed us to increase our dividend 3 times in 2020 while maintaining the lowest dividend payout ratio in the industry. Over the last five years, we have delivered an annualized shareholder return of approximately 22% for the year, significantly outperforming our peers in each and every year, including the distinction of being the only commercial mortgage REIT in our space to deliver a positive shareholder return in 2020 despite the significant effects of the pandemic. And the performance, combined with the quality and diversity of our income streams, along with a track record of consistent earnings growth and industry-low dividend payout ratio clearly differentiates us and is why we believe we are extremely undervalued, and we should be trading at a substantial premium per our current price.
As I mentioned earlier, we had another record quarter, with our fourth-quarter results reflecting the continued commitment and successful execution of our business strategy and a diverse platform we have developed. These truly remarkable results have once again allowed us to increase our dividend to $0.33 a share. This is our third consecutive quarterly dividend increase, reflecting a 10% increase in 2020, and represents a payout ratio of around 70% compared to an industry average of 95% to 100%. Before I discuss more detail of growth and success we had in all of our business platforms, I want to highlight some of our more significant 2020 accomplishments, which include: generating substantial growth in our earnings, allowing us to increase our dividend 3 times to an annual run rate of $1.32 a share, up from $1.20 per share, resulting in a nine straight years of consistent dividend growth with 19 increases over that time; delivering a total shareholder return of 7.4% in 2020 and 106% cumulatively for the last five years, with an annualized return of approximately 22%; achieving industry-leading ROEs of 19%, a 30% increase over last year; producing record originations of $9.1 billion, a 20% increase from our 2019 numbers; moving up three positions in our league tables, finishing sixth in Fannie Mae DUS production and No.
1 in Fannie Mae small balance lending category for the second year in a row; producing record agency originations of $6.3 billion, a 44% increase over last year; increasing our balance sheet portfolio 28% in 2020 to $5.5 billion; growing our servicing portfolio to $25 billion, a 23% increase from 2019 and a 52% increase over the last three years; continuing to be a market leader in the nonrecourse securitization arena, closing our largest CLO to date totaling $800 million with improved terms and flexibility; and raising $250 million of accretive growth capital to fund our growing pipeline and increase our earnings run rate. To further highlight this incredible success, I would like to talk about the significant growth we experienced in all areas of our business and how well-positioned we are to continue this success going forward. As Paul will discuss in more detail, our distributable earnings for the fourth quarter were $0.49 per share, which is an incredible accomplishment and is a true testament to the value of our franchise and the many diverse income streams we have created. We continued to realize significant benefits from many areas of our diverse platform, including record growth in our GSE agency platform that continues to produce strong margins and increased servicing fees; continued growth and significant benefits from the size and scale of our balance sheet business; strong performance of our multifamily focused portfolios with very delinquencies and extremely low forbearances and; substantial income from our residential business.
And these reoccurring benefits, combined with our versatile originations platform, strong pipeline, and credit quality of our portfolio. Puts us in a unique position to be able to continue to produce significant distributable earnings going forward, and we are appropriately positioned to excel in this environment. We experienced significant growth in our GSE agency platform in 2020. We originated $2.7 billion in GSE agency loans in the fourth quarter and $6.3 billion in the full year, both which are at record levels.
Equally important, we also have a very robust pipeline, and as a result, we expect to produce strong origination volumes in the first quarter and remain confident in our ability to continue to produce significant agency volumes in 2021. Our GSE agency platform continues to offer a premium value as it requires limited capital and generate significant long-dated predictable income streams and produces significant annual cash flow. Additionally, our $24.6 billion GSE agency servicing portfolio, which grew 23% in 2020, is mostly prepayment-protected and generated $112 million a year and growing, and reoccurring cash flow, which is up 27% from $88 million annually last year. This is in an addition to the strong gain on sale margins we continue to generate from our origination platform, which combined with new and increasing servicing revenues, will continue to contribute greatly to our earnings and dividends.
From a liquidity perspective, we are very pleased to have a current cash and liquidity position of approximately $400 million, which provides us with adequate liquidity to navigate the current market conditions and gives us offensive capital to take advantage of accretive lending opportunities. This has allowed us to replace our runoff and meaningfully grow our balance sheet loan book with high-quality multifamily bridge loans that generate attractive level of returns and creates a substantial pipeline of future GSE agency origination volumes and long-dated servicing revenues. We are very pleased with the high-quality balance sheet portfolio we have built that is also financed with the appropriate liability structures. We grew our balance sheet loan book 28% in 2020 to $5.5 billion on $2.4 billion in new originations.
This significant growth will continue to increase our run rate of net interest income going forward, and we also have a very robust pipeline, which we believe, will allow us to continue to grow our loan book in 2021 and increase our earnings. It is also very important to highlight that over 90% of our book are senior bridge loans, more importantly, 80% of our portfolio is in multifamily assets, which has been the most resilient asset class in all cycles and continues to significantly outperform all other asset classes in this recession as well. In reflecting on 2020, we had an exceptional year and clearly outperformed our peer group. We are the best-performing REIT five years in a row, delivering a 22% annualized return over that time period.
Our team was extremely well-positioned for this dislocation that occurred, and as a result, we suffered no dilution with substantial loss in value from issuing dilutive rescue capital or high-yielding debt to navigate through this recession. We also set up for continued success in 2021 to a versatile operating platform that is multifamily centric with a strong pipeline, significant servicing income, sizable balance sheet portfolio, single-family rental platform, and our investment in the residential mortgage business. And as a result, we are optimistic that this year, we will enter a dividend elite club of 10 straight years of dividend growth. I will now turn the call over to Paul to take you through the financial results.
Paul Elenio -- Chief Financial Officer
Thank you, Ivan. As Ivan mentioned, we had another exceptional quarter, producing distributable earnings of $67 million or $0.49 per share for the fourth quarter. We also had a record year with distributable earnings of $1.75 per share in 2020, a 28% increase over our 2019 results. And these results translated into record-high ROEs of approximately 21% for the fourth quarter and 19% for the full-year 2020, which reflects a 30% increase over our 2019 ROEs.
We also continued to benefit from several positive aspects of our diverse business model including significant growth in our agency and balance sheet business platforms, LIBOR floors in a large portion of our balance sheet loan book, and substantial income from our residential banking joint venture. And these benefits clearly demonstrate the value of our operating platform and the diversity of our income streams and, more importantly, gives us great confidence in our ability to continue to generate strong earnings and dividends in the future. As we mentioned earlier, we had another phenomenal quarter from our residential banking business. And as a result of continued historical low-interest rate environment, we recorded $20 million of income from this investment in the fourth quarter, which contributed approximately $0.12 a share on a tax-effected basis to our distributable earnings.
The income from this investment further emphasizes the diversity of our income streams, and act as a natural hedge against declining interest rates, specifically earnings on our escrow balances. And while we believe this investment will continue to contribute meaningfully to our distributable earnings going forward, we are expecting to see some normalization in volumes and margins in this business in 2021. Our adjusted book value at December 31 was approximately $10.35, adding back roughly $63 million of noncash general CECL reserves on a tax-effective basis. This is up 6.3% from approximately $9.74 last quarter, largely due to the significant earnings we generated, as well as our fourth-quarter capital raise.
And as a reminder, we have very little exposure to the asset classes that have been affected the most by the recession, such as retail and hospitality. Our total exposure to these asset classes is approximately $200 million or approximately 4% of our portfolio. We also believe we've adequately reserved for these assets, and do not feel, at this point, that any material further impairment will be necessary, which gives us confidence that our adjusted book value of $10.35 accurately reflects the current impact of the recession. Looking at our results from our GSE agency business, we originated $2.7 billion in loans and recorded $2.4 billion in loan sales in the fourth quarter.
The margins on our fourth-quarter GSE agency loan sales was 1.41% compared to 1.63% for the third quarter mainly due to a change in the mix of our loan products during the quarter and from lower margins on our Fannie business due to our higher average loan size. In the fourth quarter, we recorded $69 million of mortgage servicing rights income related to $2.8 billion of committed loans, representing an average MSR rate of around 2.45%, which was down from 2.77% rate for the third quarter, again, mainly due to larger loan sizes in the fourth quarter. Our servicing portfolio grew 9% this quarter and 23% in 2020 to $24.6 billion at December 31, with a weighted average servicing fee of 45.4 basis points and an estimated remaining life of nine years. This portfolio will continue to generate a predictable annuity of income going forward of around $112 million gross annually, which is up approximately $24 million or 27% on an annual basis from the same time last year.
Additionally, prepayment fees related to certain loans that have yield maintenance provisions was $2.7 million for the fourth quarter, compared to around $2 million for the third quarter. We also continue to see very positive trends related to our GSE agency business collections, which we believe reflects the strength of our borrowers and the quality of our GSE agency portfolio. We only have a handful of delinquent loans outstanding and extremely low forbearance numbers in our portfolio through January. Loans and forbearance represent less than 0.5% of our $18.3 billion Fannie book and around 5.5% of our $4.9 billion Freddie loan book, which is relatively unchanged since October as we have had very few new requests for forbearance in the last several months.
And as a result of these extremely low forbearance numbers, we have no material unrecovered servicing advances outstanding either. In our balance sheet lending operation, we grew our portfolio 28% to $5.5 billion in 2020 on $2.4 billion in originations. Our $5.5 billion investment portfolio had an all-in yield of 5.8% at December 31 compared to 5.93% at September 30 mainly due to higher rates on runoff as compared to new originations during the quarter. The average balance in our core investments was up to $5.1 billion this quarter from $5 billion last quarter, mainly due to the full effect of our third-quarter growth.
The average yield on these investments was 6.04% for the fourth quarter compared to 5.98% for the third quarter, mainly due to more acceleration of fees from early runoff in the fourth quarter, which was partially offset by higher interest rates on runoff as compared to originations in the fourth quarter. Total debt on our core assets was approximately $4.9 billion at December 31, with an all-in debt cost of approximately 3.03% compared to a debt cost of around 3.09% at September 30. The average balance on our debt facilities was up slightly to approximately $4.64 billion for the fourth quarter from $4.59 billion for the third quarter, mostly due to financing the growth in our portfolio. And the average cost of funds on our debt facilities was relatively flat at 3.05% for the fourth quarter and 3.06% for the third quarter.
Overall, net interest spreads on our core assets increased slightly to 2.99% this quarter compared to 2.92% last quarter. And our overall spot net interest spread was down to 2.77% at December 31 compared to 2.84% at September 30. Lastly, the average leverage ratio on our core lending assets, including the trust preferreds and perpetual preferred stock as equity was flat at 86% in both the third and fourth quarter, and our overall debt-to-equity ratio on a spot basis was also flat at 3.0 to 1 at both December 31 and September 30, excluding general CECL reserves. That completes our prepared remarks for this morning.
And I'll now turn it back to the operator to take any questions you may have at this time.
Questions & Answers:
Operator
[Operator instructions] We'll take today's first question from Steve Delaney with JMP Securities. Please go ahead.
Steve Delaney -- JMP Securities -- Analyst
Thanks. Good morning. Ivan and Paul, congrats on a strong close to a year that I think would have been hard for us to imagine when we were sitting here last March, for sure. You mentioned several times in your remarks, you talked about diversity.
So with my questions, I'm going to go there away from the two main agency and structured businesses if I may. Couple of days ago, we saw a Bloomberg article, talking about a transaction that Starwood that was contemplating about a $300 million loan -- institutional loan on 1,600 single-family properties. And it looked like it was just going to be a single -- they were trying to do a single borrower CMBS execution. So that's in the market.
And I know single-family rental, Ivan, is something you've been talking about for, I think, about a year now. If you could just give us an update, your thoughts about that product and opportunity, and kind of where your operation stands as we sit here today? Thank you.
Ivan Kaufman -- President and Chief Executive Officer
Sure. We have significantly ramped up and have become the leader in single-family build-to-rent communities. I believe, we have close to $0.5 billion in our pipeline and have an equal amount in underwriting and ready to close. I would project that that volume will double, and that is a great business for us.
We do the construction lending, which turned into a bridge, and then we do the ultimate securitization on those loans. So each transaction, we get 3 turns on. I love that business. We were able to build those communities at a similar cost that you can build a multifamily.
With COVID, you're seeing certainly a move to it less-density. And also what you're seeing as well is that's a preferable option for people instead of buying a home if they don't have the down payment and if they think they're transient and don't want to go through the transaction cost for that being an option. They're great communities. We're working with a few developers that have really developed the skill set to be able to build those products in a very efficient way similar to a cost for multifamily project, and we love it.
We're continuing to provide financing for people who are aggregating pools of single-family rentals with the idea of ultimately doing a securitization. We're selling them off in pieces, depending on whether we think we can get to the securitization market in time or whether we want to just distribute those products. So those are the two avenues we've invested in, starting two years ago. They're starting to bear a lot of fruit right now and they're going to represent a significant amount of growth for the firm, and we just love that business.
Steve Delaney -- JMP Securities -- Analyst
Right. And the construction and bridge loans, are they currently -- they're on the books so they currently carried in the structured portfolio?
Ivan Kaufman -- President and Chief Executive Officer
Yeah. Paul, you can answer that.
Paul Elenio -- Chief Financial Officer
Yes. Hey, Steve. So, yes, as Ivan mentioned, we're building a pretty strong build-to-rent business, as well as the construction into bridge. So if it's a bridge, it's in the bridge product.
The build-to-rent obviously funds over time, so you don't see a significant amount of that in the volume numbers we present. As the drawers get done, you do, but the committed volume is something that's pretty significant. But, yes, it all ends up in the structured side of the business bucket for now.
Steve Delaney -- JMP Securities -- Analyst
And, Ivan, to be clear, and last part on this question, eventually, you're going to go to a permanent loan. And you're in the process, I guess, of some bridge loans getting to the point where they're stabilized and they're going to go into a permanent. But to this point, you've not executed a securitization. Is that correct? But maybe, that's a 2021 --
Ivan Kaufman -- President and Chief Executive Officer
No. They actually resemble very much multifamily loans. Some are agency eligible. Some go on top of our label program.
So it doesn't need its own securitization. It fits right in, which is remarkable. So it fits right into our business flow in process, and it's just accretive to what we're doing.
Steve Delaney -- JMP Securities -- Analyst
OK. Thank you for that clarity. The second piece is on the resi JV. I mean, it's been a great year for that business.
Obviously, we've seen a lot of IPOs in the space. Could you just remind us, on Cardinal, the channels that they're focused on, whether it's direct or wholesale, and the percentage of the business that is refi versus purchase? I know, there's a lot of, obviously, concern that refis will -- the refi side of the business will come down pretty materially. Not right away, but maybe by the end of 2021. Thanks.
Ivan Kaufman -- President and Chief Executive Officer
First, we've been extraordinarily cautious in the way we've been forecasting and been exceeding our own forecast by a lot, every single quarter, quarter by quarter by quarter, and that's been going on for quite some time. With respect to the strategy, it's more of a retail strategy, not a wholesale strategy, but we also are supplying channels. And Paul, you can answer the financial-related questions.
Paul Elenio -- Chief Financial Officer
Yes. So it's like you said, Steve, it's consumer direct and retail. It has been, and probably continues to be for a period of time here, a pretty big refi component, as you know. I don't have the numbers in front of me, but it's a really high percentage of the volume.
However, having said that, the business is national across the country. It has a tremendous retail presence. As you know, homeownership is on the rise. And so, we do expect that the refi business will slow down a bit and margins will compress a little bit.
But we have a tremendous network and a tremendous infrastructure and a big focus on technology and believe that that business will do quite well on the home purchase side as well.
Steve Delaney -- JMP Securities -- Analyst
Right. I mean, the ROEs are so insane right now. It can go down -- volume and revenue can go down quite a bit and still have incredible ROEs. Thank you both for your comments.
Operator
We'll take our next question from Charlie Arestia with J.P. Morgan. Please go ahead.
Charlie Arestia -- J.P. Morgan -- Analyst
Hey, good morning, guys. Thanks for taking the questions. A bit of a follow-up, I guess, to the first question in terms of the topic, but kind of looking at it through a different lens. Given the focus on the New York area, in particular, it would be great to get your thoughts on the competitive environment there.
And I'm assuming that single-family rental is part of this. But some of the unique challenges that New York City faces and, in particular, with regards to some of the demographic trends and population shifts that are happening there.
Ivan Kaufman -- President and Chief Executive Officer
Yes. First off, we don't have a significant concentration in New York. I think, what you're doing in New York, as you're going through a recalculation of rental values, as well as sales values, you're seeing a lot of rentals, you're seeing a lot of sales, in fact, record numbers right now but at a significantly reduced sales price percentage, as well as rental. At these new bases, we're quite bullish.
We like New York City. We think, come September, when the schools open, people go back to work, you'll see the city begin to return to normal. You just have to underwrite appropriately for what the right rentals are. And you have to take into consideration the potential for an increase in real estate taxes.
So our portfolio is performing well there. We're optimistic that the leasing will be done. It will be done with some concessions and will be done with reduced rental rates. So underwriting appropriately, getting the right structure on the bridge loans is critical, and giving the loans the right amount of time to hit those lease-up numbers.
But I think, come September, we'll look back and say, wow, we have begun to return to normal fairly quickly. It will be a new normal.
Charlie Arestia -- J.P. Morgan -- Analyst
OK. Got it. Thanks. And then one more.
I was wondering if you guys have ever disclosed sort of rough breakout of what percentage of your origination volumes are to existing or previous Arbor borrowers. It feels like things are certainly improving more broadly. But the sector has really leaned on those pre-existing relationships to drive volumes, and curious to get your thoughts on the mix of previous borrowers versus new relationships.
Paul Elenio -- Chief Financial Officer
Charlie, it's Paul. We have not disclosed that in the past. But Ivan can certainly give some color. We obviously have tremendous relationships and do a significant amount of business with repeat borrowers.
But he certainly can give you some color on the market and what's happening today in those areas.
Ivan Kaufman -- President and Chief Executive Officer
Yes. Our business is built on repeat borrowers. And keep in mind in the multifamily sector, when you have a borrower, he often has a lot of limits of co-borrowers. And you'll see a repeat of not just that particular GP but of the limiteds who buy other properties.
It's not uncommon for us to have 10 to 20 loans with a particular borrower and constantly reengaging with that particular borrower, but that's the nature of our business. And even when we do deal with more big brokers, we do generally -- our new mortgage brokers were very loyal to us and as a repeat level of business from that mortgage broker. That's very consistent.
Charlie Arestia -- J.P. Morgan -- Analyst
Thanks very much, guys. Appreciate all the color.
Operator
Our next question is from Stephen Laws with Raymond James. Please go ahead.
Stephen Laws -- Raymond James -- Analyst
Good morning, Ivan and Paul. You both touched on the strong volumes, and certainly, last year, closed with the record volumes of $2.7 billion. Can you talk about year-to-date volumes or your expectations here that we should think about as we model out volumes for '21?
Paul Elenio -- Chief Financial Officer
Sure. All right. Let me start. Stephen, just giving you some color on how January closed out, and then Ivan and I will talk a little bit about globally how we view things for the rest of the year.
So in January, we did about $500 million of agency loans. I think if you go back and look at our production in the past year, in the second quarter, we did $1.4 billion and in the third quarter, we did $1.5 billion, and obviously, in the fourth quarter, we put up a monster number of $2.7 billion. So on a run rate right now, we're probably tracking to $1.4 billion, $1.5 billion for the first quarter. And possibly, for the second quarter, Ivan will give some color on where he thinks the Agency Business goes from there.
On the balance sheet side, we've also been very active. We've had a large balance sheet pipeline as well. And I think in January, we did about $400 million to $450 million of volume, and we had about $50 million of runoff. So we've had about $400 million in net growth in January to our book.
Don't know what pace that happens. It will all depend on what runoff we see going forward, and that's always a challenge. But our pipeline is very, very strong, and we're very confident we're going to be able to grow this book pretty substantially in 2021 as well.
Ivan Kaufman -- President and Chief Executive Officer
Yes. We're off to a good start. We have a great pipeline. Our bridge pipeline, our balance sheet pipeline is extraordinarily strong.
Where many people were very negatively impacted there in the pandemic, didn't have the right liability structures, didn't have the right banking relationships, we didn't miss a beat. So we've gained market share. We've gained a lot of momentum. The securitization market, we believe, is going to be extremely attractive going forward.
And I think that will continue similarly along the lines, if not greater, than what we did last year. So we'll see good growth in the balance sheet portfolio, and hopefully, a consistent level of building our pipeline and continuing at the levels that we closed in January if things remain constant.
Stephen Laws -- Raymond James -- Analyst
Great. Thanks. Switching to the financing side. Paul, can you talk about the recent CLO, the market reception plans for future issuance, and how we should think about that this year?
Paul Elenio -- Chief Financial Officer
Sure. So as you know --
Ivan Kaufman -- President and Chief Executive Officer
Paul, let me cover that a little bit because we really can't talk about going forward of what we're doing in impairs we do, but the securitization market has tightened dramatically from where it was 30 days ago, 60 days, and 90 days ago. We think it's as tight levels, almost as tight as it was pre-COVID. And we have probably the greatest brand in the CLO market. We have a good collateral position on our lines.
And we always maintain a very good percentage and mix of CLO total debt. So we think that market is perfect. We got very aggressive to load up our balance sheet, understanding that that market would tighten. And we feel very optimistic about us being able to access that market.
Paul, do you want to add some color?
Paul Elenio -- Chief Financial Officer
No, that's exactly what I was going to say. Stephen, it's a big part of our strategy. As you know, we've been a serial issuer of someone who's had a tremendous brand and reputation. And as Ivan said, we managed -- and by looking at the market and seeing when we think it's appropriate to access that market.
And it's just part of our normal strategy, and we continue to do that as we move forward. And we'll see when and if we get there and when it happens.
Stephen Laws -- Raymond James -- Analyst
Great. Appreciate it.
Operator
Our next question is from Jade Rahmani with KBW. Please go ahead.
Jade Rahmani -- KBW -- Analyst
Thank you very much for taking the questions. In terms of the structured finance business, the on-balance sheet business, two questions. First, what drove the almost $1 billion of originations? Maybe you could give color as to how many deals that encompass, what percentage were repeat customers, and how much were refinancings of existing deals? And then secondly, how are you thinking about the ROEs in that business, given the spread compression that we're seeing in the stabilized asset types?
Ivan Kaufman -- President and Chief Executive Officer
So with respect to refinancing of our own portfolio, it's a very small percentage that's not something we customarily do, unless there's an accretive reason to us and to the borrower. But that's not a primary aspect of our business. We'll always proceed with tremendous caution if its bridge-to-bridge, whether it's our own or somebody else's. With respect to the ROEs, we generally look for around a -- anywhere between 10% and 14%, with an average of a 12%, and it's where we originate to.
We actually think where the securitization market is, I think, we can probably see a bit of a lift in that. Relative to the volume that we've done. It's almost as though as like we were one of the last men standing. Most people were still looking at their loans.
They were very impaired by COVID, by being overleveraged and not being prepared, and therefore, really, we're not in a position to originate new loans. That allowed us to really step in, particularly on the larger loan side. A lot of firms were out there being extraordinarily aggressive. And they were originating a very tight spreads without the right structure.
Many of those firms got hurt, kind of left a little bit of a void. So it gave us an opportunity to build some large loan positions with great structure and great pricing. And even though, competition is returning to the market, I think, we've gained real favor on the originations of those products, with a good percentage of our product being repeat customers.
Paul Elenio -- Chief Financial Officer
Yes. Just to add to that, Ivan, all of that is absolutely correct. And from a number of transactions perspective, we did about $950 million of straight bridge loans. The rest were some of our SFR business.
And on that $950 million, we probably had 30, 35 deals. So we did have some chunkier deals, as Ivan mentioned, in there. And as he said, not a lot of that at all is refinanced. Some of it was, but not that much.
And our levered returns are right in the area that Ivan was talking about.
Jade Rahmani -- KBW -- Analyst
And you said January balance sheet production is $450 million to $500 million?
Paul Elenio -- Chief Financial Officer
We did about $450 million in January already and had about $50 million of runoff. So we had net growth in January of about $400 million. That's correct. Was a really strong month.
Ivan Kaufman -- President and Chief Executive Officer
And, Jade, with respect to our returns, keep in mind that it's really exponential in a way because our goal is to create an agency lending loan out of that, which gives us gain on sale, as well as servicing revenue. So if we build our balance sheet and fees, our agency business, which is part of our model and our franchise, and to the extent that business can grow, will grow the annuity on a long-term basis. So the returns become exponential, and we recapture that in our loan business.
Paul Elenio -- Chief Financial Officer
That's right.
Jade Rahmani -- KBW -- Analyst
And what's the mix of multifamily in the bridge lending business? Because I've always asked the commercial mortgage REITs, why they don't have an exit strategy in terms of recapturing the business once it goes out of transition, and none of them have a good answer for that. But it seems like Arbor is unique among that in terms of being able to refinance that.
Ivan Kaufman -- President and Chief Executive Officer
Yeah. Well, we are extraordinarily disciplined in our approach. And, I mean, just off-the-cuff and Paul will correct me, I think 100% of the loans that we originated in the fourth quarter and so far in the first quarter, were all multifamily. I'm pretty sure, yes.
But generally, almost 80% to 90% is multifamily. All multifamily loans that we originate on our balance sheet, our size within an agency takeout, that's our business model.
Paul Elenio -- Chief Financial Officer
Yes. And Ivan is right. We had 98% of the fourth-quarter originations from multifamily, 100% of the first-quarter originations, so far, were multifamily. So those percentages are always extremely high for us, and we obviously get the takeout if we can on the agency side as well.
Jade Rahmani -- KBW -- Analyst
In terms of the sustainability of the GSE volumes, is there a refinance component that you think is likely to abate in coming quarters if interest rates normalize? I know that their interest rate -- sorry, their lending caps were basically increased, but seemed flat with what they did in 2020. So I'm not expecting their overall volumes to increase. And I'm a little worried about what happens if rates tick up from here. So how do you think about the sustainability of the GSE business?
Ivan Kaufman -- President and Chief Executive Officer
Well, I think it's important to note, different than other asset classes, and more importantly, different than the single-family businesses is that most multifamily loans that are originated are done on five-, seven- and 10-year terms and many of them are done, especially the value-add, on one- and three-year terms. So there's a continued flow and pipeline of loans that have to be refinanced just based on historical maturities. It's not as those single-family loans, which have a 30-year maturity, are interest rate-driven or are driven by home purchases. So that is a significant amount of business.
We expect that the agency is at the $70 million and $80 million level, which is similar to where it was last year. They will fill up. We will have our market share, and that will be a strong market. There are certain times when interest rates dip like they did when they were down 75 basis points on the 10-year, that people got extraordinarily aggressive and they move very quickly, and there's a bit of a jump.
And then there are times like now where rates jump up from 75 to 130, and people take a pause, and they have to rethink where they are. But 125 basis points on a 10-year, with low 3% as your interest rate, are still at historical lows. And anything that was originated over the last 10 years, most of that will qualify for an accretive refinance to borrowers. So we're quite optimistic.
I think the real question comes on the purchase side. Is there enough inventory out there? Are their transactions going to grow? Is the purchase market going to be in 2021 where it was in 2019? But it should be a robust big market on the multifamily side, and we should be able to maintain and get our share.
Jade Rahmani -- KBW -- Analyst
Thank you. And just last question on the credit side. Looking at the Agency Business, I think you've said forbearances in the Fannie Mae DUS portfolio were 0.5%, and in the Freddie Mac portfolio of 5.2%. So a tenfold difference between Freddie and Fannie.
A vast other folks like Walker & Dunlop too tie-in on the reasons why that is. Some have said it relates to the average smaller loan size. In the Freddie Mac portfolio, possibly, it relates to the risk-sharing nature of DUS strategy. So what do you think the reason is for the higher forbearance in Freddie Mac? And secondarily, are you worried at all about migration of that 5% forbearance into future delinquencies?
Ivan Kaufman -- President and Chief Executive Officer
So, first, our forbearance, specifically on the small balance, have outperformed the rest of the group. And Freddie Mac's forbearances are higher than Fannie Mae's. Their policy is a little bit different. With respect to any potential losses that come from these, we're not concerned at all.
We think the properties are well in the money. We think, come September, things will return to normal. And we're fairly comfortable that we're in a good position on all those loans. I think there was a level of dislocation, borrower supply for forbearance.
Properties are returning to normal. But keep in mind that there's a lot of cap rate compression right now on the multifamily side. So even if you have a little softening on rents and a little rent decline and even little vacancy, that's really offset by cap rate compression. So we think the value is pretty stable and the demand for investors to buy multifamily is really outrageous, and we're very, very comfortable with our portfolio.
Jade Rahmani -- KBW -- Analyst
Thank you.
Operator
Our next question is from Lee Cooperman with the Omega Family Office. Please go ahead.
Lee Cooperman -- Omega Advisors -- Analyst
Thank you. Let me just first congratulate you and your team, Ivan, and you guys have done a terrific job for the shareholders. And you stand out in a class by itself. And I think you deserve a shoutout, and I'm going to give you that.
Now, let me move on to more relevant stuff. Let's talk a little bit about capital adequacy and your cost of equity versus your return on equity. On several times in the call, and you've said this in the past and you've proven to be 100% right, you felt your stock was substantially undervalued. Yet, you've been willing to sell stock to financial growth.
So I guess the answer is, you sell something cheap because you think you could reinvest the money at even more attractive terms. So maybe you could spend a little time talking about your return on -- for every dollar you raise, what kind of return can you generate on that dollar incrementally. And any thoughts on that would be very interesting to me.
Ivan Kaufman -- President and Chief Executive Officer
So, you know, when we're raising capital, it's usually to fund our growth. So in this particular business, we have to evaluate whether we're going to runoff in our balance sheet portfolio, what we can add to it, and whether we can add to it accretively. And if we can increase our balance sheet portfolio and get a return north of 12% and as much as 15% sometimes, we'll evaluate whether it's worth raising capital to fund that growth if there's growth in our balance sheet. And it's really just a mathematical analysis that Paul performs.
And he makes a decision where we should price our loans and how accretive it is and whether it's worthwhile bringing in and growing the balance sheet at accretive returns. It's just a mathematical analysis. Paul, do you want to comment on that?
Paul Elenio -- Chief Financial Officer
Sure. That's right, Lee, and yes, so we have a pretty robust pipeline. The only question is where does runoff go. And if runoff is stronger, then we have those dollars to fund the growth.
If it's not, then we assess whether we want to do loans at those yields and raise capital at these prices or whatever prices we are. And historically, as you know, Lee, we've done, as you said, a great job of being real good stewards of capital with high inside ownership. So it's an analysis we do. And if we think we can raise capital at accretive prices to fund loans that generate, let's say, a 13% to a 14% ROE or 12% to 15%, as Ivan said, and that's an analysis we do.
And we look at it and say if it's accretive, then we go forward. And that's exactly how the analysis works. And we do think that we can raise capital to fund growth, that would be 13% to 15% on an ROE.
Lee Cooperman -- Omega Advisors -- Analyst
So when you sell shares is because you think you can reinvest the money that would be accretive, even though the stock is undervalued in your view.
Ivan Kaufman -- President and Chief Executive Officer
Well, it all depends on whether or not the accretive will help on growth and strengthen our balance sheet and have a longer-term growth that's --
Lee Cooperman -- Omega Advisors -- Analyst
Well, clearly, it explains in your balance sheet. Your book value is $10.35. Your stock is trading over $16. So the extent you sell stock well in excess of book value, which you've not been able to do in the past, it's accretive.
But on the other hand, you're selling something that you think is worth more than you're selling it, that only makes sense if you can basically invest the money on the return that enhances the overall picture of the company, which you've been able to do. And so you're saying, you can invest at 12% to 15% ROE. Is that after the leverage you employ?
Paul Elenio -- Chief Financial Officer
Yes. Yes, it is.
Ivan Kaufman -- President and Chief Executive Officer
Yes. But also, as I mentioned earlier, Lee, keep in mind that that 12% to 15% is really greater than that when we capture the end loan. And it's more like a 30% to 40% return. So if we can recapture 60% to 70% of what we're originating, right, and create long-term annuity growth and it's the best capital raise we can do, then that goes into our analysis as well.
Paul Elenio -- Chief Financial Officer
Yes. That's where I was going next where Ivan is on the end loan. We're recapturing a lot of that bridge business, Lee, into Fannie Mae and agency end loans, which not only gives us gain on sale, but it gives us nine, 10 years of servicing that's prepayment-protected and locked out at a higher multiple. So that is all factored into the equation as well.
Lee Cooperman -- Omega Advisors -- Analyst
Again, I want to congratulate you guys on really traversing environment and a very difficult environment extraordinarily well. Congratulations.
Paul Elenio -- Chief Financial Officer
Thank you, Lee.
Ivan Kaufman -- President and Chief Executive Officer
Thanks a lot, Lee, for your support.
Operator
We'll go next to Matthew Howlett with Wolfe Research. Please go ahead.
Matthew Howlett -- Wolfe Research -- Analyst
All right, guys. Thanks for taking my questions. Two questions if I may. First, you've got great momentum on the Agency Business.
I just want to confirm, there's a mission-driven rule now, where 50% of the volume has to be with rentals at 80% of the median income. I just want to double-check on the conformity of your volume versus those new caps. And then I think I read that Fannie was increasing their GSE fee on the multifamily business. Both of them clearly said that they're going to have to start operating on the new -- collaborate as new capital requirement, which was higher than the prior one.
Whether that would have an impact on any gain on sale margins? That's the first part.
Ivan Kaufman -- President and Chief Executive Officer
So with respect to the mission-driven, if we're not the No. 1 mission-driven business, we're in the top tier. We've always been very, very mission-driven. We focus on workforce housing, which has been the space we're in with a lot of emphasis on the small balance loans, which also fits our criteria.
So we're one of their top clients in that space, and that bodes well for us. So we fit that criteria. What was your second question?
Matthew Howlett -- Wolfe Research -- Analyst
It was on the GSE and the DUS. So both entities are going to start conforming to their new capital requirements that were unveiled in November. Whether or not that would pressure any margins going forward if they do adjust GSE yield?
Ivan Kaufman -- President and Chief Executive Officer
Yes. Listen, I think what the agencies are going to do is they're going to originate their $70 billion or $80 billion. They're going to adjust their fees up and down depending on what their volumes are. And we're going to get our market share.
And if you've read, we have our own private label program. So to the extent the GSEs widen a little bit, we'll do more volume on our private label program, which we're well-positioned for. So I think regardless of the environment, we have the tools to be very effective.
Matthew Howlett -- Wolfe Research -- Analyst
Got it. And then second question, just a follow-up on Lee's question. Looking at your capital structure, and particularly your preferred and some of the unsecured debt you're coming due, it's a lot higher cost than where you could issue today. I'm assuming as you grow, it's going to even improve.
I mean, I'm looking at 8% coupon preferreds, and you probably, at some point, could issue at 6%. And then, the unsecured debt is a little bit higher due to some of the stuff that's new. What can you tell me about what you can do with the balance sheet on that, both sides of the balance sheet? Is the preferred callable? And I know you have to make whole premiums on the unsecured stuff. But what could you do to lower the cost of your debt capital and your preferred equity capital and maybe issue in those channels as opposed to shared equity?
Paul Elenio -- Chief Financial Officer
Sure. Sure. So let me handle the preferred side. You're 100% right, Matt.
It is callable. The preferred, it had a call protection. That call protection has expired. It's only $90 million, but it is callable.
It is trading at a coupon above 8%. I've been looking at the market, it's possible to introduce a new instrument like that, and maybe in the 6s, maybe even better as things starting to tighten. And there's another area as well, right? There's an arm here. Right now, our dividend yield is still higher than we want it to be, and we think we're undervalued.
And if we were able to get a premium value at some point, there's also an arm on taking that out with equity if the dividend yield is inside of that. But right now, we're looking at that. It's very small. We'll continue to manage that.
It won't have a massive impact on our cost of funds, but it is something we are watching. The other area is, as you said, the senior unsecured notes are kind of all locked out. And we've got tremendous rates on that piece of -- those pieces of paper. So we're in a good spot right now on that.
And as Ivan mentioned, as we continue to march forward, we'll see how successful we are in the future, as we have been in accessing the securitization market, which continues to drive down our cost of funds. Those are the things we look at. We continue to work with our banking lines at making sure we continue to get the tightest spreads and the tightest pricing, and we've made significant improvements there as well. And that's just part of our culture, and that's just part of how we run our business.
Matthew Howlett -- Wolfe Research -- Analyst
That's great. And I really appreciate it. Just getting back to the preferred, I know it's a small issue, but do you think you could -- given the growth of the company and the growth of the balance sheet, you could take -- you could improve the -- you could increase to maybe $100 million, $200 million in size and do a 6% deal? It seems it would be accretive to the -- massively accretive to your investment business. Just curious on how high you could take it.
Paul Elenio -- Chief Financial Officer
Yes. I'd have to look at it. I've looked at it a while ago, and it was in the high 6s then. I think it's tightened since then, and I'd have to look at how much we can add.
But again, the preferred isn't common, it's preferred, but it's a good instrument. And you're going to add call protection to it when you do it. So you have to balance the new call protection with the rate. And I think you're right.
I think we can be well inside this number, and it's something we're going to look at.
Matthew Howlett -- Wolfe Research -- Analyst
I really appreciate it. Thanks.
Operator
It appears we have no further questions. I'll return the floor to Ivan Kaufman for any closing comments.
Ivan Kaufman -- President and Chief Executive Officer
OK. Well, thanks, everybody, for your participation, and more importantly, for your support during a very, very difficult year. We had a record year in 2020, a great fourth quarter. Actually, a record fourth quarter.
We're off to a great start in 2021. And my goal is to add to the dividend elite club and have 10 straight years of dividend growth, and I feel very optimistic about our ability to achieve that. Have a great day, everybody, and a great weekend. Do well.
Paul Elenio -- Chief Financial Officer
Stay safe, everyone.
Operator
[Operator signoff]
Duration: 57 minutes
Call participants:
Paul Elenio -- Chief Financial Officer
Ivan Kaufman -- President and Chief Executive Officer
Steve Delaney -- JMP Securities -- Analyst
Charlie Arestia -- J.P. Morgan -- Analyst
Stephen Laws -- Raymond James -- Analyst
Jade Rahmani -- KBW -- Analyst
Lee Cooperman -- Omega Advisors -- Analyst
Matthew Howlett -- Wolfe Research -- Analyst
More ABR analysis
All earnings call transcripts
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Motley Fool Transcribing has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (NYSE: ABR) Q4 2020 Earnings Call Feb 19, 2021, 10:00 a.m. Operator [Operator signoff] Duration: 57 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Charlie Arestia -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Analyst Matthew Howlett -- Wolfe Research -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. And the performance, combined with the quality and diversity of our income streams, along with a track record of consistent earnings growth and industry-low dividend payout ratio clearly differentiates us and is why we believe we are extremely undervalued, and we should be trading at a substantial premium per our current price. | Operator [Operator signoff] Duration: 57 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Charlie Arestia -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Analyst Matthew Howlett -- Wolfe Research -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q4 2020 Earnings Call Feb 19, 2021, 10:00 a.m. We have built a viable operating platform, focused on a rate right asset class with very stable liability structures, strong liquidity, an active balance sheet, and GSE, Agency Business, and many diversified income streams that generate strong earnings and dividends every market cycle. | Operator [Operator signoff] Duration: 57 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Charlie Arestia -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Analyst Matthew Howlett -- Wolfe Research -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q4 2020 Earnings Call Feb 19, 2021, 10:00 a.m. Before I discuss more detail of growth and success we had in all of our business platforms, I want to highlight some of our more significant 2020 accomplishments, which include: generating substantial growth in our earnings, allowing us to increase our dividend 3 times to an annual run rate of $1.32 a share, up from $1.20 per share, resulting in a nine straight years of consistent dividend growth with 19 increases over that time; delivering a total shareholder return of 7.4% in 2020 and 106% cumulatively for the last five years, with an annualized return of approximately 22%; achieving industry-leading ROEs of 19%, a 30% increase over last year; producing record originations of $9.1 billion, a 20% increase from our 2019 numbers; moving up three positions in our league tables, finishing sixth in Fannie Mae DUS production and No. | Operator [Operator signoff] Duration: 57 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Charlie Arestia -- J.P. Morgan -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Analyst Matthew Howlett -- Wolfe Research -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q4 2020 Earnings Call Feb 19, 2021, 10:00 a.m. 1 in Fannie Mae small balance lending category for the second year in a row; producing record agency originations of $6.3 billion, a 44% increase over last year; increasing our balance sheet portfolio 28% in 2020 to $5.5 billion; growing our servicing portfolio to $25 billion, a 23% increase from 2019 and a 52% increase over the last three years; continuing to be a market leader in the nonrecourse securitization arena, closing our largest CLO to date totaling $800 million with improved terms and flexibility; and raising $250 million of accretive growth capital to fund our growing pipeline and increase our earnings run rate. |
30047.0 | 2021-02-11 00:00:00 UTC | Arbor Realty Trust's Series A Preferred Stock Yield Pushes Past 8% | ABR | https://www.nasdaq.com/articles/arbor-realty-trusts-series-a-preferred-stock-yield-pushes-past-8-2021-02-11 | nan | nan | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.50 on the day. This compares to an average yield of 6.84% in the "Real Estate" preferred stock category, according to Preferred Stock Channel. As of last close, ABR.PRA was trading at a 5.04% premium to its liquidation preference amount, versus the average premium of 1.00% in the "Real Estate" category.
Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock:
In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently off about 0.6% on the day, while the common shares (Symbol: ABR) are up about 0.7%.
Click here to find out the 50 highest yielding preferreds »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.50 on the day. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently off about 0.6% on the day, while the common shares (Symbol: ABR) are up about 0.7%. As of last close, ABR.PRA was trading at a 5.04% premium to its liquidation preference amount, versus the average premium of 1.00% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.50 on the day. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently off about 0.6% on the day, while the common shares (Symbol: ABR) are up about 0.7%. As of last close, ABR.PRA was trading at a 5.04% premium to its liquidation preference amount, versus the average premium of 1.00% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.50 on the day. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently off about 0.6% on the day, while the common shares (Symbol: ABR) are up about 0.7%. As of last close, ABR.PRA was trading at a 5.04% premium to its liquidation preference amount, versus the average premium of 1.00% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.50 on the day. As of last close, ABR.PRA was trading at a 5.04% premium to its liquidation preference amount, versus the average premium of 1.00% in the "Real Estate" category. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently off about 0.6% on the day, while the common shares (Symbol: ABR) are up about 0.7%. |
30048.0 | 2021-02-05 00:00:00 UTC | Arbor Realty Trust's Series C Preferred Stock Shares Cross 8% Yield Mark | ABR | https://www.nasdaq.com/articles/arbor-realty-trusts-series-c-preferred-stock-shares-cross-8-yield-mark-2021-02-05 | nan | nan | In trading on Friday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.44 on the day. This compares to an average yield of 6.91% in the "Real Estate" preferred stock category, according to Preferred Stock Channel. As of last close, ABR.PRC was trading at a 6.48% premium to its liquidation preference amount, versus the average premium of 0.48% in the "Real Estate" category.
Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock:
In Friday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently off about 0.5% on the day, while the common shares (Symbol: ABR) are up about 0.7%.
Click here to find out the 50 highest yielding preferreds »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Friday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.44 on the day. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Friday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently off about 0.5% on the day, while the common shares (Symbol: ABR) are up about 0.7%. As of last close, ABR.PRC was trading at a 6.48% premium to its liquidation preference amount, versus the average premium of 0.48% in the "Real Estate" category. | In trading on Friday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.44 on the day. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Friday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently off about 0.5% on the day, while the common shares (Symbol: ABR) are up about 0.7%. As of last close, ABR.PRC was trading at a 6.48% premium to its liquidation preference amount, versus the average premium of 0.48% in the "Real Estate" category. | In trading on Friday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.44 on the day. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Friday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently off about 0.5% on the day, while the common shares (Symbol: ABR) are up about 0.7%. As of last close, ABR.PRC was trading at a 6.48% premium to its liquidation preference amount, versus the average premium of 0.48% in the "Real Estate" category. | In trading on Friday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.44 on the day. As of last close, ABR.PRC was trading at a 6.48% premium to its liquidation preference amount, versus the average premium of 0.48% in the "Real Estate" category. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Friday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently off about 0.5% on the day, while the common shares (Symbol: ABR) are up about 0.7%. |
30049.0 | 2021-01-25 00:00:00 UTC | Arbor Realty Trust (ABR) Passes Through 9% Yield Mark | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-passes-through-9-yield-mark-2021-01-25 | nan | nan | Looking at the universe of stocks we cover at Dividend Channel, in trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) were yielding above the 9% mark based on its quarterly dividend (annualized to $1.28), with the stock changing hands as low as $14.22 on the day. Dividends are particularly important for investors to consider, because historically speaking dividends have provided a considerable share of the stock market's total return. To illustrate, suppose for example you purchased shares of the iShares Russell 3000 ETF (IWV) back on 5/31/2000 — you would have paid $78.27 per share. Fast forward to 5/31/2012 and each share was worth $77.79 on that date, a loss of $0.48 or 0.6% decrease over twelve years. But now consider that you collected a whopping $10.77 per share in dividends over the same period, increasing your return to 13.15%. Even with dividends reinvested, that only amounts to an average annual total return of about 1.0%; so by comparison collecting a yield above 9% would appear considerably attractive if that yield is sustainable. Arbor Realty Trust Inc (Symbol: ABR) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets.
In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of Arbor Realty Trust Inc, looking at the history chart for ABR below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 9% annual yield.
Click here to find out which 9 other dividend stocks just recently went on sale »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the universe of stocks we cover at Dividend Channel, in trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) were yielding above the 9% mark based on its quarterly dividend (annualized to $1.28), with the stock changing hands as low as $14.22 on the day. Arbor Realty Trust Inc (Symbol: ABR) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Arbor Realty Trust Inc, looking at the history chart for ABR below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 9% annual yield. | Looking at the universe of stocks we cover at Dividend Channel, in trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) were yielding above the 9% mark based on its quarterly dividend (annualized to $1.28), with the stock changing hands as low as $14.22 on the day. Arbor Realty Trust Inc (Symbol: ABR) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Arbor Realty Trust Inc, looking at the history chart for ABR below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 9% annual yield. | Looking at the universe of stocks we cover at Dividend Channel, in trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) were yielding above the 9% mark based on its quarterly dividend (annualized to $1.28), with the stock changing hands as low as $14.22 on the day. In the case of Arbor Realty Trust Inc, looking at the history chart for ABR below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 9% annual yield. Arbor Realty Trust Inc (Symbol: ABR) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. | Looking at the universe of stocks we cover at Dividend Channel, in trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) were yielding above the 9% mark based on its quarterly dividend (annualized to $1.28), with the stock changing hands as low as $14.22 on the day. Arbor Realty Trust Inc (Symbol: ABR) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Arbor Realty Trust Inc, looking at the history chart for ABR below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 9% annual yield. |
30050.0 | 2020-11-12 00:00:00 UTC | Arbor Realty Trust (ABR) Ex-Dividend Date Scheduled for November 13, 2020 | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-ex-dividend-date-scheduled-for-november-13-2020-2020-11-12 | nan | nan | Arbor Realty Trust (ABR) will begin trading ex-dividend on November 13, 2020. A cash dividend payment of $0.32 per share is scheduled to be paid on November 30, 2020. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. This represents an 3.23% increase over prior dividend payment. At the current stock price of $13.34, the dividend yield is 9.6%.
The previous trading day's last sale of ABR was $13.34, representing a -12.92% decrease from the 52 week high of $15.32 and a 276.84% increase over the 52 week low of $3.54.
ABR is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Prologis, Inc. (PLD). ABR's current earnings per share, an indicator of a company's profitability, is $.92. Zacks Investment Research reports ABR's forecasted earnings growth in 2020 as 13.97%, compared to an industry average of -3%.
For more information on the declaration, record and payment dates, visit the ABR Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
Interested in gaining exposure to ABR through an Exchange Traded Fund [ETF]?
The following ETF(s) have ABR as a top-10 holding:
VanEck Vectors Mortgage REIT Income ETF (MORT)
Global X Super Dividend ETF (DIV).
The top-performing ETF of this group is MORT with an increase of 12.37% over the last 100 days. It also has the highest percent weighting of ABR at 4.96%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | ABR is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Prologis, Inc. (PLD). Zacks Investment Research reports ABR's forecasted earnings growth in 2020 as 13.97%, compared to an industry average of -3%. For more information on the declaration, record and payment dates, visit the ABR Dividend History page. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. ABR's current earnings per share, an indicator of a company's profitability, is $.92. Arbor Realty Trust (ABR) will begin trading ex-dividend on November 13, 2020. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. For more information on the declaration, record and payment dates, visit the ABR Dividend History page. The following ETF(s) have ABR as a top-10 holding: VanEck Vectors Mortgage REIT Income ETF (MORT) Global X Super Dividend ETF (DIV). | ABR's current earnings per share, an indicator of a company's profitability, is $.92. Arbor Realty Trust (ABR) will begin trading ex-dividend on November 13, 2020. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. |
30051.0 | 2020-11-12 00:00:00 UTC | Land This Bargain 9.6% Yielder Even Cheaper Than Director Green Did | ABR | https://www.nasdaq.com/articles/land-this-bargain-9.6-yielder-even-cheaper-than-director-green-did-2020-11-12 | nan | nan | There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on November 5, Arbor Realty Trust Inc's Director, William C. Green, invested $117,838.20 into 9,099 shares of ABR, for a cost per share of $12.95. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. In trading on Thursday, bargain hunters could buy shares of Arbor Realty Trust Inc (Symbol: ABR) and achieve a cost basis even cheaper than Green, with shares changing hands as low as $12.88 per share. Arbor Realty Trust Inc shares are currently trading down about 3.5% on the day. The chart below shows the one year performance of ABR shares, versus its 200 day moving average:
Looking at the chart above, ABR's low point in its 52 week range is $3.54 per share, with $15.32 as the 52 week high point — that compares with a last trade of $12.91. By comparison, below is a table showing the prices at which ABR insider buying was recorded over the last six months:
PURCHASED INSIDER TITLE SHARES PRICE/SHARE VALUE
11/05/2020 William C. Green Director 9,099 $12.95 $117,838.20
The current annualized dividend paid by Arbor Realty Trust Inc is $1.28/share, currently paid in quarterly installments, and its most recent dividend has an upcoming ex-date of 11/13/2020. Below is a long-term dividend history chart for ABR, which can be of good help in judging whether the most recent dividend with approx. 9.6% annualized yield is likely to continue.
Click here to find out which 9 other dividend bargains you can buy cheaper than insiders »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $3.54 per share, with $15.32 as the 52 week high point — that compares with a last trade of $12.91. By comparison, below is a table showing the prices at which ABR insider buying was recorded over the last six months: Back on November 5, Arbor Realty Trust Inc's Director, William C. Green, invested $117,838.20 into 9,099 shares of ABR, for a cost per share of $12.95. | Back on November 5, Arbor Realty Trust Inc's Director, William C. Green, invested $117,838.20 into 9,099 shares of ABR, for a cost per share of $12.95. In trading on Thursday, bargain hunters could buy shares of Arbor Realty Trust Inc (Symbol: ABR) and achieve a cost basis even cheaper than Green, with shares changing hands as low as $12.88 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $3.54 per share, with $15.32 as the 52 week high point — that compares with a last trade of $12.91. | In trading on Thursday, bargain hunters could buy shares of Arbor Realty Trust Inc (Symbol: ABR) and achieve a cost basis even cheaper than Green, with shares changing hands as low as $12.88 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $3.54 per share, with $15.32 as the 52 week high point — that compares with a last trade of $12.91. Back on November 5, Arbor Realty Trust Inc's Director, William C. Green, invested $117,838.20 into 9,099 shares of ABR, for a cost per share of $12.95. | The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $3.54 per share, with $15.32 as the 52 week high point — that compares with a last trade of $12.91. Back on November 5, Arbor Realty Trust Inc's Director, William C. Green, invested $117,838.20 into 9,099 shares of ABR, for a cost per share of $12.95. In trading on Thursday, bargain hunters could buy shares of Arbor Realty Trust Inc (Symbol: ABR) and achieve a cost basis even cheaper than Green, with shares changing hands as low as $12.88 per share. |
30052.0 | 2020-11-11 00:00:00 UTC | BUZZ-U.S. STOCKS ON THE MOVE-Apple, Lyft, D.R. Horton, Norwegian Cruise Line | ABR | https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-apple-lyft-d.r.-horton-norwegian-cruise-line-2020-11-11 | nan | nan | Eikon search string for individual stock moves: STXBZ
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Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. .N
At 10:27 ET, the Dow Jones Industrial Average .DJI was down 0.18% at 29,368.85. The S&P 500 .SPX was up 0.45% at 3,561.54 and the Nasdaq Composite .IXIC was up 1.40% at 11,716.112. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 5.8% ** ServiceNow Inc , up 5.3% ** Invesco Ltd , up 5.2% The top three S&P 500 .PL.INX percentage losers: ** Dentsply Sirona , down 5.9% ** Air Products & Chemicals , down 5.8% ** Federal Realty Investment Trust , down 5.5% The top three NYSE .PG.N percentage gainers: ** Revlon Inc , up 22.2% ** Fubotv Inc , up 21.8% ** Fiverr International , up 12.5% The top three NYSE .PL.N percentage losers: ** Aurora Cannabis , down 19.9% ** Ashford Hosptlty , down 14.7% ** AMC Entertainment , down 13.7% The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 229.8% ** CM Life Sciences , up 59.4% ** Genfit , up 29.3% The top three Nasdaq .PL.O percentage losers: ** EGain Corporatio , down 29.5% ** Greenland Technologies , down 22% ** Summer Infant , down 21.1%
** Apple AAPL.O: up 1.8%
BUZZ-Set to snap 3-day losing streak
** Lyft Inc LYFT.O: up 4.6%
BUZZ-Street View: Lyft raises hopes for post-pandemic profitability
** D.R. Horton DHI.N: up 0.7%
BUZZ-Rises as brokerages raise PTs on strong results
** Norwegian Cruise Line NCLH.N: up 1.7%
BUZZ-Up as brokers raise PT on vaccine optimism
** Fuel Tech FTEK.O: up 115.5%
BUZZ-Surges as co swings to quarterly profit
** Tencent Music TME.N: up 0.1%
BUZZ-Rises on strong Q3
** HUYA Inc HUYA.N: up 4.1%
BUZZ-Rises on Q3 profit beat
** Five Prime FPRX.O: up 229.8%
BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT
** Pareteum Corp TEUM.O: down 41.5%
BUZZ-Plunges on Nasdaq delisting notice
** Teladoc TDOC.N: up 3.1%
BUZZ-Gains on upbeat revenue forecast
** Co-Diagnostics CODX.O: up 6.9%
BUZZ-Rises as co says its tech works as COVID-19 test
** Arbor Realty Trust ABR.N: down 5.0%
BUZZ-Drops after pricing stock offering
** Performant Financial Corp PFMT.O: up 6.4%
BUZZ-Gains on strong Q3 earnings
** Palo Alto Networks PANW.N: up 1.9%
BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal
** eGain EGAN.O: down 29.5%
BUZZ-Plunges on downbeat second-quarter forecast
** Immuron IMRN.O: up 10.1%
BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response
** Inventiva IVA.O: up 5.2%
BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug
** Yelp YELP.N: up 2.8%
BUZZ-Rises as Evercore upgrades on post-vaccine recovery hopes
** Organogenesis ORGO.O: down 9.1%
BUZZ-Organogenesis slumps on planned stock offering
** Summer Infant SUMR.O: down 21.1%
BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook
** Purple Innovation PRPL.O: up 2.3%
BUZZ-Purple Innovation: Rises as higher direct-selling powers Q3 beat
** Sonim Technologies Inc SONM.O: down 13.0%
BUZZ-Falls after Q3 revenue halves, misses estimates
** KKR & Co KKR.N: down 3.8%
BUZZ-Shares down after Morgan Stanley prices block
** Performance Shipping PSHG.O: up 24.8%
BUZZ-Buys tanker vessel, shares soar
** Sorrento SRNE.O: up 13.1%
BUZZ-Rises on application to start COVID-19 treatment clinical trial
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
up 0.40%
Consumer Discretionary
.SPLRCD
up 1.19%
Consumer Staples
.SPLRCS
up 0.48%
Energy
.SPNY
down 0.13%
Financial
.SPSY
down 0.93%
Health
.SPXHC
down 0.22%
Industrial
.SPLRCI
down 0.99%
Information Technology
.SPLRCT
up 1.71%
Materials
.SPLRCM
down 1.38%
Real Estate
.SPLRCR
up 0.63%
Utilities
.SPLRCU
up 0.66%
(Compiled by Shreyasee Raj)
((Shreyasee.Raj@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Horton DHI.N: up 0.7% BUZZ-Rises as brokerages raise PTs on strong results ** Norwegian Cruise Line NCLH.N: up 1.7% BUZZ-Up as brokers raise PT on vaccine optimism ** Fuel Tech FTEK.O: up 115.5% BUZZ-Surges as co swings to quarterly profit ** Tencent Music TME.N: up 0.1% BUZZ-Rises on strong Q3 ** HUYA Inc HUYA.N: up 4.1% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 229.8% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 41.5% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 3.1% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 6.9% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.0% BUZZ-Drops after pricing stock offering ** Performant Financial Corp PFMT.O: up 6.4% BUZZ-Gains on strong Q3 earnings ** Palo Alto Networks PANW.N: up 1.9% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.5% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 10.1% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 5.2% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Yelp YELP.N: up 2.8% BUZZ-Rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 9.1% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 21.1% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Purple Innovation PRPL.O: up 2.3% BUZZ-Purple Innovation: Rises as higher direct-selling powers Q3 beat ** Sonim Technologies Inc SONM.O: down 13.0% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.8% BUZZ-Shares down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 24.8% BUZZ-Buys tanker vessel, shares soar ** Sorrento SRNE.O: up 13.1% BUZZ-Rises on application to start COVID-19 treatment clinical trial The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 5.8% ** ServiceNow Inc , up 5.3% ** Invesco Ltd , up 5.2% The top three S&P 500 .PL.INX percentage losers: ** Dentsply Sirona , down 5.9% ** Air Products & Chemicals , down 5.8% ** Federal Realty Investment Trust , down 5.5% The top three NYSE .PG.N percentage gainers: ** Revlon Inc , up 22.2% ** Fubotv Inc , up 21.8% ** Fiverr International , up 12.5% The top three NYSE .PL.N percentage losers: ** Aurora Cannabis , down 19.9% ** Ashford Hosptlty , down 14.7% ** AMC Entertainment , down 13.7% The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 229.8% ** CM Life Sciences , up 59.4% ** Genfit , up 29.3% The top three Nasdaq .PL.O percentage losers: ** EGain Corporatio , down 29.5% ** Greenland Technologies , down 22% ** Summer Infant , down 21.1% ** Apple AAPL.O: up 1.8% BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 4.6% BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** D.R. | Horton DHI.N: up 0.7% BUZZ-Rises as brokerages raise PTs on strong results ** Norwegian Cruise Line NCLH.N: up 1.7% BUZZ-Up as brokers raise PT on vaccine optimism ** Fuel Tech FTEK.O: up 115.5% BUZZ-Surges as co swings to quarterly profit ** Tencent Music TME.N: up 0.1% BUZZ-Rises on strong Q3 ** HUYA Inc HUYA.N: up 4.1% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 229.8% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 41.5% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 3.1% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 6.9% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.0% BUZZ-Drops after pricing stock offering ** Performant Financial Corp PFMT.O: up 6.4% BUZZ-Gains on strong Q3 earnings ** Palo Alto Networks PANW.N: up 1.9% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.5% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 10.1% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 5.2% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Yelp YELP.N: up 2.8% BUZZ-Rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 9.1% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 21.1% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Purple Innovation PRPL.O: up 2.3% BUZZ-Purple Innovation: Rises as higher direct-selling powers Q3 beat ** Sonim Technologies Inc SONM.O: down 13.0% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.8% BUZZ-Shares down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 24.8% BUZZ-Buys tanker vessel, shares soar ** Sorrento SRNE.O: up 13.1% BUZZ-Rises on application to start COVID-19 treatment clinical trial The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 5.8% ** ServiceNow Inc , up 5.3% ** Invesco Ltd , up 5.2% The top three S&P 500 .PL.INX percentage losers: ** Dentsply Sirona , down 5.9% ** Air Products & Chemicals , down 5.8% ** Federal Realty Investment Trust , down 5.5% The top three NYSE .PG.N percentage gainers: ** Revlon Inc , up 22.2% ** Fubotv Inc , up 21.8% ** Fiverr International , up 12.5% The top three NYSE .PL.N percentage losers: ** Aurora Cannabis , down 19.9% ** Ashford Hosptlty , down 14.7% ** AMC Entertainment , down 13.7% The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 229.8% ** CM Life Sciences , up 59.4% ** Genfit , up 29.3% The top three Nasdaq .PL.O percentage losers: ** EGain Corporatio , down 29.5% ** Greenland Technologies , down 22% ** Summer Infant , down 21.1% ** Apple AAPL.O: up 1.8% BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 4.6% BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** D.R. | Horton DHI.N: up 0.7% BUZZ-Rises as brokerages raise PTs on strong results ** Norwegian Cruise Line NCLH.N: up 1.7% BUZZ-Up as brokers raise PT on vaccine optimism ** Fuel Tech FTEK.O: up 115.5% BUZZ-Surges as co swings to quarterly profit ** Tencent Music TME.N: up 0.1% BUZZ-Rises on strong Q3 ** HUYA Inc HUYA.N: up 4.1% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 229.8% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 41.5% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 3.1% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 6.9% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.0% BUZZ-Drops after pricing stock offering ** Performant Financial Corp PFMT.O: up 6.4% BUZZ-Gains on strong Q3 earnings ** Palo Alto Networks PANW.N: up 1.9% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.5% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 10.1% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 5.2% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Yelp YELP.N: up 2.8% BUZZ-Rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 9.1% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 21.1% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Purple Innovation PRPL.O: up 2.3% BUZZ-Purple Innovation: Rises as higher direct-selling powers Q3 beat ** Sonim Technologies Inc SONM.O: down 13.0% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.8% BUZZ-Shares down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 24.8% BUZZ-Buys tanker vessel, shares soar ** Sorrento SRNE.O: up 13.1% BUZZ-Rises on application to start COVID-19 treatment clinical trial The 11 major S&P 500 sectors: Communication Services .N At 10:27 ET, the Dow Jones Industrial Average .DJI was down 0.18% at 29,368.85. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 5.8% ** ServiceNow Inc , up 5.3% ** Invesco Ltd , up 5.2% The top three S&P 500 .PL.INX percentage losers: ** Dentsply Sirona , down 5.9% ** Air Products & Chemicals , down 5.8% ** Federal Realty Investment Trust , down 5.5% The top three NYSE .PG.N percentage gainers: ** Revlon Inc , up 22.2% ** Fubotv Inc , up 21.8% ** Fiverr International , up 12.5% The top three NYSE .PL.N percentage losers: ** Aurora Cannabis , down 19.9% ** Ashford Hosptlty , down 14.7% ** AMC Entertainment , down 13.7% The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 229.8% ** CM Life Sciences , up 59.4% ** Genfit , up 29.3% The top three Nasdaq .PL.O percentage losers: ** EGain Corporatio , down 29.5% ** Greenland Technologies , down 22% ** Summer Infant , down 21.1% ** Apple AAPL.O: up 1.8% BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 4.6% BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** D.R. | Horton DHI.N: up 0.7% BUZZ-Rises as brokerages raise PTs on strong results ** Norwegian Cruise Line NCLH.N: up 1.7% BUZZ-Up as brokers raise PT on vaccine optimism ** Fuel Tech FTEK.O: up 115.5% BUZZ-Surges as co swings to quarterly profit ** Tencent Music TME.N: up 0.1% BUZZ-Rises on strong Q3 ** HUYA Inc HUYA.N: up 4.1% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 229.8% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 41.5% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 3.1% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 6.9% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.0% BUZZ-Drops after pricing stock offering ** Performant Financial Corp PFMT.O: up 6.4% BUZZ-Gains on strong Q3 earnings ** Palo Alto Networks PANW.N: up 1.9% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.5% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 10.1% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 5.2% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Yelp YELP.N: up 2.8% BUZZ-Rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 9.1% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 21.1% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Purple Innovation PRPL.O: up 2.3% BUZZ-Purple Innovation: Rises as higher direct-selling powers Q3 beat ** Sonim Technologies Inc SONM.O: down 13.0% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.8% BUZZ-Shares down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 24.8% BUZZ-Buys tanker vessel, shares soar ** Sorrento SRNE.O: up 13.1% BUZZ-Rises on application to start COVID-19 treatment clinical trial The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. .N At 10:27 ET, the Dow Jones Industrial Average .DJI was down 0.18% at 29,368.85. |
30053.0 | 2020-11-11 00:00:00 UTC | BUZZ-U.S. STOCKS ON THE MOVE-Aurora Cannabis, AngloGold Ashanti, Revlon, Hexcel, Dolby Laboratories | ABR | https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-aurora-cannabis-anglogold-ashanti-revlon-hexcel-dolby | nan | nan | Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week as coronavirus cases spiraled. .N
At 13:20 ET, the Dow Jones Industrial Average .DJI was up 0.29% at 29,505.99. The S&P 500 .SPX was up 0.88% at 3,576.82 and the Nasdaq Composite .IXIC was up 1.80% at 11,761.59. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 9.1 % ** Chipotle , up 6 % ** Equinix Inc , up 5.2 % The top three S&P 500 .PL.INX percentage losers: ** Air Products & Chemicals , down 8 % ** Henry Schein , down 6.5 % ** Dentsply Sirona , down 5.7 % The top three NYSE .PG.N percentage gainers: ** Nuveen ESG , up 23.6 % ** Revlon Inc , up 18.8 % ** Fiverr International , up 16.7 % The top three NYSE .PL.N percentage losers: ** Ashford Hospitality , down 24 % ** Community Health Systems , down 14.4 % ** Aurora Cannabis , down 13.1 % The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 241.2 % ** Equillium Inc , up 59.6 % ** CM Life Sciences , up 59.4 % The top three Nasdaq .PL.O percentage losers: ** EGain Corporation , down 29.2 % ** Summit Wireless Technologies , down 19 % ** Summer Infant , down 14.1 %
** Goldman Sachs GS.N: up 0.9%
** Morgan Stanley RIC: up 1.1%
** Wells Fargo WFC.N: up 0.2%
** Citigroup C.N: up 2.7%
BUZZ-U.S. banks track markets higher on economic rebound hopes
** Apple AAPL.O: up 3.0%
BUZZ-Set to snap 3-day losing streak
** Lyft Inc LYFT.O: up 1.8%
BUZZ-Street View: Lyft raises hopes for post-pandemic profitability
** D.R. Horton DHI.N: up 2.5%
BUZZ-Rises as brokerages raise PTs on strong results
** Fuel Tech FTEK.O: up 73.5%
BUZZ-Surges as co swings to quarterly profit
** HUYA Inc HUYA.N: up 4.5%
BUZZ-Rises on Q3 profit beat
** Five Prime FPRX.O: up 241.2%
BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT
** Pareteum Corp TEUM.O: down 41.1%
BUZZ-Plunges on Nasdaq delisting notice
** Teladoc TDOC.N: up 5.9%
BUZZ-Gains on upbeat revenue forecast
** Co-Diagnostics CODX.O: up 12.1%
BUZZ-Rises as co says its tech works as COVID-19 test
** Arbor Realty Trust ABR.N: down 5.2%
BUZZ-Drops after pricing stock offering
** Palo Alto Networks PANW.N: up 4.2%
BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal
** eGain EGAN.O: down 29.2%
BUZZ-Plunges on downbeat second-quarter forecast
** Immuron IMRN.O: up 19.6%
BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response
** Inventiva IVA.O: up 7.0%
BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug
** Surface Oncology SURF.O: up 0.2%
BUZZ-Jumps after cancer drug gets FDA 'fast track' status
** Yelp YELP.N: up 1.1%
BUZZ-Yelp rises as Evercore upgrades on post-vaccine recovery hopes
** Organogenesis ORGO.O: down 6.0%
BUZZ-Organogenesis slumps on planned stock offering
** Summer Infant SUMR.O: down 14.1%
BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook
** Sonim Technologies Inc SONM.O: down 10.1%
BUZZ-Falls after Q3 revenue halves, misses estimates
** KKR & Co KKR.N: down 3.9%
BUZZ-KKR shares down after Morgan Stanley prices block
** Performance Shipping PSHG.O: up 21.7%
BUZZ-Performance Shipping to buy tanker vessel, shares soar
** Sorrento SRNE.O: up 10.8%
BUZZ-Sorrento: Rises on application to start COVID-19 treatment clinical trial
** Aurora Cannabis ACB.N: down 13.1%
BUZZ-Dives after upsized public offering, downgrade
** AngloGold Ashanti AU.N: down 1.0%
** Gold Fields GFI.N: down 3.3%
** Newmont Corp NEM.N: down 0.5%
BUZZ-Gold miners: Fall as bullion slips on stronger dollar, equities
** S&W Seed SANW.O: up 3.8%
BUZZ-Rises as Q3 revenue tops estimates
** Addus HomeCare ADUS.O: up 2.7%
BUZZ-Gains; co to acquire Queen City Hospice
** FuboTV FUBO.N: up 11.9%
BUZZ-Surges on higher rev outlook, rise in paid subscribers
** Revlon RIC: up 18.8%
BUZZ-Revlon rises on new bondholder participation in debt restructuring
** Pacific Biosciences PACB.O: up 12.9%
BUZZ-Pacific Biosciences soars after equity raise
** Esperion ESPR.O: down 4.9%
BUZZ-Down on $200 mln convertible debt offering
** ClearPoint Neuro CLPT.O: up 18.2%
BUZZ-Gains on strong Q3 revenue, FY outlook
** Hexcel HXL.N: up 2.5%
BUZZ-Hexcel jumps after report says Belgium's Solvay interested in takeover
** MasterCraft Boat MCFT.O: up 7.7%
BUZZ-MasterCraft Boat raises outlook following profit beat; shares jump
** Dolby Laboratories DLB.N: up 0.3%
BUZZ-Dolby Laboratories up as JPM raises PT on strong Q4 hopes
** Safehold SAFE.N: up 9.9%
BUZZ-Safehold: Gains; co upsizes stock offering
** Silk Road Medical SILK.O: down 8.0%
BUZZ-Silk Road Medical: Set for worst day since May after Q3 results
** Duck Creek Technologies DCT.O: down 4.4%
BUZZ-Duck Creek falls as Apax, Accenture sell shares
** Bentley Systems BSY.O: down 11.7%
BUZZ-Drops on public offering of common stock
** Grocery Outlet GO.O: down 5.9%
BUZZ-Falls on dour Q4 sales trend
** Bit Digital BTBT.O: up 1.0%
BUZZ-Gains on agreements to buy bitcoin miners
** RI Pointe Group TPH.N: up 0.8%
BUZZ-Rises on up to $250 mln stock repurchase program
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
up 0.51%
Consumer Discretionary
.SPLRCD
up 1.71%
Consumer Staples
.SPLRCS
up 1.26%
Energy
.SPNY
down 0.81%
Financial
.SPSY
down 0.25%
Health
.SPXHC
up 0.03%
Industrial
.SPLRCI
down 0.68%
Information Technology
.SPLRCT
up 2.47%
Materials
.SPLRCM
down 1.35%
Real Estate
.SPLRCR
up 1.27%
Utilities
.SPLRCU
up 1.12%
(Compiled by Shreyasee Raj)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Horton DHI.N: up 2.5% BUZZ-Rises as brokerages raise PTs on strong results ** Fuel Tech FTEK.O: up 73.5% BUZZ-Surges as co swings to quarterly profit ** HUYA Inc HUYA.N: up 4.5% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 241.2% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 41.1% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 5.9% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 12.1% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.2% BUZZ-Drops after pricing stock offering ** Palo Alto Networks PANW.N: up 4.2% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.2% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 19.6% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 7.0% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Surface Oncology SURF.O: up 0.2% BUZZ-Jumps after cancer drug gets FDA 'fast track' status ** Yelp YELP.N: up 1.1% BUZZ-Yelp rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 6.0% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 14.1% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Sonim Technologies Inc SONM.O: down 10.1% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.9% BUZZ-KKR shares down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 21.7% BUZZ-Performance Shipping to buy tanker vessel, shares soar ** Sorrento SRNE.O: up 10.8% BUZZ-Sorrento: Rises on application to start COVID-19 treatment clinical trial ** Aurora Cannabis ACB.N: down 13.1% BUZZ-Dives after upsized public offering, downgrade ** AngloGold Ashanti AU.N: down 1.0% ** Gold Fields GFI.N: down 3.3% ** Newmont Corp NEM.N: down 0.5% BUZZ-Gold miners: Fall as bullion slips on stronger dollar, equities ** S&W Seed SANW.O: up 3.8% BUZZ-Rises as Q3 revenue tops estimates ** Addus HomeCare ADUS.O: up 2.7% BUZZ-Gains; co to acquire Queen City Hospice ** FuboTV FUBO.N: up 11.9% BUZZ-Surges on higher rev outlook, rise in paid subscribers ** Revlon RIC: up 18.8% BUZZ-Revlon rises on new bondholder participation in debt restructuring ** Pacific Biosciences PACB.O: up 12.9% BUZZ-Pacific Biosciences soars after equity raise ** Esperion ESPR.O: down 4.9% BUZZ-Down on $200 mln convertible debt offering ** ClearPoint Neuro CLPT.O: up 18.2% BUZZ-Gains on strong Q3 revenue, FY outlook ** Hexcel HXL.N: up 2.5% BUZZ-Hexcel jumps after report says Belgium's Solvay interested in takeover ** MasterCraft Boat MCFT.O: up 7.7% BUZZ-MasterCraft Boat raises outlook following profit beat; shares jump ** Dolby Laboratories DLB.N: up 0.3% BUZZ-Dolby Laboratories up as JPM raises PT on strong Q4 hopes ** Safehold SAFE.N: up 9.9% BUZZ-Safehold: Gains; co upsizes stock offering ** Silk Road Medical SILK.O: down 8.0% BUZZ-Silk Road Medical: Set for worst day since May after Q3 results ** Duck Creek Technologies DCT.O: down 4.4% BUZZ-Duck Creek falls as Apax, Accenture sell shares ** Bentley Systems BSY.O: down 11.7% BUZZ-Drops on public offering of common stock ** Grocery Outlet GO.O: down 5.9% BUZZ-Falls on dour Q4 sales trend ** Bit Digital BTBT.O: up 1.0% BUZZ-Gains on agreements to buy bitcoin miners ** RI Pointe Group TPH.N: up 0.8% BUZZ-Rises on up to $250 mln stock repurchase program The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week as coronavirus cases spiraled. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 9.1 % ** Chipotle , up 6 % ** Equinix Inc , up 5.2 % The top three S&P 500 .PL.INX percentage losers: ** Air Products & Chemicals , down 8 % ** Henry Schein , down 6.5 % ** Dentsply Sirona , down 5.7 % The top three NYSE .PG.N percentage gainers: ** Nuveen ESG , up 23.6 % ** Revlon Inc , up 18.8 % ** Fiverr International , up 16.7 % The top three NYSE .PL.N percentage losers: ** Ashford Hospitality , down 24 % ** Community Health Systems , down 14.4 % ** Aurora Cannabis , down 13.1 % The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 241.2 % ** Equillium Inc , up 59.6 % ** CM Life Sciences , up 59.4 % The top three Nasdaq .PL.O percentage losers: ** EGain Corporation , down 29.2 % ** Summit Wireless Technologies , down 19 % ** Summer Infant , down 14.1 % ** Goldman Sachs GS.N: up 0.9% ** Morgan Stanley RIC: up 1.1% ** Wells Fargo WFC.N: up 0.2% ** Citigroup C.N: up 2.7% BUZZ-U.S. banks track markets higher on economic rebound hopes ** Apple AAPL.O: up 3.0% BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 1.8% BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** D.R. | Horton DHI.N: up 2.5% BUZZ-Rises as brokerages raise PTs on strong results ** Fuel Tech FTEK.O: up 73.5% BUZZ-Surges as co swings to quarterly profit ** HUYA Inc HUYA.N: up 4.5% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 241.2% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 41.1% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 5.9% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 12.1% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.2% BUZZ-Drops after pricing stock offering ** Palo Alto Networks PANW.N: up 4.2% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.2% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 19.6% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 7.0% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Surface Oncology SURF.O: up 0.2% BUZZ-Jumps after cancer drug gets FDA 'fast track' status ** Yelp YELP.N: up 1.1% BUZZ-Yelp rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 6.0% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 14.1% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Sonim Technologies Inc SONM.O: down 10.1% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.9% BUZZ-KKR shares down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 21.7% BUZZ-Performance Shipping to buy tanker vessel, shares soar ** Sorrento SRNE.O: up 10.8% BUZZ-Sorrento: Rises on application to start COVID-19 treatment clinical trial ** Aurora Cannabis ACB.N: down 13.1% BUZZ-Dives after upsized public offering, downgrade ** AngloGold Ashanti AU.N: down 1.0% ** Gold Fields GFI.N: down 3.3% ** Newmont Corp NEM.N: down 0.5% BUZZ-Gold miners: Fall as bullion slips on stronger dollar, equities ** S&W Seed SANW.O: up 3.8% BUZZ-Rises as Q3 revenue tops estimates ** Addus HomeCare ADUS.O: up 2.7% BUZZ-Gains; co to acquire Queen City Hospice ** FuboTV FUBO.N: up 11.9% BUZZ-Surges on higher rev outlook, rise in paid subscribers ** Revlon RIC: up 18.8% BUZZ-Revlon rises on new bondholder participation in debt restructuring ** Pacific Biosciences PACB.O: up 12.9% BUZZ-Pacific Biosciences soars after equity raise ** Esperion ESPR.O: down 4.9% BUZZ-Down on $200 mln convertible debt offering ** ClearPoint Neuro CLPT.O: up 18.2% BUZZ-Gains on strong Q3 revenue, FY outlook ** Hexcel HXL.N: up 2.5% BUZZ-Hexcel jumps after report says Belgium's Solvay interested in takeover ** MasterCraft Boat MCFT.O: up 7.7% BUZZ-MasterCraft Boat raises outlook following profit beat; shares jump ** Dolby Laboratories DLB.N: up 0.3% BUZZ-Dolby Laboratories up as JPM raises PT on strong Q4 hopes ** Safehold SAFE.N: up 9.9% BUZZ-Safehold: Gains; co upsizes stock offering ** Silk Road Medical SILK.O: down 8.0% BUZZ-Silk Road Medical: Set for worst day since May after Q3 results ** Duck Creek Technologies DCT.O: down 4.4% BUZZ-Duck Creek falls as Apax, Accenture sell shares ** Bentley Systems BSY.O: down 11.7% BUZZ-Drops on public offering of common stock ** Grocery Outlet GO.O: down 5.9% BUZZ-Falls on dour Q4 sales trend ** Bit Digital BTBT.O: up 1.0% BUZZ-Gains on agreements to buy bitcoin miners ** RI Pointe Group TPH.N: up 0.8% BUZZ-Rises on up to $250 mln stock repurchase program The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week as coronavirus cases spiraled. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 9.1 % ** Chipotle , up 6 % ** Equinix Inc , up 5.2 % The top three S&P 500 .PL.INX percentage losers: ** Air Products & Chemicals , down 8 % ** Henry Schein , down 6.5 % ** Dentsply Sirona , down 5.7 % The top three NYSE .PG.N percentage gainers: ** Nuveen ESG , up 23.6 % ** Revlon Inc , up 18.8 % ** Fiverr International , up 16.7 % The top three NYSE .PL.N percentage losers: ** Ashford Hospitality , down 24 % ** Community Health Systems , down 14.4 % ** Aurora Cannabis , down 13.1 % The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 241.2 % ** Equillium Inc , up 59.6 % ** CM Life Sciences , up 59.4 % The top three Nasdaq .PL.O percentage losers: ** EGain Corporation , down 29.2 % ** Summit Wireless Technologies , down 19 % ** Summer Infant , down 14.1 % ** Goldman Sachs GS.N: up 0.9% ** Morgan Stanley RIC: up 1.1% ** Wells Fargo WFC.N: up 0.2% ** Citigroup C.N: up 2.7% BUZZ-U.S. banks track markets higher on economic rebound hopes ** Apple AAPL.O: up 3.0% BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 1.8% BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** D.R. | Horton DHI.N: up 2.5% BUZZ-Rises as brokerages raise PTs on strong results ** Fuel Tech FTEK.O: up 73.5% BUZZ-Surges as co swings to quarterly profit ** HUYA Inc HUYA.N: up 4.5% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 241.2% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 41.1% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 5.9% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 12.1% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.2% BUZZ-Drops after pricing stock offering ** Palo Alto Networks PANW.N: up 4.2% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.2% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 19.6% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 7.0% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Surface Oncology SURF.O: up 0.2% BUZZ-Jumps after cancer drug gets FDA 'fast track' status ** Yelp YELP.N: up 1.1% BUZZ-Yelp rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 6.0% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 14.1% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Sonim Technologies Inc SONM.O: down 10.1% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.9% BUZZ-KKR shares down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 21.7% BUZZ-Performance Shipping to buy tanker vessel, shares soar ** Sorrento SRNE.O: up 10.8% BUZZ-Sorrento: Rises on application to start COVID-19 treatment clinical trial ** Aurora Cannabis ACB.N: down 13.1% BUZZ-Dives after upsized public offering, downgrade ** AngloGold Ashanti AU.N: down 1.0% ** Gold Fields GFI.N: down 3.3% ** Newmont Corp NEM.N: down 0.5% BUZZ-Gold miners: Fall as bullion slips on stronger dollar, equities ** S&W Seed SANW.O: up 3.8% BUZZ-Rises as Q3 revenue tops estimates ** Addus HomeCare ADUS.O: up 2.7% BUZZ-Gains; co to acquire Queen City Hospice ** FuboTV FUBO.N: up 11.9% BUZZ-Surges on higher rev outlook, rise in paid subscribers ** Revlon RIC: up 18.8% BUZZ-Revlon rises on new bondholder participation in debt restructuring ** Pacific Biosciences PACB.O: up 12.9% BUZZ-Pacific Biosciences soars after equity raise ** Esperion ESPR.O: down 4.9% BUZZ-Down on $200 mln convertible debt offering ** ClearPoint Neuro CLPT.O: up 18.2% BUZZ-Gains on strong Q3 revenue, FY outlook ** Hexcel HXL.N: up 2.5% BUZZ-Hexcel jumps after report says Belgium's Solvay interested in takeover ** MasterCraft Boat MCFT.O: up 7.7% BUZZ-MasterCraft Boat raises outlook following profit beat; shares jump ** Dolby Laboratories DLB.N: up 0.3% BUZZ-Dolby Laboratories up as JPM raises PT on strong Q4 hopes ** Safehold SAFE.N: up 9.9% BUZZ-Safehold: Gains; co upsizes stock offering ** Silk Road Medical SILK.O: down 8.0% BUZZ-Silk Road Medical: Set for worst day since May after Q3 results ** Duck Creek Technologies DCT.O: down 4.4% BUZZ-Duck Creek falls as Apax, Accenture sell shares ** Bentley Systems BSY.O: down 11.7% BUZZ-Drops on public offering of common stock ** Grocery Outlet GO.O: down 5.9% BUZZ-Falls on dour Q4 sales trend ** Bit Digital BTBT.O: up 1.0% BUZZ-Gains on agreements to buy bitcoin miners ** RI Pointe Group TPH.N: up 0.8% BUZZ-Rises on up to $250 mln stock repurchase program The 11 major S&P 500 sectors: Communication Services .N At 13:20 ET, the Dow Jones Industrial Average .DJI was up 0.29% at 29,505.99. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 9.1 % ** Chipotle , up 6 % ** Equinix Inc , up 5.2 % The top three S&P 500 .PL.INX percentage losers: ** Air Products & Chemicals , down 8 % ** Henry Schein , down 6.5 % ** Dentsply Sirona , down 5.7 % The top three NYSE .PG.N percentage gainers: ** Nuveen ESG , up 23.6 % ** Revlon Inc , up 18.8 % ** Fiverr International , up 16.7 % The top three NYSE .PL.N percentage losers: ** Ashford Hospitality , down 24 % ** Community Health Systems , down 14.4 % ** Aurora Cannabis , down 13.1 % The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 241.2 % ** Equillium Inc , up 59.6 % ** CM Life Sciences , up 59.4 % The top three Nasdaq .PL.O percentage losers: ** EGain Corporation , down 29.2 % ** Summit Wireless Technologies , down 19 % ** Summer Infant , down 14.1 % ** Goldman Sachs GS.N: up 0.9% ** Morgan Stanley RIC: up 1.1% ** Wells Fargo WFC.N: up 0.2% ** Citigroup C.N: up 2.7% BUZZ-U.S. banks track markets higher on economic rebound hopes ** Apple AAPL.O: up 3.0% BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 1.8% BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** D.R. | Horton DHI.N: up 2.5% BUZZ-Rises as brokerages raise PTs on strong results ** Fuel Tech FTEK.O: up 73.5% BUZZ-Surges as co swings to quarterly profit ** HUYA Inc HUYA.N: up 4.5% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 241.2% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 41.1% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 5.9% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 12.1% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.2% BUZZ-Drops after pricing stock offering ** Palo Alto Networks PANW.N: up 4.2% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.2% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 19.6% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 7.0% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Surface Oncology SURF.O: up 0.2% BUZZ-Jumps after cancer drug gets FDA 'fast track' status ** Yelp YELP.N: up 1.1% BUZZ-Yelp rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 6.0% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 14.1% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Sonim Technologies Inc SONM.O: down 10.1% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.9% BUZZ-KKR shares down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 21.7% BUZZ-Performance Shipping to buy tanker vessel, shares soar ** Sorrento SRNE.O: up 10.8% BUZZ-Sorrento: Rises on application to start COVID-19 treatment clinical trial ** Aurora Cannabis ACB.N: down 13.1% BUZZ-Dives after upsized public offering, downgrade ** AngloGold Ashanti AU.N: down 1.0% ** Gold Fields GFI.N: down 3.3% ** Newmont Corp NEM.N: down 0.5% BUZZ-Gold miners: Fall as bullion slips on stronger dollar, equities ** S&W Seed SANW.O: up 3.8% BUZZ-Rises as Q3 revenue tops estimates ** Addus HomeCare ADUS.O: up 2.7% BUZZ-Gains; co to acquire Queen City Hospice ** FuboTV FUBO.N: up 11.9% BUZZ-Surges on higher rev outlook, rise in paid subscribers ** Revlon RIC: up 18.8% BUZZ-Revlon rises on new bondholder participation in debt restructuring ** Pacific Biosciences PACB.O: up 12.9% BUZZ-Pacific Biosciences soars after equity raise ** Esperion ESPR.O: down 4.9% BUZZ-Down on $200 mln convertible debt offering ** ClearPoint Neuro CLPT.O: up 18.2% BUZZ-Gains on strong Q3 revenue, FY outlook ** Hexcel HXL.N: up 2.5% BUZZ-Hexcel jumps after report says Belgium's Solvay interested in takeover ** MasterCraft Boat MCFT.O: up 7.7% BUZZ-MasterCraft Boat raises outlook following profit beat; shares jump ** Dolby Laboratories DLB.N: up 0.3% BUZZ-Dolby Laboratories up as JPM raises PT on strong Q4 hopes ** Safehold SAFE.N: up 9.9% BUZZ-Safehold: Gains; co upsizes stock offering ** Silk Road Medical SILK.O: down 8.0% BUZZ-Silk Road Medical: Set for worst day since May after Q3 results ** Duck Creek Technologies DCT.O: down 4.4% BUZZ-Duck Creek falls as Apax, Accenture sell shares ** Bentley Systems BSY.O: down 11.7% BUZZ-Drops on public offering of common stock ** Grocery Outlet GO.O: down 5.9% BUZZ-Falls on dour Q4 sales trend ** Bit Digital BTBT.O: up 1.0% BUZZ-Gains on agreements to buy bitcoin miners ** RI Pointe Group TPH.N: up 0.8% BUZZ-Rises on up to $250 mln stock repurchase program The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week as coronavirus cases spiraled. .N At 13:20 ET, the Dow Jones Industrial Average .DJI was up 0.29% at 29,505.99. |
30054.0 | 2020-11-11 00:00:00 UTC | BUZZ-U.S. STOCKS ON THE MOVE-Goldman Sachs, Apple, Lyft, eGain, Pacific Biosciences | ABR | https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-goldman-sachs-apple-lyft-egain-pacific-biosciences-2020-11-11 | nan | nan | Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. .N
At 12:09 ET, the Dow Jones Industrial Average .DJI was up 0.32% at 29,513.7. The S&P 500 .SPX was up 0.94% at 3,578.69 and the Nasdaq Composite .IXIC was up 1.93% at 11,776.278. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 7.8% ** Qualcomm Inc , up 5.5% ** Bio Rad Laboratories , up 5.5% The top three S&P 500 .PL.INX percentage losers: ** Air Products & Chemicals , down 7.6% ** Dentsply Sirona , down 5.5% ** Henry Schein , down 5.3% The top three NYSE .PG.N percentage gainers: ** Revlon Inc , up 26.4% ** Fubotv Inc Ord , up 16.2% ** Fiverr International , up 15.7% The top three NYSE .PL.N percentage losers: ** Aurora Cannabis , down 21.2% ** Ashford Hospitality , down 17.6% ** Titan International , down 14.6% The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 256.6% ** CM Life Sciences , up 59.4% ** Equillium Inc , up 46.8% The top three Nasdaq .PL.O percentage losers: ** EGain Corporatio , down 29.6% ** Greenland Technologies , down 17% ** Summit Wireless Technologies , down 16.1% ** Goldman Sachs GS.N: up 0.7%
** Morgan Stanley RIC: up 1.1%
** Wells Fargo WFC.N: up 0.2%
** Citigroup C.N: up 1.7%
BUZZ-U.S. banks track markets higher on economic rebound hopes
** Apple AAPL.O: up 2.5%
BUZZ-Set to snap 3-day losing streak
** Lyft Inc LYFT.O: up 3.3%
BUZZ-Street View: Lyft raises hopes for post-pandemic profitability
** D.R. Horton DHI.N: up 2.0%
BUZZ-Rises as brokerages raise PTs on strong results
** Fuel Tech FTEK.O: up 82.7%
BUZZ-Surges as co swings to quarterly profit
** HUYA Inc HUYA.N: up 4.9%
BUZZ-Rises on Q3 profit beat
** Five Prime FPRX.O: up 256.6%
BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT
** Pareteum Corp TEUM.O: down 42.6%
BUZZ-Plunges on Nasdaq delisting notice
** Teladoc TDOC.N: up 4.9%
BUZZ-Gains on upbeat revenue forecast
** Co-Diagnostics CODX.O: up 8.8%
BUZZ-Rises as co says its tech works as COVID-19 test
** Arbor Realty Trust ABR.N: down 5.4%
BUZZ-Drops after pricing stock offering
** Palo Alto Networks PANW.N: up 2.5%
BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal
** eGain EGAN.O: down 29.6%
BUZZ-Plunges on downbeat second-quarter forecast
** Immuron IMRN.O: up 28.6%
BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response
** Inventiva IVA.O: up 5.9%
BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug
** Yelp YELP.N: up 3.2%
BUZZ-Rises as Evercore upgrades on post-vaccine recovery hopes
** Organogenesis ORGO.O: down 9.4%
BUZZ-Organogenesis slumps on planned stock offering
** Summer Infant SUMR.O: down 13.6%
BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook
** Purple Innovation PRPL.O: up 2.5%
BUZZ-Rises as higher direct-selling powers Q3 beat
** Sonim Technologies Inc SONM.O: down 9.8%
BUZZ-Falls after Q3 revenue halves, misses estimates
** KKR & Co KKR.N: down 3.5%
BUZZ-Down after Morgan Stanley prices block
** Performance Shipping PSHG.O: up 27.9%
BUZZ-Performance Shipping to buy tanker vessel, shares soar
** Sorrento SRNE.O: up 10.9%
BUZZ-Rises on application to start COVID-19 treatment clinical trial
** Aurora Cannabis ACB.N: down 21.2%
BUZZ-Dives after upsized public offering, downgrade
** AngloGold Ashanti AU.N: down 1.2%
** Gold Fields GFI.N: down 3.4%
** Newmont Corp NEM.N: down 1.4%
BUZZ-Gold miners: Fall as bullion slips on stronger dollar, equities
** S&W Seed SANW.O: up 5.2%
BUZZ-Rises as Q3 revenue tops estimates
** Addus HomeCare ADUS.O: up 1.2%
BUZZ-Gains; co to acquire Queen City Hospice
** FuboTV FUBO.N: up 16.2%
BUZZ-Surges on higher rev outlook, rise in paid subscribers
** Revlon RIC: up 26.4%
BUZZ-Rises on new bondholder participation in debt restructuring
** Pacific Biosciences PACB.O: up 14.9%
BUZZ-Soars after equity raise
** Esperion ESPR.O: down 6.2%
BUZZ-Down on $200 mln convertible debt offering
** ClearPoint Neuro CLPT.O: up 16.0%
BUZZ-Gains on strong Q3 revenue, FY outlook
** Hexcel HXL.N: up 2.7%
BUZZ-Jumps after report says Belgium's Solvay interested in takeover
** MasterCraft Boat MCFT.O: up 6.4%
BUZZ-Raises outlook following profit beat; shares jump
** Dolby Laboratories DLB.N: up 0.5%
BUZZ-Dolby Laboratories up as JPM raises PT on strong Q4 hopes
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
up 0.60%
Consumer Discretionary
.SPLRCD
up 1.68%
Consumer Staples
.SPLRCS
up 1.06%
Energy
.SPNY
down 0.85%
Financial
.SPSY
down 0.34%
Health
.SPXHC
up 0.23%
Industrial
.SPLRCI
down 0.63%
Information Technology
.SPLRCT
up 2.47%
Materials
.SPLRCM
down 1.26%
Real Estate
.SPLRCR
up 1.04%
Utilities
.SPLRCU
up 0.91%
(Compiled by Shreyasee Raj)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Horton DHI.N: up 2.0% BUZZ-Rises as brokerages raise PTs on strong results ** Fuel Tech FTEK.O: up 82.7% BUZZ-Surges as co swings to quarterly profit ** HUYA Inc HUYA.N: up 4.9% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 256.6% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 42.6% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 4.9% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 8.8% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.4% BUZZ-Drops after pricing stock offering ** Palo Alto Networks PANW.N: up 2.5% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.6% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 28.6% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 5.9% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Yelp YELP.N: up 3.2% BUZZ-Rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 9.4% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 13.6% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Purple Innovation PRPL.O: up 2.5% BUZZ-Rises as higher direct-selling powers Q3 beat ** Sonim Technologies Inc SONM.O: down 9.8% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.5% BUZZ-Down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 27.9% BUZZ-Performance Shipping to buy tanker vessel, shares soar ** Sorrento SRNE.O: up 10.9% BUZZ-Rises on application to start COVID-19 treatment clinical trial ** Aurora Cannabis ACB.N: down 21.2% BUZZ-Dives after upsized public offering, downgrade ** AngloGold Ashanti AU.N: down 1.2% ** Gold Fields GFI.N: down 3.4% ** Newmont Corp NEM.N: down 1.4% BUZZ-Gold miners: Fall as bullion slips on stronger dollar, equities ** S&W Seed SANW.O: up 5.2% BUZZ-Rises as Q3 revenue tops estimates ** Addus HomeCare ADUS.O: up 1.2% BUZZ-Gains; co to acquire Queen City Hospice ** FuboTV FUBO.N: up 16.2% BUZZ-Surges on higher rev outlook, rise in paid subscribers ** Revlon RIC: up 26.4% BUZZ-Rises on new bondholder participation in debt restructuring ** Pacific Biosciences PACB.O: up 14.9% BUZZ-Soars after equity raise ** Esperion ESPR.O: down 6.2% BUZZ-Down on $200 mln convertible debt offering ** ClearPoint Neuro CLPT.O: up 16.0% BUZZ-Gains on strong Q3 revenue, FY outlook ** Hexcel HXL.N: up 2.7% BUZZ-Jumps after report says Belgium's Solvay interested in takeover ** MasterCraft Boat MCFT.O: up 6.4% BUZZ-Raises outlook following profit beat; shares jump ** Dolby Laboratories DLB.N: up 0.5% BUZZ-Dolby Laboratories up as JPM raises PT on strong Q4 hopes The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 7.8% ** Qualcomm Inc , up 5.5% ** Bio Rad Laboratories , up 5.5% The top three S&P 500 .PL.INX percentage losers: ** Air Products & Chemicals , down 7.6% ** Dentsply Sirona , down 5.5% ** Henry Schein , down 5.3% The top three NYSE .PG.N percentage gainers: ** Revlon Inc , up 26.4% ** Fubotv Inc Ord , up 16.2% ** Fiverr International , up 15.7% The top three NYSE .PL.N percentage losers: ** Aurora Cannabis , down 21.2% ** Ashford Hospitality , down 17.6% ** Titan International , down 14.6% The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 256.6% ** CM Life Sciences , up 59.4% ** Equillium Inc , up 46.8% The top three Nasdaq .PL.O percentage losers: ** EGain Corporatio , down 29.6% ** Greenland Technologies , down 17% ** Summit Wireless Technologies , down 16.1% ** Goldman Sachs GS.N: up 0.7% ** Morgan Stanley RIC: up 1.1% ** Wells Fargo WFC.N: up 0.2% ** Citigroup C.N: up 1.7% BUZZ-U.S. banks track markets higher on economic rebound hopes ** Apple AAPL.O: up 2.5% BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 3.3% BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** D.R. | Horton DHI.N: up 2.0% BUZZ-Rises as brokerages raise PTs on strong results ** Fuel Tech FTEK.O: up 82.7% BUZZ-Surges as co swings to quarterly profit ** HUYA Inc HUYA.N: up 4.9% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 256.6% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 42.6% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 4.9% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 8.8% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.4% BUZZ-Drops after pricing stock offering ** Palo Alto Networks PANW.N: up 2.5% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.6% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 28.6% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 5.9% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Yelp YELP.N: up 3.2% BUZZ-Rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 9.4% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 13.6% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Purple Innovation PRPL.O: up 2.5% BUZZ-Rises as higher direct-selling powers Q3 beat ** Sonim Technologies Inc SONM.O: down 9.8% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.5% BUZZ-Down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 27.9% BUZZ-Performance Shipping to buy tanker vessel, shares soar ** Sorrento SRNE.O: up 10.9% BUZZ-Rises on application to start COVID-19 treatment clinical trial ** Aurora Cannabis ACB.N: down 21.2% BUZZ-Dives after upsized public offering, downgrade ** AngloGold Ashanti AU.N: down 1.2% ** Gold Fields GFI.N: down 3.4% ** Newmont Corp NEM.N: down 1.4% BUZZ-Gold miners: Fall as bullion slips on stronger dollar, equities ** S&W Seed SANW.O: up 5.2% BUZZ-Rises as Q3 revenue tops estimates ** Addus HomeCare ADUS.O: up 1.2% BUZZ-Gains; co to acquire Queen City Hospice ** FuboTV FUBO.N: up 16.2% BUZZ-Surges on higher rev outlook, rise in paid subscribers ** Revlon RIC: up 26.4% BUZZ-Rises on new bondholder participation in debt restructuring ** Pacific Biosciences PACB.O: up 14.9% BUZZ-Soars after equity raise ** Esperion ESPR.O: down 6.2% BUZZ-Down on $200 mln convertible debt offering ** ClearPoint Neuro CLPT.O: up 16.0% BUZZ-Gains on strong Q3 revenue, FY outlook ** Hexcel HXL.N: up 2.7% BUZZ-Jumps after report says Belgium's Solvay interested in takeover ** MasterCraft Boat MCFT.O: up 6.4% BUZZ-Raises outlook following profit beat; shares jump ** Dolby Laboratories DLB.N: up 0.5% BUZZ-Dolby Laboratories up as JPM raises PT on strong Q4 hopes The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 7.8% ** Qualcomm Inc , up 5.5% ** Bio Rad Laboratories , up 5.5% The top three S&P 500 .PL.INX percentage losers: ** Air Products & Chemicals , down 7.6% ** Dentsply Sirona , down 5.5% ** Henry Schein , down 5.3% The top three NYSE .PG.N percentage gainers: ** Revlon Inc , up 26.4% ** Fubotv Inc Ord , up 16.2% ** Fiverr International , up 15.7% The top three NYSE .PL.N percentage losers: ** Aurora Cannabis , down 21.2% ** Ashford Hospitality , down 17.6% ** Titan International , down 14.6% The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 256.6% ** CM Life Sciences , up 59.4% ** Equillium Inc , up 46.8% The top three Nasdaq .PL.O percentage losers: ** EGain Corporatio , down 29.6% ** Greenland Technologies , down 17% ** Summit Wireless Technologies , down 16.1% ** Goldman Sachs GS.N: up 0.7% ** Morgan Stanley RIC: up 1.1% ** Wells Fargo WFC.N: up 0.2% ** Citigroup C.N: up 1.7% BUZZ-U.S. banks track markets higher on economic rebound hopes ** Apple AAPL.O: up 2.5% BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 3.3% BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** D.R. | Horton DHI.N: up 2.0% BUZZ-Rises as brokerages raise PTs on strong results ** Fuel Tech FTEK.O: up 82.7% BUZZ-Surges as co swings to quarterly profit ** HUYA Inc HUYA.N: up 4.9% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 256.6% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 42.6% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 4.9% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 8.8% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.4% BUZZ-Drops after pricing stock offering ** Palo Alto Networks PANW.N: up 2.5% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.6% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 28.6% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 5.9% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Yelp YELP.N: up 3.2% BUZZ-Rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 9.4% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 13.6% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Purple Innovation PRPL.O: up 2.5% BUZZ-Rises as higher direct-selling powers Q3 beat ** Sonim Technologies Inc SONM.O: down 9.8% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.5% BUZZ-Down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 27.9% BUZZ-Performance Shipping to buy tanker vessel, shares soar ** Sorrento SRNE.O: up 10.9% BUZZ-Rises on application to start COVID-19 treatment clinical trial ** Aurora Cannabis ACB.N: down 21.2% BUZZ-Dives after upsized public offering, downgrade ** AngloGold Ashanti AU.N: down 1.2% ** Gold Fields GFI.N: down 3.4% ** Newmont Corp NEM.N: down 1.4% BUZZ-Gold miners: Fall as bullion slips on stronger dollar, equities ** S&W Seed SANW.O: up 5.2% BUZZ-Rises as Q3 revenue tops estimates ** Addus HomeCare ADUS.O: up 1.2% BUZZ-Gains; co to acquire Queen City Hospice ** FuboTV FUBO.N: up 16.2% BUZZ-Surges on higher rev outlook, rise in paid subscribers ** Revlon RIC: up 26.4% BUZZ-Rises on new bondholder participation in debt restructuring ** Pacific Biosciences PACB.O: up 14.9% BUZZ-Soars after equity raise ** Esperion ESPR.O: down 6.2% BUZZ-Down on $200 mln convertible debt offering ** ClearPoint Neuro CLPT.O: up 16.0% BUZZ-Gains on strong Q3 revenue, FY outlook ** Hexcel HXL.N: up 2.7% BUZZ-Jumps after report says Belgium's Solvay interested in takeover ** MasterCraft Boat MCFT.O: up 6.4% BUZZ-Raises outlook following profit beat; shares jump ** Dolby Laboratories DLB.N: up 0.5% BUZZ-Dolby Laboratories up as JPM raises PT on strong Q4 hopes The 11 major S&P 500 sectors: Communication Services .N At 12:09 ET, the Dow Jones Industrial Average .DJI was up 0.32% at 29,513.7. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc , up 7.8% ** Qualcomm Inc , up 5.5% ** Bio Rad Laboratories , up 5.5% The top three S&P 500 .PL.INX percentage losers: ** Air Products & Chemicals , down 7.6% ** Dentsply Sirona , down 5.5% ** Henry Schein , down 5.3% The top three NYSE .PG.N percentage gainers: ** Revlon Inc , up 26.4% ** Fubotv Inc Ord , up 16.2% ** Fiverr International , up 15.7% The top three NYSE .PL.N percentage losers: ** Aurora Cannabis , down 21.2% ** Ashford Hospitality , down 17.6% ** Titan International , down 14.6% The top three Nasdaq .PG.O percentage gainers: ** Five Prime Therapeutics , up 256.6% ** CM Life Sciences , up 59.4% ** Equillium Inc , up 46.8% The top three Nasdaq .PL.O percentage losers: ** EGain Corporatio , down 29.6% ** Greenland Technologies , down 17% ** Summit Wireless Technologies , down 16.1% ** Goldman Sachs GS.N: up 0.7% ** Morgan Stanley RIC: up 1.1% ** Wells Fargo WFC.N: up 0.2% ** Citigroup C.N: up 1.7% BUZZ-U.S. banks track markets higher on economic rebound hopes ** Apple AAPL.O: up 2.5% BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 3.3% BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** D.R. | Horton DHI.N: up 2.0% BUZZ-Rises as brokerages raise PTs on strong results ** Fuel Tech FTEK.O: up 82.7% BUZZ-Surges as co swings to quarterly profit ** HUYA Inc HUYA.N: up 4.9% BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 256.6% BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 42.6% BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 4.9% BUZZ-Gains on upbeat revenue forecast ** Co-Diagnostics CODX.O: up 8.8% BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 5.4% BUZZ-Drops after pricing stock offering ** Palo Alto Networks PANW.N: up 2.5% BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 29.6% BUZZ-Plunges on downbeat second-quarter forecast ** Immuron IMRN.O: up 28.6% BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 5.9% BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Yelp YELP.N: up 3.2% BUZZ-Rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 9.4% BUZZ-Organogenesis slumps on planned stock offering ** Summer Infant SUMR.O: down 13.6% BUZZ-Falls on lower Q3 revenue, disappointing Q4 outlook ** Purple Innovation PRPL.O: up 2.5% BUZZ-Rises as higher direct-selling powers Q3 beat ** Sonim Technologies Inc SONM.O: down 9.8% BUZZ-Falls after Q3 revenue halves, misses estimates ** KKR & Co KKR.N: down 3.5% BUZZ-Down after Morgan Stanley prices block ** Performance Shipping PSHG.O: up 27.9% BUZZ-Performance Shipping to buy tanker vessel, shares soar ** Sorrento SRNE.O: up 10.9% BUZZ-Rises on application to start COVID-19 treatment clinical trial ** Aurora Cannabis ACB.N: down 21.2% BUZZ-Dives after upsized public offering, downgrade ** AngloGold Ashanti AU.N: down 1.2% ** Gold Fields GFI.N: down 3.4% ** Newmont Corp NEM.N: down 1.4% BUZZ-Gold miners: Fall as bullion slips on stronger dollar, equities ** S&W Seed SANW.O: up 5.2% BUZZ-Rises as Q3 revenue tops estimates ** Addus HomeCare ADUS.O: up 1.2% BUZZ-Gains; co to acquire Queen City Hospice ** FuboTV FUBO.N: up 16.2% BUZZ-Surges on higher rev outlook, rise in paid subscribers ** Revlon RIC: up 26.4% BUZZ-Rises on new bondholder participation in debt restructuring ** Pacific Biosciences PACB.O: up 14.9% BUZZ-Soars after equity raise ** Esperion ESPR.O: down 6.2% BUZZ-Down on $200 mln convertible debt offering ** ClearPoint Neuro CLPT.O: up 16.0% BUZZ-Gains on strong Q3 revenue, FY outlook ** Hexcel HXL.N: up 2.7% BUZZ-Jumps after report says Belgium's Solvay interested in takeover ** MasterCraft Boat MCFT.O: up 6.4% BUZZ-Raises outlook following profit beat; shares jump ** Dolby Laboratories DLB.N: up 0.5% BUZZ-Dolby Laboratories up as JPM raises PT on strong Q4 hopes The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. .N At 12:09 ET, the Dow Jones Industrial Average .DJI was up 0.32% at 29,513.7. |
30055.0 | 2020-11-11 00:00:00 UTC | BUZZ-U.S. STOCKS ON THE MOVE-Apple, Lyft, Alibaba, D.R. Horton, Norwegian Cruise Line | ABR | https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-apple-lyft-alibaba-d.r.-horton-norwegian-cruise-line-2020-11 | nan | nan | Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street's main indexes were set to open higher on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. .N
At 9:02 ET, Dow e-minis 1YMc1 were up 0.58% at 29,489. S&P 500 e-minis ESc1 were up 0.70% at 3,565.75, while Nasdaq 100 e-minis NQc1 were up 0.97% at 11,730.5. The top three NYSE percentage gainers premarket .PRPG.NQ: ** Fubotv Inc FUBO.N, up 27.2% ** Universal Health UHT.N, up 11.9% ** APi Group Corp APG.N, up 10.4% The top three NYSE percentage losers premarket .PRPL.NQ: ** Aurora Cannabis ACB.N, down 19.9% ** Model N Inc MODN.N, down 12.8% ** AMC Entertainment AMC.N, down 9.4% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Five Prime Therapeutics Inc FPRX.O, up 284.8% ** DarioHealth DRIOW.O, up 50.4% ** Fuel Tech Inc FTEK.O, up 49.8% The top three Nasdaq percentage losers premarket .PRPL.O: ** Pareteum Corp TEUM.O, down 46.1% ** eGain Corp EGAN.O, down 23% ** Summer Infant Inc SUMR.O, down 22.8% ** Apple AAPL.O: up 1.2% premarket BUZZ-Set to snap 3-day losing streak
** Lyft Inc LYFT.O: up 4.4% premarket BUZZ-Street View: Lyft raises hopes for post-pandemic profitability
** Alibaba BABA.N: down 1.3% premarket
** JD.Com JD.O: down 0.6% premarket
** Pinduoduo Inc PDD.O: down 0.6% premarket
BUZZ-U.S.-listed Chinese e-commerce firms fall on likely sharper scrutiny
** D.R. Horton DHI.N: up 1.9% premarket BUZZ-Rises as brokerages raise PTs on strong results
** Norwegian Cruise Line NCLH.N: up 0.7% premarket BUZZ-Up as brokers raise PT on vaccine optimism
** Fuel Tech FTEK.O: up 49.8% premarket BUZZ-Surges as co swings to quarterly profit
** Tencent Music TME.N: up 5.2% premarket BUZZ-Rises on strong Q3
** HUYA Inc HUYA.N: up 2.7% premarket BUZZ-Rises on Q3 profit beat
** Five Prime FPRX.O: up 284.8% premarket BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT
** Pareteum Corp TEUM.O: down 46.1% premarket BUZZ-Plunges on Nasdaq delisting notice
** Teladoc TDOC.N: up 4.3% premarket BUZZ-Gains on upbeat revenue forecast
** Tapestry TPR.N: up 4.8% premarket BUZZ-Up as Cowen raises to 'outperform' on growth potential
** Co-Diagnostics CODX.O: up 6.3% premarket BUZZ-Rises as co says its tech works as COVID-19 test
** Arbor Realty Trust ABR.N: down 4.5% premarket BUZZ-Drops after pricing stock offering
** Performant Financial Corp PFMT.O: up 15.5% premarket BUZZ-Gains on strong Q3 earnings
** Palo Alto Networks PANW.N: up 1.4% premarket BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal
** eGain EGAN.O: down 23.0% premarket BUZZ-Plunges on downbeat second-quarter forecast
** XPEL Inc XPEL.O: up 6.1% premarket BUZZ-Rises as Q3 earnings, revenue beat
** Immuron IMRN.O: up 19.6% premarket BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response
** Inventiva IVA.O: up 7.0% premarket BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug
** Surface Oncology SURF.O: up 3.1% premarket BUZZ-Jumps after cancer drug gets FDA 'fast track' status
** Yelp YELP.N: up 2.1% premarket BUZZ-Yelp rises as Evercore upgrades on post-vaccine recovery hopes
** Organogenesis ORGO.O: down 7.8% premarket BUZZ-Organogenesis slumps on planned stock offering
** Howmet Aerospace HWM.N: up 4.0% premarket BUZZ-Rises as Cowen analysts see better days ahead
(Compiled by Shreyasee Raj in Bengaluru)
((Shreyasee.Raj@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Horton DHI.N: up 1.9% premarket BUZZ-Rises as brokerages raise PTs on strong results ** Norwegian Cruise Line NCLH.N: up 0.7% premarket BUZZ-Up as brokers raise PT on vaccine optimism ** Fuel Tech FTEK.O: up 49.8% premarket BUZZ-Surges as co swings to quarterly profit ** Tencent Music TME.N: up 5.2% premarket BUZZ-Rises on strong Q3 ** HUYA Inc HUYA.N: up 2.7% premarket BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 284.8% premarket BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 46.1% premarket BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 4.3% premarket BUZZ-Gains on upbeat revenue forecast ** Tapestry TPR.N: up 4.8% premarket BUZZ-Up as Cowen raises to 'outperform' on growth potential ** Co-Diagnostics CODX.O: up 6.3% premarket BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 4.5% premarket BUZZ-Drops after pricing stock offering ** Performant Financial Corp PFMT.O: up 15.5% premarket BUZZ-Gains on strong Q3 earnings ** Palo Alto Networks PANW.N: up 1.4% premarket BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 23.0% premarket BUZZ-Plunges on downbeat second-quarter forecast ** XPEL Inc XPEL.O: up 6.1% premarket BUZZ-Rises as Q3 earnings, revenue beat ** Immuron IMRN.O: up 19.6% premarket BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 7.0% premarket BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Surface Oncology SURF.O: up 3.1% premarket BUZZ-Jumps after cancer drug gets FDA 'fast track' status ** Yelp YELP.N: up 2.1% premarket BUZZ-Yelp rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 7.8% premarket BUZZ-Organogenesis slumps on planned stock offering ** Howmet Aerospace HWM.N: up 4.0% premarket BUZZ-Rises as Cowen analysts see better days ahead (Compiled by Shreyasee Raj in Bengaluru) ((Shreyasee.Raj@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to open higher on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. The top three NYSE percentage gainers premarket .PRPG.NQ: ** Fubotv Inc FUBO.N, up 27.2% ** Universal Health UHT.N, up 11.9% ** APi Group Corp APG.N, up 10.4% The top three NYSE percentage losers premarket .PRPL.NQ: ** Aurora Cannabis ACB.N, down 19.9% ** Model N Inc MODN.N, down 12.8% ** AMC Entertainment AMC.N, down 9.4% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Five Prime Therapeutics Inc FPRX.O, up 284.8% ** DarioHealth DRIOW.O, up 50.4% ** Fuel Tech Inc FTEK.O, up 49.8% The top three Nasdaq percentage losers premarket .PRPL.O: ** Pareteum Corp TEUM.O, down 46.1% ** eGain Corp EGAN.O, down 23% ** Summer Infant Inc SUMR.O, down 22.8% ** Apple AAPL.O: up 1.2% premarket BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 4.4% premarket BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** Alibaba BABA.N: down 1.3% premarket ** JD.Com JD.O: down 0.6% premarket ** Pinduoduo Inc PDD.O: down 0.6% premarket BUZZ-U.S.-listed Chinese e-commerce firms fall on likely sharper scrutiny ** D.R. | Horton DHI.N: up 1.9% premarket BUZZ-Rises as brokerages raise PTs on strong results ** Norwegian Cruise Line NCLH.N: up 0.7% premarket BUZZ-Up as brokers raise PT on vaccine optimism ** Fuel Tech FTEK.O: up 49.8% premarket BUZZ-Surges as co swings to quarterly profit ** Tencent Music TME.N: up 5.2% premarket BUZZ-Rises on strong Q3 ** HUYA Inc HUYA.N: up 2.7% premarket BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 284.8% premarket BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 46.1% premarket BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 4.3% premarket BUZZ-Gains on upbeat revenue forecast ** Tapestry TPR.N: up 4.8% premarket BUZZ-Up as Cowen raises to 'outperform' on growth potential ** Co-Diagnostics CODX.O: up 6.3% premarket BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 4.5% premarket BUZZ-Drops after pricing stock offering ** Performant Financial Corp PFMT.O: up 15.5% premarket BUZZ-Gains on strong Q3 earnings ** Palo Alto Networks PANW.N: up 1.4% premarket BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 23.0% premarket BUZZ-Plunges on downbeat second-quarter forecast ** XPEL Inc XPEL.O: up 6.1% premarket BUZZ-Rises as Q3 earnings, revenue beat ** Immuron IMRN.O: up 19.6% premarket BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 7.0% premarket BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Surface Oncology SURF.O: up 3.1% premarket BUZZ-Jumps after cancer drug gets FDA 'fast track' status ** Yelp YELP.N: up 2.1% premarket BUZZ-Yelp rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 7.8% premarket BUZZ-Organogenesis slumps on planned stock offering ** Howmet Aerospace HWM.N: up 4.0% premarket BUZZ-Rises as Cowen analysts see better days ahead (Compiled by Shreyasee Raj in Bengaluru) ((Shreyasee.Raj@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to open higher on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. The top three NYSE percentage gainers premarket .PRPG.NQ: ** Fubotv Inc FUBO.N, up 27.2% ** Universal Health UHT.N, up 11.9% ** APi Group Corp APG.N, up 10.4% The top three NYSE percentage losers premarket .PRPL.NQ: ** Aurora Cannabis ACB.N, down 19.9% ** Model N Inc MODN.N, down 12.8% ** AMC Entertainment AMC.N, down 9.4% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Five Prime Therapeutics Inc FPRX.O, up 284.8% ** DarioHealth DRIOW.O, up 50.4% ** Fuel Tech Inc FTEK.O, up 49.8% The top three Nasdaq percentage losers premarket .PRPL.O: ** Pareteum Corp TEUM.O, down 46.1% ** eGain Corp EGAN.O, down 23% ** Summer Infant Inc SUMR.O, down 22.8% ** Apple AAPL.O: up 1.2% premarket BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 4.4% premarket BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** Alibaba BABA.N: down 1.3% premarket ** JD.Com JD.O: down 0.6% premarket ** Pinduoduo Inc PDD.O: down 0.6% premarket BUZZ-U.S.-listed Chinese e-commerce firms fall on likely sharper scrutiny ** D.R. | Horton DHI.N: up 1.9% premarket BUZZ-Rises as brokerages raise PTs on strong results ** Norwegian Cruise Line NCLH.N: up 0.7% premarket BUZZ-Up as brokers raise PT on vaccine optimism ** Fuel Tech FTEK.O: up 49.8% premarket BUZZ-Surges as co swings to quarterly profit ** Tencent Music TME.N: up 5.2% premarket BUZZ-Rises on strong Q3 ** HUYA Inc HUYA.N: up 2.7% premarket BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 284.8% premarket BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 46.1% premarket BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 4.3% premarket BUZZ-Gains on upbeat revenue forecast ** Tapestry TPR.N: up 4.8% premarket BUZZ-Up as Cowen raises to 'outperform' on growth potential ** Co-Diagnostics CODX.O: up 6.3% premarket BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 4.5% premarket BUZZ-Drops after pricing stock offering ** Performant Financial Corp PFMT.O: up 15.5% premarket BUZZ-Gains on strong Q3 earnings ** Palo Alto Networks PANW.N: up 1.4% premarket BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 23.0% premarket BUZZ-Plunges on downbeat second-quarter forecast ** XPEL Inc XPEL.O: up 6.1% premarket BUZZ-Rises as Q3 earnings, revenue beat ** Immuron IMRN.O: up 19.6% premarket BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 7.0% premarket BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Surface Oncology SURF.O: up 3.1% premarket BUZZ-Jumps after cancer drug gets FDA 'fast track' status ** Yelp YELP.N: up 2.1% premarket BUZZ-Yelp rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 7.8% premarket BUZZ-Organogenesis slumps on planned stock offering ** Howmet Aerospace HWM.N: up 4.0% premarket BUZZ-Rises as Cowen analysts see better days ahead (Compiled by Shreyasee Raj in Bengaluru) ((Shreyasee.Raj@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. S&P 500 e-minis ESc1 were up 0.70% at 3,565.75, while Nasdaq 100 e-minis NQc1 were up 0.97% at 11,730.5. The top three NYSE percentage gainers premarket .PRPG.NQ: ** Fubotv Inc FUBO.N, up 27.2% ** Universal Health UHT.N, up 11.9% ** APi Group Corp APG.N, up 10.4% The top three NYSE percentage losers premarket .PRPL.NQ: ** Aurora Cannabis ACB.N, down 19.9% ** Model N Inc MODN.N, down 12.8% ** AMC Entertainment AMC.N, down 9.4% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Five Prime Therapeutics Inc FPRX.O, up 284.8% ** DarioHealth DRIOW.O, up 50.4% ** Fuel Tech Inc FTEK.O, up 49.8% The top three Nasdaq percentage losers premarket .PRPL.O: ** Pareteum Corp TEUM.O, down 46.1% ** eGain Corp EGAN.O, down 23% ** Summer Infant Inc SUMR.O, down 22.8% ** Apple AAPL.O: up 1.2% premarket BUZZ-Set to snap 3-day losing streak ** Lyft Inc LYFT.O: up 4.4% premarket BUZZ-Street View: Lyft raises hopes for post-pandemic profitability ** Alibaba BABA.N: down 1.3% premarket ** JD.Com JD.O: down 0.6% premarket ** Pinduoduo Inc PDD.O: down 0.6% premarket BUZZ-U.S.-listed Chinese e-commerce firms fall on likely sharper scrutiny ** D.R. | Horton DHI.N: up 1.9% premarket BUZZ-Rises as brokerages raise PTs on strong results ** Norwegian Cruise Line NCLH.N: up 0.7% premarket BUZZ-Up as brokers raise PT on vaccine optimism ** Fuel Tech FTEK.O: up 49.8% premarket BUZZ-Surges as co swings to quarterly profit ** Tencent Music TME.N: up 5.2% premarket BUZZ-Rises on strong Q3 ** HUYA Inc HUYA.N: up 2.7% premarket BUZZ-Rises on Q3 profit beat ** Five Prime FPRX.O: up 284.8% premarket BUZZ-Surges on gastric cancer treatment trial data, brokerages raise PT ** Pareteum Corp TEUM.O: down 46.1% premarket BUZZ-Plunges on Nasdaq delisting notice ** Teladoc TDOC.N: up 4.3% premarket BUZZ-Gains on upbeat revenue forecast ** Tapestry TPR.N: up 4.8% premarket BUZZ-Up as Cowen raises to 'outperform' on growth potential ** Co-Diagnostics CODX.O: up 6.3% premarket BUZZ-Rises as co says its tech works as COVID-19 test ** Arbor Realty Trust ABR.N: down 4.5% premarket BUZZ-Drops after pricing stock offering ** Performant Financial Corp PFMT.O: up 15.5% premarket BUZZ-Gains on strong Q3 earnings ** Palo Alto Networks PANW.N: up 1.4% premarket BUZZ-Palo Alto Networks to buy cybersecurity peer Expanse in $800 mln deal ** eGain EGAN.O: down 23.0% premarket BUZZ-Plunges on downbeat second-quarter forecast ** XPEL Inc XPEL.O: up 6.1% premarket BUZZ-Rises as Q3 earnings, revenue beat ** Immuron IMRN.O: up 19.6% premarket BUZZ-Surges after U.S. DoD confirms diarrhea vaccine produces immune response ** Inventiva IVA.O: up 7.0% premarket BUZZ-Rises as FDA agrees one late-stage trial enough for NASH drug ** Surface Oncology SURF.O: up 3.1% premarket BUZZ-Jumps after cancer drug gets FDA 'fast track' status ** Yelp YELP.N: up 2.1% premarket BUZZ-Yelp rises as Evercore upgrades on post-vaccine recovery hopes ** Organogenesis ORGO.O: down 7.8% premarket BUZZ-Organogenesis slumps on planned stock offering ** Howmet Aerospace HWM.N: up 4.0% premarket BUZZ-Rises as Cowen analysts see better days ahead (Compiled by Shreyasee Raj in Bengaluru) ((Shreyasee.Raj@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to open higher on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. .N At 9:02 ET, Dow e-minis 1YMc1 were up 0.58% at 29,489. |
30056.0 | 2020-11-05 00:00:00 UTC | Arbor Realty Trust's Series A Preferred Stock Shares Cross 8% Yield Mark | ABR | https://www.nasdaq.com/articles/arbor-realty-trusts-series-a-preferred-stock-shares-cross-8-yield-mark-2020-11-05 | nan | nan | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.62 on the day. This compares to an average yield of 6.95% in the "Real Estate" preferred stock category, according to Preferred Stock Channel. As of last close, ABR.PRA was trading at a 3.20% premium to its liquidation preference amount, versus the average premium of 43.48% in the "Real Estate" category.
Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock:
In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently down about 0.6% on the day, while the common shares (Symbol: ABR) are up about 3.3%.
Click here to find out the 50 highest yielding preferreds »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.62 on the day. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently down about 0.6% on the day, while the common shares (Symbol: ABR) are up about 3.3%. As of last close, ABR.PRA was trading at a 3.20% premium to its liquidation preference amount, versus the average premium of 43.48% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.62 on the day. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently down about 0.6% on the day, while the common shares (Symbol: ABR) are up about 3.3%. As of last close, ABR.PRA was trading at a 3.20% premium to its liquidation preference amount, versus the average premium of 43.48% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.62 on the day. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently down about 0.6% on the day, while the common shares (Symbol: ABR) are up about 3.3%. As of last close, ABR.PRA was trading at a 3.20% premium to its liquidation preference amount, versus the average premium of 43.48% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.62 on the day. As of last close, ABR.PRA was trading at a 3.20% premium to its liquidation preference amount, versus the average premium of 43.48% in the "Real Estate" category. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently down about 0.6% on the day, while the common shares (Symbol: ABR) are up about 3.3%. |
30057.0 | 2020-11-02 00:00:00 UTC | BUZZ-U.S. STOCKS ON THE MOVE-Nio, Norwegian Cruise, Fisker, Twitter, AngloGold Ashanti | ABR | https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-nio-norwegian-cruise-fisker-twitter-anglogold-ashanti-2020-11 | nan | nan | Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street's major indexes gained ground on Monday after suffering their worst week since March, as investors geared up for an event-packed week centered around the U.S. presidential election. .N
At 12:50 p.m. ET, the Dow Jones Industrial Average .DJI was up 1.17% at 26,812.27. The S&P 500 .SPX was up 1.22% at 3,309.98 and the Nasdaq Composite .IXIC was down 0.13% at 10,896.894. The top three S&P 500 .PG.INX percentage gainers: ** Mohawk Industries MHK.N, up 10.4% ** Newell Brand NWL.O, up 7% ** Tapestry Inc TPR.N, up 6.8% The top three S&P 500 .PL.INX percentage losers: ** Twitter Inc TWTR.N, down 5% ** Incyte Corp INCY.OQ, down 4.1% ** Norwegian Cruise Line NCLH.N, down 4% The top three NYSE .PG.N percentage gainers: ** Renren Inc RENN.N, up 23.5% ** Barclays Bank Pacer Ipath Gold GBUG.N, up 18.3% ** Par Pacific PARR.N, up 18.2% The top three NYSE .PL.N percentage losers: ** Tenneco TEN.N, down 15.1% ** Universal Security Instruments UUU.N, down 12% ** VirnetX Holding VHC.N, down 9.6% The top three Nasdaq .PG.O percentage gainers: ** Endurance International EIGI.O, up 60.9 % ** Digital Ally DGLY.O, up 24.9 % ** Cemtrex CETXP.O, up 22 % The top three Nasdaq .PL.O percentage losers: ** Liquidia Technologies LQDA.O, down 30.1% ** Nuzee Inc NUZE.O, down 21.5% ** KBL Merger Corp KBLM.O, down 17.8% ** Colgate-Palmolive Co CL.N: up 1.9% premarket
BUZZ-Street View: Nicely navigating coronavirus crisis ** Chevron Corp CVX.N: up 1.7% premarket
BUZZ-Street View: Chevron's cost control likely improves resilience
** AbbVie Inc ABBV.N: up 1.1% premarket
BUZZ-Street View: New drugs could help ride out Humira patent cliff ** Nio Inc NIO.N: up 10.9% premarket BUZZ-Set to hit record high as Oct deliveries double ** Cloudflare NET.N: up 1.2% premarket
BUZZ-Cloudflare rises as RBC hikes PT on strong Q3 hopes ** Poly PLT.N: up 3.5% premarket BUZZ-Brokerage sees sustained demand for audio products ** CBL & Associates Properties CBL.N: down 21.5% BUZZ-Slumps on bankruptcy filing ** AngloGold Ashanti AU.N: up 8.9% BUZZ-Gains on higher FCF, dividend payout ** Dunkin' Brands DNKN.O: up 6.4% BUZZ-Dunkin' Brands 'going out in a glaze of glory' after buyout deal ** Lumber Liquidators LL.N: up 16.9% BUZZ-Surges on big earnings beat ** Honeywell International HON.N: up 4.6% BUZZ-Honeywell's impressive Q3 lays foundation for better expectations ** Li Auto LI.O: up 12.3% BUZZ-Gains on higher monthly vehicle deliveries ** Lemonade Inc LMND.N: up 4.8% BUZZ-Piper Sandler sees scope for growth ** Turtle Beach HEAR.O: up 4.8% BUZZ-Wedbush raises rating on increasing market share ** Roku ROKU.O: up 2.4% BUZZ-Rises after brokerage raises PT ahead of Q3 results ** Pfizer Inc PFE.N: up 1.1% BUZZ-Value of a successful COVID-19 vaccine for Pfizer? $5 per share - Cantor ** Clorox CLX.N: up 4.0% BUZZ-Clorox gains after lifting sales, profit forecasts ** Regis Corp RGS.N: down 8.8% BUZZ-Set to open at over 1-month low after sales slump 55% ** Fusion Pharma FUSN.O: up 5.8% BUZZ-Up on AstraZeneca partnership to develop cancer therapies ** Camping World CWH.N: up 4.5% BUZZ-Camping World revs higher on Q3 beat, stock buyback ** Nielsen NLSN.N: up 5.0% BUZZ-Nielsen jumps on revenue beat, $2.7 bln deal for consumer goods unit ** Jounce JNCE.O: down 15.1% BUZZ-Jounce halts enrollment for lung cancer drug study, shares drop ** Twitter TWTR.N: down 5.0%
BUZZ-Canaccord Genuity cuts PT following mixed Q3 ** Endurance International EIGI.O: up 60.9%
BUZZ-Soars on go-private deal ** Novavax NVAX.O: up 3.8%
BUZZ-Rises on expanding facility for vaccine development ** Norwegian Cruise Line NCLH.N: down 4.0%
BUZZ-Falls after extending cruise suspension again ** AnPac Bio-Medical ANPC.O: up 15.0%
BUZZ-Rises on Chinese approval for COVID-19 test ** AMC Entertainment AMC.N: down 5.3%
BUZZ-AMC drops as co files to sell 20 mln shares ahead of results after the bell ** Regulus Therapeutics RGLS.O: up 2.1%
BUZZ-Rises on $5 mln milestone payment from Sanofi ** Superior Industries SUP.N: up 37.4%
BUZZ-Soars on surprise profit, outlook ** Insperity Inc NSP.N: up 9.0%
BUZZ-Surges on Q3 earnings beat ** Coupa COUP.O: down 6.1%
BUZZ-Coupa buys supply chain software firm LLamasoft for $1.5 bln, shares down ** Fisker Inc FSR.N: up 13.7%
BUZZ-Fisker flying, EV stocks surging ahead of U.S. election
** Arbor Realty Trust ABR.N: up 7.8%
BUZZ-Up after brokerages raise PTs ** Marathon Petroleum MPC.N: up 5.9%
BUZZ-Rises on smaller-than-expected Q3 loss ** Farfetch FTCH.N: up 13.9%
BUZZ-Jumps on report of likely $300 mln Alibaba investment
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
up 0.17%
Consumer Discretionary
.SPLRCD
down 0.28%
Consumer Staples
.SPLRCS
up 1.36%
Energy
.SPNY
up 3.38%
Financial
.SPSY
up 1.56%
Health
.SPXHC
up 1.14%
Industrial
.SPLRCI
up 2.20%
Information Technology
.SPLRCT
down 0.14%
Materials
.SPLRCM
up 2.75%
Real Estate
.SPLRCR
up 1.75%
Utilities
.SPLRCU
up 1.80%
(Compiled by Arundhati Sarkar in Bengaluru)
((Arundhati.Sarkar@thomsonreuters.com; twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | $5 per share - Cantor ** Clorox CLX.N: up 4.0% BUZZ-Clorox gains after lifting sales, profit forecasts ** Regis Corp RGS.N: down 8.8% BUZZ-Set to open at over 1-month low after sales slump 55% ** Fusion Pharma FUSN.O: up 5.8% BUZZ-Up on AstraZeneca partnership to develop cancer therapies ** Camping World CWH.N: up 4.5% BUZZ-Camping World revs higher on Q3 beat, stock buyback ** Nielsen NLSN.N: up 5.0% BUZZ-Nielsen jumps on revenue beat, $2.7 bln deal for consumer goods unit ** Jounce JNCE.O: down 15.1% BUZZ-Jounce halts enrollment for lung cancer drug study, shares drop ** Twitter TWTR.N: down 5.0% BUZZ-Canaccord Genuity cuts PT following mixed Q3 ** Endurance International EIGI.O: up 60.9% BUZZ-Soars on go-private deal ** Novavax NVAX.O: up 3.8% BUZZ-Rises on expanding facility for vaccine development ** Norwegian Cruise Line NCLH.N: down 4.0% BUZZ-Falls after extending cruise suspension again ** AnPac Bio-Medical ANPC.O: up 15.0% BUZZ-Rises on Chinese approval for COVID-19 test ** AMC Entertainment AMC.N: down 5.3% BUZZ-AMC drops as co files to sell 20 mln shares ahead of results after the bell ** Regulus Therapeutics RGLS.O: up 2.1% BUZZ-Rises on $5 mln milestone payment from Sanofi ** Superior Industries SUP.N: up 37.4% BUZZ-Soars on surprise profit, outlook ** Insperity Inc NSP.N: up 9.0% BUZZ-Surges on Q3 earnings beat ** Coupa COUP.O: down 6.1% BUZZ-Coupa buys supply chain software firm LLamasoft for $1.5 bln, shares down ** Fisker Inc FSR.N: up 13.7% BUZZ-Fisker flying, EV stocks surging ahead of U.S. election ** Arbor Realty Trust ABR.N: up 7.8% BUZZ-Up after brokerages raise PTs ** Marathon Petroleum MPC.N: up 5.9% BUZZ-Rises on smaller-than-expected Q3 loss ** Farfetch FTCH.N: up 13.9% BUZZ-Jumps on report of likely $300 mln Alibaba investment The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's major indexes gained ground on Monday after suffering their worst week since March, as investors geared up for an event-packed week centered around the U.S. presidential election. The top three S&P 500 .PG.INX percentage gainers: ** Mohawk Industries MHK.N, up 10.4% ** Newell Brand NWL.O, up 7% ** Tapestry Inc TPR.N, up 6.8% The top three S&P 500 .PL.INX percentage losers: ** Twitter Inc TWTR.N, down 5% ** Incyte Corp INCY.OQ, down 4.1% ** Norwegian Cruise Line NCLH.N, down 4% The top three NYSE .PG.N percentage gainers: ** Renren Inc RENN.N, up 23.5% ** Barclays Bank Pacer Ipath Gold GBUG.N, up 18.3% ** Par Pacific PARR.N, up 18.2% The top three NYSE .PL.N percentage losers: ** Tenneco TEN.N, down 15.1% ** Universal Security Instruments UUU.N, down 12% ** VirnetX Holding VHC.N, down 9.6% The top three Nasdaq .PG.O percentage gainers: ** Endurance International EIGI.O, up 60.9 % ** Digital Ally DGLY.O, up 24.9 % ** Cemtrex CETXP.O, up 22 % The top three Nasdaq .PL.O percentage losers: ** Liquidia Technologies LQDA.O, down 30.1% ** Nuzee Inc NUZE.O, down 21.5% ** KBL Merger Corp KBLM.O, down 17.8% ** Colgate-Palmolive Co CL.N: up 1.9% premarket BUZZ-Street View: Nicely navigating coronavirus crisis ** Chevron Corp CVX.N: up 1.7% premarket BUZZ-Street View: Chevron's cost control likely improves resilience ** AbbVie Inc ABBV.N: up 1.1% premarket BUZZ-Street View: New drugs could help ride out Humira patent cliff ** Nio Inc NIO.N: up 10.9% premarket BUZZ-Set to hit record high as Oct deliveries double ** Cloudflare NET.N: up 1.2% premarket BUZZ-Cloudflare rises as RBC hikes PT on strong Q3 hopes ** Poly PLT.N: up 3.5% premarket BUZZ-Brokerage sees sustained demand for audio products ** CBL & Associates Properties CBL.N: down 21.5% BUZZ-Slumps on bankruptcy filing ** AngloGold Ashanti AU.N: up 8.9% BUZZ-Gains on higher FCF, dividend payout ** Dunkin' Brands DNKN.O: up 6.4% BUZZ-Dunkin' Brands 'going out in a glaze of glory' after buyout deal ** Lumber Liquidators LL.N: up 16.9% BUZZ-Surges on big earnings beat ** Honeywell International HON.N: up 4.6% BUZZ-Honeywell's impressive Q3 lays foundation for better expectations ** Li Auto LI.O: up 12.3% BUZZ-Gains on higher monthly vehicle deliveries ** Lemonade Inc LMND.N: up 4.8% BUZZ-Piper Sandler sees scope for growth ** Turtle Beach HEAR.O: up 4.8% BUZZ-Wedbush raises rating on increasing market share ** Roku ROKU.O: up 2.4% BUZZ-Rises after brokerage raises PT ahead of Q3 results ** Pfizer Inc PFE.N: up 1.1% BUZZ-Value of a successful COVID-19 vaccine for Pfizer? | $5 per share - Cantor ** Clorox CLX.N: up 4.0% BUZZ-Clorox gains after lifting sales, profit forecasts ** Regis Corp RGS.N: down 8.8% BUZZ-Set to open at over 1-month low after sales slump 55% ** Fusion Pharma FUSN.O: up 5.8% BUZZ-Up on AstraZeneca partnership to develop cancer therapies ** Camping World CWH.N: up 4.5% BUZZ-Camping World revs higher on Q3 beat, stock buyback ** Nielsen NLSN.N: up 5.0% BUZZ-Nielsen jumps on revenue beat, $2.7 bln deal for consumer goods unit ** Jounce JNCE.O: down 15.1% BUZZ-Jounce halts enrollment for lung cancer drug study, shares drop ** Twitter TWTR.N: down 5.0% BUZZ-Canaccord Genuity cuts PT following mixed Q3 ** Endurance International EIGI.O: up 60.9% BUZZ-Soars on go-private deal ** Novavax NVAX.O: up 3.8% BUZZ-Rises on expanding facility for vaccine development ** Norwegian Cruise Line NCLH.N: down 4.0% BUZZ-Falls after extending cruise suspension again ** AnPac Bio-Medical ANPC.O: up 15.0% BUZZ-Rises on Chinese approval for COVID-19 test ** AMC Entertainment AMC.N: down 5.3% BUZZ-AMC drops as co files to sell 20 mln shares ahead of results after the bell ** Regulus Therapeutics RGLS.O: up 2.1% BUZZ-Rises on $5 mln milestone payment from Sanofi ** Superior Industries SUP.N: up 37.4% BUZZ-Soars on surprise profit, outlook ** Insperity Inc NSP.N: up 9.0% BUZZ-Surges on Q3 earnings beat ** Coupa COUP.O: down 6.1% BUZZ-Coupa buys supply chain software firm LLamasoft for $1.5 bln, shares down ** Fisker Inc FSR.N: up 13.7% BUZZ-Fisker flying, EV stocks surging ahead of U.S. election ** Arbor Realty Trust ABR.N: up 7.8% BUZZ-Up after brokerages raise PTs ** Marathon Petroleum MPC.N: up 5.9% BUZZ-Rises on smaller-than-expected Q3 loss ** Farfetch FTCH.N: up 13.9% BUZZ-Jumps on report of likely $300 mln Alibaba investment The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's major indexes gained ground on Monday after suffering their worst week since March, as investors geared up for an event-packed week centered around the U.S. presidential election. The top three S&P 500 .PG.INX percentage gainers: ** Mohawk Industries MHK.N, up 10.4% ** Newell Brand NWL.O, up 7% ** Tapestry Inc TPR.N, up 6.8% The top three S&P 500 .PL.INX percentage losers: ** Twitter Inc TWTR.N, down 5% ** Incyte Corp INCY.OQ, down 4.1% ** Norwegian Cruise Line NCLH.N, down 4% The top three NYSE .PG.N percentage gainers: ** Renren Inc RENN.N, up 23.5% ** Barclays Bank Pacer Ipath Gold GBUG.N, up 18.3% ** Par Pacific PARR.N, up 18.2% The top three NYSE .PL.N percentage losers: ** Tenneco TEN.N, down 15.1% ** Universal Security Instruments UUU.N, down 12% ** VirnetX Holding VHC.N, down 9.6% The top three Nasdaq .PG.O percentage gainers: ** Endurance International EIGI.O, up 60.9 % ** Digital Ally DGLY.O, up 24.9 % ** Cemtrex CETXP.O, up 22 % The top three Nasdaq .PL.O percentage losers: ** Liquidia Technologies LQDA.O, down 30.1% ** Nuzee Inc NUZE.O, down 21.5% ** KBL Merger Corp KBLM.O, down 17.8% ** Colgate-Palmolive Co CL.N: up 1.9% premarket BUZZ-Street View: Nicely navigating coronavirus crisis ** Chevron Corp CVX.N: up 1.7% premarket BUZZ-Street View: Chevron's cost control likely improves resilience ** AbbVie Inc ABBV.N: up 1.1% premarket BUZZ-Street View: New drugs could help ride out Humira patent cliff ** Nio Inc NIO.N: up 10.9% premarket BUZZ-Set to hit record high as Oct deliveries double ** Cloudflare NET.N: up 1.2% premarket BUZZ-Cloudflare rises as RBC hikes PT on strong Q3 hopes ** Poly PLT.N: up 3.5% premarket BUZZ-Brokerage sees sustained demand for audio products ** CBL & Associates Properties CBL.N: down 21.5% BUZZ-Slumps on bankruptcy filing ** AngloGold Ashanti AU.N: up 8.9% BUZZ-Gains on higher FCF, dividend payout ** Dunkin' Brands DNKN.O: up 6.4% BUZZ-Dunkin' Brands 'going out in a glaze of glory' after buyout deal ** Lumber Liquidators LL.N: up 16.9% BUZZ-Surges on big earnings beat ** Honeywell International HON.N: up 4.6% BUZZ-Honeywell's impressive Q3 lays foundation for better expectations ** Li Auto LI.O: up 12.3% BUZZ-Gains on higher monthly vehicle deliveries ** Lemonade Inc LMND.N: up 4.8% BUZZ-Piper Sandler sees scope for growth ** Turtle Beach HEAR.O: up 4.8% BUZZ-Wedbush raises rating on increasing market share ** Roku ROKU.O: up 2.4% BUZZ-Rises after brokerage raises PT ahead of Q3 results ** Pfizer Inc PFE.N: up 1.1% BUZZ-Value of a successful COVID-19 vaccine for Pfizer? | $5 per share - Cantor ** Clorox CLX.N: up 4.0% BUZZ-Clorox gains after lifting sales, profit forecasts ** Regis Corp RGS.N: down 8.8% BUZZ-Set to open at over 1-month low after sales slump 55% ** Fusion Pharma FUSN.O: up 5.8% BUZZ-Up on AstraZeneca partnership to develop cancer therapies ** Camping World CWH.N: up 4.5% BUZZ-Camping World revs higher on Q3 beat, stock buyback ** Nielsen NLSN.N: up 5.0% BUZZ-Nielsen jumps on revenue beat, $2.7 bln deal for consumer goods unit ** Jounce JNCE.O: down 15.1% BUZZ-Jounce halts enrollment for lung cancer drug study, shares drop ** Twitter TWTR.N: down 5.0% BUZZ-Canaccord Genuity cuts PT following mixed Q3 ** Endurance International EIGI.O: up 60.9% BUZZ-Soars on go-private deal ** Novavax NVAX.O: up 3.8% BUZZ-Rises on expanding facility for vaccine development ** Norwegian Cruise Line NCLH.N: down 4.0% BUZZ-Falls after extending cruise suspension again ** AnPac Bio-Medical ANPC.O: up 15.0% BUZZ-Rises on Chinese approval for COVID-19 test ** AMC Entertainment AMC.N: down 5.3% BUZZ-AMC drops as co files to sell 20 mln shares ahead of results after the bell ** Regulus Therapeutics RGLS.O: up 2.1% BUZZ-Rises on $5 mln milestone payment from Sanofi ** Superior Industries SUP.N: up 37.4% BUZZ-Soars on surprise profit, outlook ** Insperity Inc NSP.N: up 9.0% BUZZ-Surges on Q3 earnings beat ** Coupa COUP.O: down 6.1% BUZZ-Coupa buys supply chain software firm LLamasoft for $1.5 bln, shares down ** Fisker Inc FSR.N: up 13.7% BUZZ-Fisker flying, EV stocks surging ahead of U.S. election ** Arbor Realty Trust ABR.N: up 7.8% BUZZ-Up after brokerages raise PTs ** Marathon Petroleum MPC.N: up 5.9% BUZZ-Rises on smaller-than-expected Q3 loss ** Farfetch FTCH.N: up 13.9% BUZZ-Jumps on report of likely $300 mln Alibaba investment The 11 major S&P 500 sectors: Communication Services The top three S&P 500 .PG.INX percentage gainers: ** Mohawk Industries MHK.N, up 10.4% ** Newell Brand NWL.O, up 7% ** Tapestry Inc TPR.N, up 6.8% The top three S&P 500 .PL.INX percentage losers: ** Twitter Inc TWTR.N, down 5% ** Incyte Corp INCY.OQ, down 4.1% ** Norwegian Cruise Line NCLH.N, down 4% The top three NYSE .PG.N percentage gainers: ** Renren Inc RENN.N, up 23.5% ** Barclays Bank Pacer Ipath Gold GBUG.N, up 18.3% ** Par Pacific PARR.N, up 18.2% The top three NYSE .PL.N percentage losers: ** Tenneco TEN.N, down 15.1% ** Universal Security Instruments UUU.N, down 12% ** VirnetX Holding VHC.N, down 9.6% The top three Nasdaq .PG.O percentage gainers: ** Endurance International EIGI.O, up 60.9 % ** Digital Ally DGLY.O, up 24.9 % ** Cemtrex CETXP.O, up 22 % The top three Nasdaq .PL.O percentage losers: ** Liquidia Technologies LQDA.O, down 30.1% ** Nuzee Inc NUZE.O, down 21.5% ** KBL Merger Corp KBLM.O, down 17.8% ** Colgate-Palmolive Co CL.N: up 1.9% premarket BUZZ-Street View: Nicely navigating coronavirus crisis ** Chevron Corp CVX.N: up 1.7% premarket BUZZ-Street View: Chevron's cost control likely improves resilience ** AbbVie Inc ABBV.N: up 1.1% premarket BUZZ-Street View: New drugs could help ride out Humira patent cliff ** Nio Inc NIO.N: up 10.9% premarket BUZZ-Set to hit record high as Oct deliveries double ** Cloudflare NET.N: up 1.2% premarket BUZZ-Cloudflare rises as RBC hikes PT on strong Q3 hopes ** Poly PLT.N: up 3.5% premarket BUZZ-Brokerage sees sustained demand for audio products ** CBL & Associates Properties CBL.N: down 21.5% BUZZ-Slumps on bankruptcy filing ** AngloGold Ashanti AU.N: up 8.9% BUZZ-Gains on higher FCF, dividend payout ** Dunkin' Brands DNKN.O: up 6.4% BUZZ-Dunkin' Brands 'going out in a glaze of glory' after buyout deal ** Lumber Liquidators LL.N: up 16.9% BUZZ-Surges on big earnings beat ** Honeywell International HON.N: up 4.6% BUZZ-Honeywell's impressive Q3 lays foundation for better expectations ** Li Auto LI.O: up 12.3% BUZZ-Gains on higher monthly vehicle deliveries ** Lemonade Inc LMND.N: up 4.8% BUZZ-Piper Sandler sees scope for growth ** Turtle Beach HEAR.O: up 4.8% BUZZ-Wedbush raises rating on increasing market share ** Roku ROKU.O: up 2.4% BUZZ-Rises after brokerage raises PT ahead of Q3 results ** Pfizer Inc PFE.N: up 1.1% BUZZ-Value of a successful COVID-19 vaccine for Pfizer? up 2.75% Real Estate | $5 per share - Cantor ** Clorox CLX.N: up 4.0% BUZZ-Clorox gains after lifting sales, profit forecasts ** Regis Corp RGS.N: down 8.8% BUZZ-Set to open at over 1-month low after sales slump 55% ** Fusion Pharma FUSN.O: up 5.8% BUZZ-Up on AstraZeneca partnership to develop cancer therapies ** Camping World CWH.N: up 4.5% BUZZ-Camping World revs higher on Q3 beat, stock buyback ** Nielsen NLSN.N: up 5.0% BUZZ-Nielsen jumps on revenue beat, $2.7 bln deal for consumer goods unit ** Jounce JNCE.O: down 15.1% BUZZ-Jounce halts enrollment for lung cancer drug study, shares drop ** Twitter TWTR.N: down 5.0% BUZZ-Canaccord Genuity cuts PT following mixed Q3 ** Endurance International EIGI.O: up 60.9% BUZZ-Soars on go-private deal ** Novavax NVAX.O: up 3.8% BUZZ-Rises on expanding facility for vaccine development ** Norwegian Cruise Line NCLH.N: down 4.0% BUZZ-Falls after extending cruise suspension again ** AnPac Bio-Medical ANPC.O: up 15.0% BUZZ-Rises on Chinese approval for COVID-19 test ** AMC Entertainment AMC.N: down 5.3% BUZZ-AMC drops as co files to sell 20 mln shares ahead of results after the bell ** Regulus Therapeutics RGLS.O: up 2.1% BUZZ-Rises on $5 mln milestone payment from Sanofi ** Superior Industries SUP.N: up 37.4% BUZZ-Soars on surprise profit, outlook ** Insperity Inc NSP.N: up 9.0% BUZZ-Surges on Q3 earnings beat ** Coupa COUP.O: down 6.1% BUZZ-Coupa buys supply chain software firm LLamasoft for $1.5 bln, shares down ** Fisker Inc FSR.N: up 13.7% BUZZ-Fisker flying, EV stocks surging ahead of U.S. election ** Arbor Realty Trust ABR.N: up 7.8% BUZZ-Up after brokerages raise PTs ** Marathon Petroleum MPC.N: up 5.9% BUZZ-Rises on smaller-than-expected Q3 loss ** Farfetch FTCH.N: up 13.9% BUZZ-Jumps on report of likely $300 mln Alibaba investment The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's major indexes gained ground on Monday after suffering their worst week since March, as investors geared up for an event-packed week centered around the U.S. presidential election. ET, the Dow Jones Industrial Average .DJI was up 1.17% at 26,812.27. |
30058.0 | 2020-10-31 00:00:00 UTC | Arbor Realty Trust (ABR) Q3 2020 Earnings Call Transcript | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-q3-2020-earnings-call-transcript-2020-10-31 | nan | nan | Image source: The Motley Fool.
Arbor Realty Trust (NYSE: ABR)
Q3 2020 Earnings Call
Oct 30, 2020, 10:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good morning, ladies and gentlemen, and welcome to the third-quarter Arbor Realty Trustearnings conference call [Operator instructions] Please be advised that today's conference is being recorded. [Operator instructions] I would now like to turn the call over to your speaker today, Paul Elenio, chief financial officer. Please begin sir.
Paul Elenio -- Chief Financial Officer
OK. Thank you and good morning, everyone, and welcome to the quarterlyearnings callfor Arbor Realty Trust. This morning, we'll discuss the results for the quarter ended September 30, 2020. With me on the call today is Ivan Kaufman, our president and chief executive officer.
Before we begin, I need to inform you that statements made in thisearnings callmay be deemed forward-looking statements that are subject to risks and uncertainties, including information about possible or assumed future results of our business, financial conditions, liquidity, results of operations, plans and objectives. These statements are based on our beliefs, assumptions, and expectations of our future performance, taking into account the information currently available to us. Factors that could cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today.
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Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today, or the occurrences of unanticipated events. I'll now turn the call over to Arbor's president and CEO, Ivan Kaufman.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Paul, and thanks to everyone for joining us on today's call. We hope that you and your family are safe and healthy. We all realize the difficulties and complexities that our country and the entire world continue to deal with from the effects of COVID, so we appreciate your participation during these challenging times. As we've discussed on our last few calls, we are very well-positioned to succeed in the current economic climate.
We've built a viable operating platform both focusing on the right asset class with very stable liability structures and strong liquidity and active balance sheet and a GSE agency business and many diversified income streams that generate strong core earnings and dividends in every market cycle. We have also developed the business model that provides many diversified opportunities for growth, which clearly puts us in a class by ourselves, and it allowed us to be a top-performing commercial mortgage REIT in the space. We had another record quarter with our third-quarter results reflecting the continued commitment and successful execution of our business strategy and a diverse platform we have developed. Our continued momentum and truly remarkable third-quarter results have once again allowed us to increase our dividend to $0.32 a share.
This is our second consecutive quarterly dividend increase reflecting a 7% increase so far this year and represents a payout ratio of around 70%, compared to an industry average of 90% to 95%. As Paul will discuss in more detail, our core earnings for the third quarter were $0.50 per share, which is an incredible accomplishment and a true testament to the value of our franchise and a many diverse income streams we have created. We continue to realize significant benefits from many areas of our diverse platform including substantial growth in our GSE agency platform that continues to produce strong margins and increased servicing fees, continued growth and significant benefits from the size and scale of our balance sheet business, substantial income from our residential business, strong performance of our multifamily focused portfolios with very few delinquencies and extremely low forbearances and reductions in our overhead and general and administrative expenses. And these recurring benefits combined with our projected origination's strong pipeline and credit quality of our portfolio puts us in a unique position to be able to continue to produce significant core earnings going forward and we are properly positioned to excel in this environment.
The strong core earnings outlook has allowed us to once again increase our dividend, which now reflects an 11% yield based on yesterday's closing stock price. Prior to the pandemic, we were trading at a much lower dividend yield of around 8%, which if applied to our current dividend would result in a stock price of $16 a share, and again we believe based on our resiliency and strong performance that we should be trading above those levels and we feel this is a great opportunity for shareholders to realize substantial value appreciation. We continue to experience significant growth in our GSE agency platform. We originated $1.5 billion in GSE agency loans in the third quarter and $3.6 billion for the first nine months of this year, which is up approximately 11% from last year's comparable period.
Pipeline is also at an all-time high and as a result, we expect to produce a very strong originations volume in the fourth quarter and likely grow our agency production by as much as 20% to 30% over last year's numbers, while maintaining very strong gain on sale margins. In this unprecedented environment, our GSE agency platform continues to offer a premium value as it requires limited capital and generate significant long-dated predictable income streams, and produces significant annual cash flow. Additionally, our $22.6 billion GSE agencies servicing portfolio, which we have grown 12.5% already this year is mostly prepayment-protected and generates over $100 million a year and growing in reoccurring cash flow. This is an addition to the strong gain on sale margins that we continue to generate for origination platform, which combined with new and increased servicing revenues will continue to contribute greatly to our core earnings and dividends.
From a liquidity perspective, we are very pleased to report that we have current cash and liquidity position of approximately $500 million, which not only provides us with adequate liquidity to navigate the current market conditions, but also gives us offensive capital to take advantage of accretive lending opportunities. This has allowed us to replace our run-off and continue to grow our balance sheet loan book with high-quality multifamily bridge loans that generate attractive levered returns and create a substantial pipeline of future GSE agency originations volume and long-dated servicing revenues. We are very pleased with the high-quality balance sheet we have created that is also financed with the appropriate liability structures. Our balance sheet loan book has grown to $5.1 billion and is financed with $3.4 billion of debt.
Approximately $2.5 billion dollars or 75% of that debt is non-recourse non-mark-to-market CLOs and approximately $900 million is financed for warehouse to repurchase facilities that is secured by $1.2 billion in assets, with eight different banks that we have long-standing relationships with. Additionally, the majority of the loans being financed in these bank lines are also rated and CLO-eligible, greatly mitigating the risk of financing these loans to short-term facilities. It is also very important to highlight that over 90% of our book, our senior bridge loans, and more importantly, 80% of our portfolio is in multifamily assets, which has been the most resilient asset class in all cycles and continues to significantly outperform all other asset classes in this recession as well. Additionally, we've had tremendous performance of multifamily portfolio with well over 99% collections and no loan modifications with great concessions to date.
And most of the loans in our portfolio contain interest reserves and/or replenishment obligations by our borrowers giving us the ability to effectively manage our portfolio through this dislocation. As a reminder, we have very little exposure to the asset classes that have been affected the most by this recession such as retail and hospitality. Our total exposure to these asset classes is approximately $175 million or approximately 3% of our portfolio. We also believe we have adequately reserved these assets and do not feel at this point that any material further impairment will be necessary, which gives us confidence that our adjusted book value of $9 or $0.74 actually reflects the current impact of the recession.
We also continue to see very positive trends related to our GSE agency business collections, which we believe reflects the strength of our borrowers and the quality of our GSE agency portfolio. We only have a handful of delinquent loans outstanding and extremely low forbearance numbers in our portfolio through October. Loans in forbearance represent less than 0.4% of our $16.5 billion Fannie Mae book and around 6% of our $5 billion Freddie Mac loan book, which is unchanged since July and we've had very few requests for forbearance in the last several months. And as a result of these extremely low forbearance numbers, we have recovered almost all of the 700,000 of servicing advances that we had outstanding last quarter and currently we have less than 20,000 unrecovered servicing advances.
In summary, we are extremely pleased to have built such a versatile operating platform that is multifamily centric with many significant diversified income streams that continue to produce strong core earnings and dividends and all cycles. We are also well-positioned to succeed in the current economic climate and are excited about the many opportunities we see to continue to grow our franchise core earnings and dividends going forward. We believe this puts us in a class by ourselves and our performance and track record speak for themselves. We believe that an investment in our company today at these levels will provide a tremendous long-term return and our primary focus remains on continuing to maximize shareholder value.
I will now turn the call over to Paul to take you through the financial results.
Paul Elenio -- Chief Financial Officer
Thank you, Ivan. As our press release this morning indicated, we had another exceptional quarter producing core earnings of $67 million or $0.50 per share. These results have translated into record-high ROEs of approximately 22% for the third quarter and 19% for the first nine months of the year. As Ivan touched on, we continue to benefit from several positive aspects of our diverse business model including significant growth in our agency platform, LIBOR floors and a large portion of our balance sheet loan book, substantial income from a residential banking joint venture, and reductions in our overhead and general administrative expenses.
And these benefits clearly demonstrate the value of our operating platform and the diversity of our income streams and more importantly, gives us great confidence in our ability to continue to generate strong core earnings and dividends. As we mentioned earlier, we had another phenomenal quarter from our residential banking business as a result of the continued historic low interest rate environment. We recorded $32 million of pre-tax income from this investment in the third quarter which contributed approximately $0.15 a share on a tax-effective basis to our core earnings for the third quarter. The income from this investment further emphasizes the diversity of our income streams and acts as a natural hedge against declining interest rate specifically earnings on our escrow balances.
And we believe this investment will continue to contribute meaningfully to our core earnings going forward and we are expecting the fourth-quarter results to be less than the last two quarters, largely due to seasonal nature of the business. Our adjusted book value of September 30 was approximately $9.74, adding back roughly $70 million of non-cash general seasonal reserves on a tax-effective basis. This is a 3.5% from approximately $9.40 last quarter, largely due to significant core earnings we generated in the third quarter. And as Ivan mentioned earlier, we are not expecting any material additional writedowns at this point, giving us confidence in our adjusted book value.
Looking at our results from our GSE agency business in the third quarter. We generated $17 million of core earnings and approximately $1.5 billion and originations and $1.2 billion in loan sales. The margin on our third quarter GSE agency loan sales were up 1.63%, compared to 1.46% for the second quarter, mainly due to stronger margins and our Fannie Mae business and a higher mix of FHA loans during the quarter, which is a higher-margin business. As Ivan mentioned, we also have a very robust pipeline and we expect to produce very strong origination volumes for the balance of the year.
In the third quarter, we recorded $42 million of mortgage servicing rights income related to $1.5 billion of committed loans representing an average MSR rate of around 2.77%, which was up slightly from 2.69% rate for the second quarter. Our servicing portfolio grew 4.5% this quarter to $22.6 billion at September 30 with a weighted average servicing fee of 44.8 basis points and an estimated remaining life of nine years. This portfolio will continue to generate a predictable annuity of income going forward of around $101 million gross annually, which is up approximately $14 million on an annual basis from the same time last year. Additionally prepayment fees related to certain loans that have yield maintenance provisions was $2 million for the third quarter, compared to $3 million for the second quarter.
And our balance sheet lending operation we grow our portfolio of $5.1 billion in the third quarter on $292 million in new originations. Our $5.1 billion investment portfolio had an all-in yield of 5.93% at September 30, compared to 6.10% at June 30, mainly due to higher rates on runoff as compared to new originations during the quarter and from the impact of non-performing loans. The average balance in our core investments was up to $5 billion this quarter from $4.8 billion last quarter mainly due to the full effect of our second-quarter growth. The average yield on these investments was 5.98% for the third quarter, compared to 6.16% for the second quarter, mainly due to more acceleration of fees from early runoff in the second quarter, higher interest rates on runoff as compared to originations and from the impact of non-performing loans.
The total debt on our core assets was approximately $4.5 billion at September 30, with all-in debt cost of approximately 3.09%, compared to a debt close to around 3.14% at June 30. The average balance on our debt facilities was up slightly to approximately $4.6 billion for the third quarter from $4.5 billion for the second quarter, mostly due to financing the growth in our portfolio and the average cost of funds on our debt facilities decreased to approximately 3.06% for the third quarter compared to 3.26% for the second quarter due to a decrease in the average LIBOR rates during the third quarter. Overall net interest spreads in our core assets increased slightly to 2.92% this quarter, compared to 2.90% last quarter and our overall spot net interest spread was down to 2.84% at September 30, compared to 2.96% at June 30. Lastly, the average leverage ratio on our core lending assets including the trust preferred and perpetual preferred stock as equity was down slightly to 86% in the third quarter from 87% in the second quarter and our overall debt to equity ratios on a spot basis came down as well to 3.021 at September 30, from 3.121 at June 30, excluding general CECL reserve.
That completes our prepared remarks for this morning, and I'll now turn it back to the operator to take any questions you may have at this time. Operator?
Questions & Answers:
Operator
[Operator instructions] We will take our first question from Steven DeLaney with JMP Securities. Please go ahead. Your line is open.
Steven Delaney -- JMP Securities -- Analyst
Thank you. Well, good morning, gentlemen, and once again, congratulations on an excellent quarter. I think I say that every quarter, but you've made it hard not to.
Ivan Kaufman -- President and Chief Executive Officer
Thank you.
Steven Delaney -- JMP Securities -- Analyst
Sure, Ivan. I'd like to start, Paul with the gain on sale margin on the agency book 163 versus 132. I heard your comments and we know Fannie better than Freddie and FHA is better than anything, but I'm looking at the table on the first page of a press release and I don't see a big shift toward Fannie and FHA anything material. So is there anything else, a little more subtle in that 163? I'm looking at our model for the last two years and 140, 150 something like that.
132 might have been lower than normal, but is 163, do you think that's a sustainable level? Just a little more color about that, please, because it's an important number.
Paul Elenio -- Chief Financial Officer
Sure, Steve. It's Paul. So one of the things I said in my commentary is you need to compare the 163 to 146 from last quarter because although we put up 132 last quarter, we had the private-label securitization in there. So if you back out to private-label securitization you're at 146 versus 163.
Still a meaningful move as you mentioned, from 146 of which is around where we've been running to 163 this quarter. You're right, there wasn't really much of a shift in the Fannie, Freddie business, but it has to do with loan sales not loan originations as you know. We book our gain on loan sale so while there wasn't really much of a move in FHA originations, which have been strong, there was a bigger move in FHA loan sales because of the timing of when loan sell versus originate. So we had significantly more FHA loan sales this quarter than last quarter, which carry a higher margin and on the Fanie business we did sell it just had a higher margin and maybe Ivan can comment a little bit on what's going on in the market, but we did have some deals and it matters on the size of the deal, there's a lot of different factors that go into the margin, but the margin has been very robust on the Fannie product.
Steven Delaney -- JMP Securities -- Analyst
That's helpful color.
Ivan Kaufman -- President and Chief Executive Officer
Steve, I'll give a little bit of color on that. I think we had a healthy margin. We probably had no super big loans which generally carry a smaller margin. We might have a little bit of benefit during that initial dislocation period kind of in the summer a little before the summer that we continue to operate very effectively and perhaps, we're in a better position than most and had a healthier pipeline.
We had a little less competition in that period of time just because many other competitors or more like deer in headlights situation and it gave us an ability to take a little step ahead of everybody. But from us, our pipeline is extraordinarily strong. Probably the highest it's ever been and as we've indicated in our comments, we are expecting an even stronger fourth quarter than what we've had. So I think we'll be able to maintain the margins that we customarily have and hopefully, we'll be able to do a little bit better.
Steven Delaney -- JMP Securities -- Analyst
OK. Thank you. Ivan, could you talk a little bit about the refi dynamic for Agency multifamily borrowers? We all know what's going on in residential single family. You see it at Cardinal, we see it in these resi mortgage IPOs that are coming to market and it's just gangbusters.
So obviously, your loans have like lockouts and they have yield maintenance, is there a scenario where you can work with borrowers and get them a lower coupon -- refine a lower coupon, and steel collect some yield maintenance for yourself so you end up with a win-win situation with your existing servicing book?
Ivan Kaufman -- President and Chief Executive Officer
Sure. Well, there are a couple of components. First of all, FHA does have the product and they do have a modification product then you'll see an uptick on that in general and that will occur. On the Fannie Mae loan book, if people do exit a little earlier, we do get an up on some of the yield maintenance and increases our revenue going forward.
So you won't see that as much on the Fannie book as you do on the FHA book and our FHA book is not that big, but on a Fannie Mae book, we saw a little bit last time maybe Paul can comment on that. We haven't seen that start to occur yet but it's still possible that there may be a little bit of an uptick on that side.
Paul Elenio -- Chief Financial Officer
Steve, that's right. Ivan is right. We haven't really seen as being meaningful yet, but some commentary we had $490 million of run-off in the servicing portfolio. We put on $1.5 billion in new originations so that's really nice growth.
Of the $490 million, we did recapture 40% of that run-off through new originations and I think what's meaningful as well is the balance sheet business continues to feed the agency business and that's one of our key strategies. Of the $206 million that ran off in the third quarter on the balance sheet book, we were able to recapture 65% of that through agency product. So it's really feeding that servicing book very, very nicely. One other point I think we should continue to emphasize is that that servicing portfolio continues to grow at a healthy clip.
It's not just about the gain on sale that we're booking, which is significant, but it's about that annuity and our servicing life is over nine years at this point. Mostly prepayment protected and as Ivan said in his commentary and mine as well, it's generating over $100 million gross annually in servicing fees so if we can continue to build that portfolio through our own originations, through refining some of our balance sheet run-off and other run-off that other people have we're going to continue to create a substantial annuity going forward.
Ivan Kaufman -- President and Chief Executive Officer
Just a little color on that as well. We're seeing a longer duration product so there were a lot of five-year loans and floating-rate loans that were done over the last couple of years. Now, we're seeing more of a shift to 10 and 12 years so the duration of our income stream is going to be even longer than it was historically and the mix of 10- and 12-year product will be a greater percentage.
Steven Delaney -- JMP Securities -- Analyst
Interesting. That makes sense given where the yield curve is. Listen, thank you both, and good job.
Ivan Kaufman -- President and Chief Executive Officer
Thanks, Steve.
Operator
We will take our next question from Jade Rahmani with KBW. Please go ahead.
Jade Rahmani -- KBW -- Analyst
Thank you very much. Can you comment on the credit performance and if you're seeing any both pockets of resilience in the portfolio or any sectors of risk? Multifamily has been quite a puzzle this cycle. I think initially in the March-April timeframe a lot of people thought rent collections would decline, there would be move-outs to the single-family and that would cause some credit issues in the multifamily space. So far we haven't really seen that.
We've seen some of the large apartment holders and denser urban areas being impacted, but the overall space is proving very resilient. So I'm just wondering if you could comment on that.
Ivan Kaufman -- President and Chief Executive Officer
Clearly, the rent collections are remarkably amazing. They are only off slightly rather than significantly and the areas that are most vulnerable of course, are the urban areas specifically, New York City, and specifically market-rate apartments in New York City and other areas like San Francisco. Those are the vulnerable areas. However, we haven't seen it go through in terms of people making their payments as far as or making their payments as renters.
I think we're all anxiously waiting to see what happens with the stimulus bill. I think the stimulus bill helped quite a bit initially, it's gone away. Everybody thought when it went away there would be an impact, the impact we haven't seen. However, if there is some softness in the market, I think the baseline of where we are as a firm and we have a lot of room.
Even if things fall off a little bit. We have an extraordinary amount of room before our loans get impacted. So we feel really comfortable, specifically with our portfolio on our balance sheet. We have a lot of structure on our loans, which really allows our loans to perform not just based on the assets, but based on the bars as well.
So we feel relatively comfortable. But I think if you're looking at stress points in the market, I would look at the Class A. I would look at their lease up situations and I would look in the urban areas where these Class A buildings are not being released and there are a lot of concessions. We as a firm don't have a lot of exposure to that and we feel fairly comfortable, but if I was in the market that's what I'd be concerned about.
Jade Rahmani -- KBW -- Analyst
Why do you think that the Freddie balance rates have been much higher? You mentioned 6% versus Fannie at 0.4%.
Ivan Kaufman -- President and Chief Executive Officer
They have different policies and a lot of the forbearance is on the smaller loans. I do want to point out that we are on the lowest of the spectrum for both agencies. I think the forbearance numbers for Freddie is over 10. We're well below that, and specifically being small balance oriented.
I think Freddie's policies were a little bit more liberal and Fannie Mae's policies were more let's see if you need help, let's see if you'd be affected and they gave us as a service for the ability to really make the evaluation as to whether the borrowers were affected and then apply good business judgment whether they needed help or not, whereas Freddie was more waving it in. I think they've altered that philosophy a little bit and I think you're seeing a lot more forbearance on Freddie Mac small balanced business and I think once again on the small balanced business, we are, as you know, one of the leading originators in that space very active in that space. We know how to manage it extremely well. So even there we're seeing probably half of the forbearances that the rest of the industry is seeing.
Jade Rahmani -- KBW -- Analyst
OK. I think that the multi-family space has definitely experienced sort of a refi wave not as pronounced as in the single-family space where those mortgages on prepayment protected. So there is a lot more volatility in single-family but generally, how do you think about the sustainability of the agency volumes right now? Is there any portion of this uptick that you expect to abate in coming quarters?
Ivan Kaufman -- President and Chief Executive Officer
I think it's going to be a very, very consistent originations scenario with these interest rates. You have to keep in mind that the nice part about the originations business we're in, as loans are generally five, seven, and 10-year loans and they run off accordingly. There's always a new wave of loans that are running off, so as loans come out of their prepayment period, there is a whole new wave of loans that are eligible and at these interest rates, you can see a consistent level of production. The key is going to be all the assets performing because generally to refinance loans you need for the agencies 90% economic occupancy.
So the pandemic, if it continues and if there is some softness in some of the areas may impact the ability to refinance some of the loans. But that's specifically more geared toward the urban areas, like New York and San Francisco and other metro areas that are suffering from people not moving in, but we expect there to be a continued flow and we expect business to be very, very active all the way through 2021 and forward.
Jade Rahmani -- KBW -- Analyst
Thank you very much. Do you want to touch on the single-family rental initiative? I know that's been a space you've been actively investing in and it seems that the Arbor platform, particularly on the technology side could be useful in procuring some of that business because I know some lenders have struggled to get scale in that space, and it seems, something that would really skew Arbor's wheelhouse here.
Ivan Kaufman -- President and Chief Executive Officer
We love that space as we've previously indicated. There are a couple of aspects to that space. The one space that we think we're going to be the leading provider of financing in is the build to rent communities. I think we have close to 10 projects under application, which would probably put us as the number one lender in that space and we're developing a huge reputation.
So there is a construction component to it, which we're well equipped for both on a technology and process side and then once those loans become -- those projects become built we end up putting a bridge on it. And then after the bridge, we ended up putting a permanent loan on it hopefully through the agencies if they qualify. We love that business. We're putting a lot of effort, a lot of technology into that space.
The other side of the business is providing financing for people buying scattered sites and that's a very active part of our business and we expect that to grow. So we dedicated a lot of time to it, a lot of energy and a lot of technology and I think we're going to really see the benefit may be in the fourth quarter of this year and certainly going to carry through very strongly into next year.
Jade Rahmani -- KBW -- Analyst
Thanks for taking the questions.
Paul Elenio -- Chief Financial Officer
Thank you, Jade.
Operator
And we will move next with Stephen Laws with Raymond James. Please go ahead. Your line is open.
Stephen Laws -- Raymond James -- Analyst
Hi. Good morning. Ivan, you commented on the strong volumes you expect to continue in Q4. Is this $1.4 billion, $1.5 billion a quarter a good run rate? What kind of visibility do you have moving into 2021? And any seasonality we should think about around the volume?
Ivan Kaufman -- President and Chief Executive Officer
So I think Paul gave a little comment about our volume. Were up around 11% year to date and he expects us to be up approximately 20% and maybe as much as 30% for the year. So that indicates to you that we're going to have even a stronger fourth quarter and our numbers should be much stronger. You could do the math and understand that our volume is going to be very, very strong to get the overall numbers up to that percent.
Our pipeline is at the strongest level it has ever been and we're closing more than we've ever done historically. But the best news for us is that as we're closing so many loans, our pipeline is still staying at the same level. So in the current environment, we're very, very optimistic and we just hope it continues and the numbers are just extraordinarily strong for us right now and the pipeline is strong. And the good news to on a technology basis and a personnel basis, we're able to handle this volume and these increases with about the same staff, maybe even less than we had last year.
Stephen Laws -- Raymond James -- Analyst
Great. And, Paul, thinking about the MSR margin, I know you touched on the gain on sale in Steve's question, but MSR has been -- I don't know if elevated is the right word -- higher the last few quarters, given the longer duration, it looks like you mentioned 10 to 12 years earlier. Is this higher MSR margin something we should see continue, or how do you think about that as we move forward?
Paul Elenio -- Chief Financial Officer
Yes. Steve, it's a great question and it has been elevated the last few quarters. And it's a combination of a few factors, one that you mentioned and Ivan mentioned, we're seeing more 10, 12-year product than we ever had before us. So the longer duration of that servicing fee, obviously adds premium value to it.
Especially being prepayment protected, the lock out, the longer; and the second aspect is the industry as a whole and we've seen the real benefit from this is our servicing fees on our new Fannie Mae loans have been very, very strong. We've been getting 60, 70 basis points on new Fannie Mae loans that we put on as servicing. How long will that continue? It will be dependent on many factors, but clearly, that combination of higher servicing fees and longer duration locked out asset has grown this MSR rate and I do think in the near term, that is a sustainable MSR rate at this point.
Stephen Laws -- Raymond James -- Analyst
Great. Appreciate the color there. Switching over to the balance sheet portfolio. Can we talk about capacity to grow from here or are we really going to continue to see reinvestment of repayments? I don't have the numbers right in front of me, but I think it was slight positive, I think $120 million maybe of growth.
But can you talk about the capacity, the growth on balance sheet portfolio and what you're seeing there with the new investment opportunities?
Ivan Kaufman -- President and Chief Executive Officer
So the market is fairly competitive right now, even more than I thought. We've been able to maintain our level and grow a little bit because, as we indicated on the prior earnings calls, when it was dislocated, we were still originating where most people were out of the business. So we were able to build a little bit of a pipeline and now things are remaining competitive. We have a little bit of advantage, which we have little liability structures in place that we put in place with our CLOs.
So we have competitive funding, which gives us an edge. We will maintain our balance sheet in my view and try and grow a little bit. It all depends on how much run-off that occurs. But our outlook is that we should be able to maintain and grow a little bit through the fourth quarter.
Stephen Laws -- Raymond James -- Analyst
Great. I appreciate you taking my questions this morning.
Paul Elenio -- Chief Financial Officer
Thanks, Steve.
Operator
[Operator instructions]
Ivan Kaufman -- President and Chief Executive Officer
I think I see Charlie in the queue.
Operator
And we will move next with Charlie with J.P. Morgan. Please go ahead. Your line is open.
Unknown speaker -- J.
Hey. Good morning, guys. Thanks for taking the questions. Most have been covered already, but I was wondering if you could give an update and really your outlook for APL on the private securitization market? I mean, with the agency business still growing nicely and as you mentioned the pipeline looking pretty good heading into year end to next year, how do you guys think about the trajectory of that segment over the next year or so?
Ivan Kaufman -- President and Chief Executive Officer
I think it's going to be very slow. I think the spread between where the agencies are and where the APL execution is too wide right now to generate significant volumes. There are some products that fit well into it, but we think it's going to be very slow going. Right now agency originations on a gross coupon are somewhere between $275 and $310 million.
And on the APL side, you're at least 50, maybe 75 basis points wide of that. So we don't see that as something that we're going to be able to do in large scale. And next securitization, if we were going to do, it would probably be on the $300 to $400 million market. It would probably take us based on what we're seeing another three to four months to aggregate that kind of collateral.
So it's a slow goal right now. It depends, based on where things we're at.
Unknown speaker -- J.
Appreciate the color, Ivan. Thanks.
Operator
And it appears that we have no further questions at this time. I would now like to turn the program back to Ivan Kaufman, CEO, for any closing remarks.
Ivan Kaufman -- President and Chief Executive Officer
All right. Well, thanks again for your participation. It's been a record and an outstanding quarter and the great news is more to come. Very optimistic about our pipeline, and our balance sheet, and our performance and looking forward to a great fourth quarter and the conclusion of a fantastic year in some very, very difficult time.
So everybody stay healthy and stay tuned. Have a great day. Bye bye.
Operator
[Operator signoff]
Duration: 39 minutes
Call participants:
Paul Elenio -- Chief Financial Officer
Ivan Kaufman -- President and Chief Executive Officer
Steven Delaney -- JMP Securities -- Analyst
Jade Rahmani -- KBW -- Analyst
Stephen Laws -- Raymond James -- Analyst
Unknown speaker -- J.
More ABR analysis
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (NYSE: ABR) Q3 2020 Earnings Call Oct 30, 2020, 10:00 a.m. More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. In summary, we are extremely pleased to have built such a versatile operating platform that is multifamily centric with many significant diversified income streams that continue to produce strong core earnings and dividends and all cycles. | Arbor Realty Trust (NYSE: ABR) Q3 2020 Earnings Call Oct 30, 2020, 10:00 a.m. More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. We continue to realize significant benefits from many areas of our diverse platform including substantial growth in our GSE agency platform that continues to produce strong margins and increased servicing fees, continued growth and significant benefits from the size and scale of our balance sheet business, substantial income from our residential business, strong performance of our multifamily focused portfolios with very few delinquencies and extremely low forbearances and reductions in our overhead and general and administrative expenses. | Arbor Realty Trust (NYSE: ABR) Q3 2020 Earnings Call Oct 30, 2020, 10:00 a.m. More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. We continue to realize significant benefits from many areas of our diverse platform including substantial growth in our GSE agency platform that continues to produce strong margins and increased servicing fees, continued growth and significant benefits from the size and scale of our balance sheet business, substantial income from our residential business, strong performance of our multifamily focused portfolios with very few delinquencies and extremely low forbearances and reductions in our overhead and general and administrative expenses. | Arbor Realty Trust (NYSE: ABR) Q3 2020 Earnings Call Oct 30, 2020, 10:00 a.m. More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Pipeline is also at an all-time high and as a result, we expect to produce a very strong originations volume in the fourth quarter and likely grow our agency production by as much as 20% to 30% over last year's numbers, while maintaining very strong gain on sale margins. |
30059.0 | 2020-08-13 00:00:00 UTC | Arbor Realty Trust (ABR) Ex-Dividend Date Scheduled for August 14, 2020 | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-ex-dividend-date-scheduled-for-august-14-2020-2020-08-13 | nan | nan | Arbor Realty Trust (ABR) will begin trading ex-dividend on August 14, 2020. A cash dividend payment of $0.31 per share is scheduled to be paid on August 31, 2020. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. At the current stock price of $11.83, the dividend yield is 10.48%.
The previous trading day's last sale of ABR was $11.83, representing a -24.98% decrease from the 52 week high of $15.77 and a 234.18% increase over the 52 week low of $3.54.
ABR is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Prologis, Inc. (PLD). ABR's current earnings per share, an indicator of a company's profitability, is $.55. Zacks Investment Research reports ABR's forecasted earnings growth in 2020 as .37%, compared to an industry average of -3.6%.
For more information on the declaration, record and payment dates, visit the ABR Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
Interested in gaining exposure to ABR through an Exchange Traded Fund [ETF]?
The following ETF(s) have ABR as a top-10 holding:
VanEck Vectors Mortgage REIT Income ETF (MORT).
The top-performing ETF of this group is MORT with an increase of 40.08% over the last 100 days. It also has the highest percent weighting of ABR at 4.12%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. ABR is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Prologis, Inc. (PLD). Zacks Investment Research reports ABR's forecasted earnings growth in 2020 as .37%, compared to an industry average of -3.6%. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. ABR's current earnings per share, an indicator of a company's profitability, is $.55. Arbor Realty Trust (ABR) will begin trading ex-dividend on August 14, 2020. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. For more information on the declaration, record and payment dates, visit the ABR Dividend History page. The following ETF(s) have ABR as a top-10 holding: VanEck Vectors Mortgage REIT Income ETF (MORT). | The following ETF(s) have ABR as a top-10 holding: VanEck Vectors Mortgage REIT Income ETF (MORT). Arbor Realty Trust (ABR) will begin trading ex-dividend on August 14, 2020. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. |
30060.0 | 2020-08-12 00:00:00 UTC | Ex-Dividend Reminder: KKR, Arbor Realty Trust and Kemper | ABR | https://www.nasdaq.com/articles/ex-dividend-reminder%3A-kkr-arbor-realty-trust-and-kemper-2020-08-12 | nan | nan | Looking at the universe of stocks we cover at Dividend Channel, on 8/14/20, KKR & CO Inc (Symbol: KKR), Arbor Realty Trust Inc (Symbol: ABR), and Kemper Corp (Symbol: KMPR) will all trade ex-dividend for their respective upcoming dividends. KKR & CO Inc will pay its quarterly dividend of $0.135 on 9/1/20, Arbor Realty Trust Inc will pay its quarterly dividend of $0.31 on 8/31/20, and Kemper Corp will pay its quarterly dividend of $0.30 on 8/31/20. As a percentage of KKR's recent stock price of $36.49, this dividend works out to approximately 0.37%, so look for shares of KKR & CO Inc to trade 0.37% lower — all else being equal — when KKR shares open for trading on 8/14/20. Similarly, investors should look for ABR to open 2.60% lower in price and for KMPR to open 0.37% lower, all else being equal.
Below are dividend history charts for KKR, ABR, and KMPR, showing historical dividends prior to the most recent ones declared.
KKR & CO Inc (Symbol: KKR):
Arbor Realty Trust Inc (Symbol: ABR):
Kemper Corp (Symbol: KMPR):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 1.48% for KKR & CO Inc, 10.40% for Arbor Realty Trust Inc, and 1.46% for Kemper Corp .
In Wednesday trading, KKR & CO Inc shares are currently up about 4.3%, Arbor Realty Trust Inc shares are up about 2.2%, and Kemper Corp shares are up about 1.1% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the universe of stocks we cover at Dividend Channel, on 8/14/20, KKR & CO Inc (Symbol: KKR), Arbor Realty Trust Inc (Symbol: ABR), and Kemper Corp (Symbol: KMPR) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for ABR to open 2.60% lower in price and for KMPR to open 0.37% lower, all else being equal. Below are dividend history charts for KKR, ABR, and KMPR, showing historical dividends prior to the most recent ones declared. | Looking at the universe of stocks we cover at Dividend Channel, on 8/14/20, KKR & CO Inc (Symbol: KKR), Arbor Realty Trust Inc (Symbol: ABR), and Kemper Corp (Symbol: KMPR) will all trade ex-dividend for their respective upcoming dividends. KKR & CO Inc (Symbol: KKR): Arbor Realty Trust Inc (Symbol: ABR): Kemper Corp (Symbol: KMPR): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for ABR to open 2.60% lower in price and for KMPR to open 0.37% lower, all else being equal. | Looking at the universe of stocks we cover at Dividend Channel, on 8/14/20, KKR & CO Inc (Symbol: KKR), Arbor Realty Trust Inc (Symbol: ABR), and Kemper Corp (Symbol: KMPR) will all trade ex-dividend for their respective upcoming dividends. KKR & CO Inc (Symbol: KKR): Arbor Realty Trust Inc (Symbol: ABR): Kemper Corp (Symbol: KMPR): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for ABR to open 2.60% lower in price and for KMPR to open 0.37% lower, all else being equal. | Looking at the universe of stocks we cover at Dividend Channel, on 8/14/20, KKR & CO Inc (Symbol: KKR), Arbor Realty Trust Inc (Symbol: ABR), and Kemper Corp (Symbol: KMPR) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for ABR to open 2.60% lower in price and for KMPR to open 0.37% lower, all else being equal. Below are dividend history charts for KKR, ABR, and KMPR, showing historical dividends prior to the most recent ones declared. |
30061.0 | 2020-08-07 00:00:00 UTC | Friday's ETF with Unusual Volume: MORT | ABR | https://www.nasdaq.com/articles/fridays-etf-with-unusual-volume%3A-mort-2020-08-07 | nan | nan | The Mortgage REIT Income ETF is seeing unusually high volume in afternoon trading Friday, with over 271,000 shares traded versus three month average volume of about 183,000. Shares of MORT were off about 0.5% on the day.
Components of that ETF with the highest volume on Friday were Invesco Mortgage Capital, trading up about 0.1% with over 4.4 million shares changing hands so far this session, and Annaly Capital Management, down about 0.1% on volume of over 3.1 million shares. Arbor Realty Trust is the component faring the best Friday, up by about 5% on the day, while Pennymac Mortgage Investment is lagging other components of the Mortgage REIT Income ETF, trading lower by about 9.2%.
VIDEO: Friday's ETF with Unusual Volume: MORT
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Mortgage REIT Income ETF is seeing unusually high volume in afternoon trading Friday, with over 271,000 shares traded versus three month average volume of about 183,000. Components of that ETF with the highest volume on Friday were Invesco Mortgage Capital, trading up about 0.1% with over 4.4 million shares changing hands so far this session, and Annaly Capital Management, down about 0.1% on volume of over 3.1 million shares. Arbor Realty Trust is the component faring the best Friday, up by about 5% on the day, while Pennymac Mortgage Investment is lagging other components of the Mortgage REIT Income ETF, trading lower by about 9.2%. | The Mortgage REIT Income ETF is seeing unusually high volume in afternoon trading Friday, with over 271,000 shares traded versus three month average volume of about 183,000. Arbor Realty Trust is the component faring the best Friday, up by about 5% on the day, while Pennymac Mortgage Investment is lagging other components of the Mortgage REIT Income ETF, trading lower by about 9.2%. VIDEO: Friday's ETF with Unusual Volume: MORT The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Mortgage REIT Income ETF is seeing unusually high volume in afternoon trading Friday, with over 271,000 shares traded versus three month average volume of about 183,000. Components of that ETF with the highest volume on Friday were Invesco Mortgage Capital, trading up about 0.1% with over 4.4 million shares changing hands so far this session, and Annaly Capital Management, down about 0.1% on volume of over 3.1 million shares. Arbor Realty Trust is the component faring the best Friday, up by about 5% on the day, while Pennymac Mortgage Investment is lagging other components of the Mortgage REIT Income ETF, trading lower by about 9.2%. | Components of that ETF with the highest volume on Friday were Invesco Mortgage Capital, trading up about 0.1% with over 4.4 million shares changing hands so far this session, and Annaly Capital Management, down about 0.1% on volume of over 3.1 million shares. Arbor Realty Trust is the component faring the best Friday, up by about 5% on the day, while Pennymac Mortgage Investment is lagging other components of the Mortgage REIT Income ETF, trading lower by about 9.2%. VIDEO: Friday's ETF with Unusual Volume: MORT The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. |
30062.0 | 2020-08-07 00:00:00 UTC | ABR Makes Bullish Cross Above Critical Moving Average | ABR | https://www.nasdaq.com/articles/abr-makes-bullish-cross-above-critical-moving-average-2020-08-07 | nan | nan | In trading on Friday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $10.95, changing hands as high as $11.11 per share. Arbor Realty Trust Inc shares are currently trading up about 3.9% on the day. The chart below shows the one year performance of ABR shares, versus its 200 day moving average:
Looking at the chart above, ABR's low point in its 52 week range is $3.54 per share, with $15.77 as the 52 week high point — that compares with a last trade of $11.06.
Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Friday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $10.95, changing hands as high as $11.11 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $3.54 per share, with $15.77 as the 52 week high point — that compares with a last trade of $11.06. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Friday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $10.95, changing hands as high as $11.11 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $3.54 per share, with $15.77 as the 52 week high point — that compares with a last trade of $11.06. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Friday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $10.95, changing hands as high as $11.11 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $3.54 per share, with $15.77 as the 52 week high point — that compares with a last trade of $11.06. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Friday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $10.95, changing hands as high as $11.11 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $3.54 per share, with $15.77 as the 52 week high point — that compares with a last trade of $11.06. Arbor Realty Trust Inc shares are currently trading up about 3.9% on the day. |
30063.0 | 2020-08-01 00:00:00 UTC | Arbor Realty Trust (ABR) Q2 2020 Earnings Call Transcript | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-q2-2020-earnings-call-transcript-2020-08-01 | nan | nan | Image source: The Motley Fool.
Arbor Realty Trust (NYSE: ABR)
Q2 2020 Earnings Call
Jul 31, 2020, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good morning, ladies and gentlemen, and welcome to the second-quarter Arbor Realty Trustearnings conference call [Operator instructions] Please be advised that today's conference is being recorded. [Operator instructions] I would now like to turn the call over to your speaker today, Paul Elenio, chief financial officer. Please begin, sir.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Priscilla, and good morning, everyone. And welcome to the quarterlyearnings callfor Arbor Realty Trust. This morning, we'll discuss the results for the quarter ended June 30, 2020.
With me on the call today is Ivan Kaufman, our president and chief executive officer. Before we begin, I need to inform you that statements made in thisearnings callmay be deemed forward-looking statements that are subject to risks and uncertainties, including information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. These statements are based on our beliefs, assumptions, and expectations of our future performance, taking into account the information currently available to us. Factors that cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports.
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Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today. Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrences of unanticipated events. I'll now turn the call over to Arbor's president and CEO, Ivan Kaufman.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Paul, and thanks to everyone for joining us on today's call. We hope that you and your families are safe and healthy, and we appreciate your participation during these challenging times. We will realize the difficulties and complexities that our country and the entire world continues to deal with from the effects of COVID. In addition, as we all know, we have entered a recessionary period.
After experiencing a 10-year run of tremendous economic growth, we as operators of this company were well prepared for the recessionary environment. We built a viable operating platform, focusing on the right asset class with very stable liability structures, strong liquidity, an active balance sheet, and GSE agency business and many diversified income streams that generate strong core earnings and dividends in every market cycle. We also have nominal delinquencies and forbearances in our portfolio, an experience cycle-tested management team, and a business model that provides many diversified opportunities for growth, which clearly puts us in a class by ourselves. Our second-quarter results are a clear reflection of this strategy and a diverse platform we have developed.
We had an outstanding second quarter with many significant achievements, including remarkable operating results, which has allowed us to increase our dividend to $0.31 a share. This is the ninth year in a row we have been able to increase our dividend, and we are confident in our ability to continue to generate core earnings in excess of this increased dividend. As Paul will discuss in more detail, our core earnings for the second quarter were $0.46 per share, which is a remarkable accomplishment and a true testament to the value of our franchise and the many diverse income streams we have created. In fact, the growth we are experiencing in our core earnings this year has already exceeded last year's pace.
We realized significant benefits from our LIBOR floors, efficiencies in our CLO vehicles, increases in our servicing fees and GSE agency volumes, substantial income from our residential business, and reductions in our overhead and general and administrative expenses. As a result of these reoccurring benefits, combined with our projected originations, strong pipeline, and the credit quality of our portfolio, we're uniquely positioned to continue to produce significant core earnings for the balance of the year despite the effects of the recession. The strong core earnings outlook has allowed us to once again increase our dividend, and we are confident in our ability to continue to produce core earnings in excess of this dividend. Our dividend reflects a 13% yield based on yesterday's closing price.
Prior to the pandemic, just a few months ago, in mid-February, we were trading at a much lower dividend yield of around 8%, which, if applied to our current dividend, would result in a stock price of approximately $15.50 a share. And we believe, based on our resiliency and strong performance that we should be trading above that level. As a result, we feel this is one of the best opportunities to create shareholder value in the history of our franchise. Through our GSE agency platform, we have been very active in providing liquidity in the multifamily market.
We originated $1.35 billion in GSE agency loans in the second quarter and $2.2 billion for the first half of the year, which is up approximately 10% from our originations for the first half of 2019. Our pipeline is also extremely strong. And as a result, we expect to produce strong origination volumes for the balance of the year. In this unprecedented environment, our GSE agency platform offers a premium value as it requires limited capital and generates significant long-dated, predictable income streams and produces significant annual cash flow.
Additionally, our $21.6 billion GSE agency servicing portfolio, which is mostly prepayment-protected, generates approximately $95 million a year and growing in reoccurring cash flow in addition to the strong gain on sale margins we continue to generate on our origination platform. Having the ability to originate and sell loans in a liquid market with minimal required capital and produce gain on sale income, as well as new and increasing servicing revenues will contribute greatly to our core earnings and dividends. From a liquidity perspective, we are very pleased to report that we have a current cash and liquidity position of approximately $450 million, which believe not only provides us with adequate liquidity to navigate the current market conditions but also gives us offensive capital to take advantage of accretive lending opportunities. We have been very successful in increasing our liquidity position, growing it by approximately $100 million since our lastearnings call
In the second quarter, we issued $70 million of 3-year unsecured debt in an extremely challenging environment, which continues to demonstrate the value of our franchise and the strength of our investor relationships. And we successfully executed our first private-label securitization in the second quarter, totaling $727 million of assets, which generated approximately $115 million of cash after repaying the short-term debt associated with these loans. We have a very strong balance sheet with a high-quality portfolio and the liability structures. At June 30, our balance sheet loan book grew to $5 billion and was financed with $3.4 billion of debt.
Approximately $2.5 billion or 75% of that debt is nonrecourse, non-mark-to-market CLOs, and approximately $850 million is financed through warehouse and repurchase facilities that is secured by $1.2 billion of assets with 8 different banks that we have long-standing relationships with. Additionally, the majority of loans being financed in these bank lines are also rated as CLO-eligible. With respect to our balance sheet portfolio, very important to highlight that over 90% of our book are senior bridge loans. And most importantly, approximately 80% of our portfolio is in multifamily assets, which has been the most resilient asset class in all cycles and, we believe, will continue to outperform all other asset classes in this recession as well.
Additionally, we have not provided any loan modifications with rate concessions or had any defaults to date related to our multifamily portfolio and most of the loans in our portfolio contain interest reserves and/or replenishment obligations by our borrowers, giving us the ability to effectively manage our portfolio through this dislocation. We also have very little exposure to the asset classes that have been significantly affected by this recession such as retail. Total exposure to these asset classes is less than $130 million or approximately 2.5% of our portfolio. And as a reminder, we took adequate reserves against these assets in the first quarter and do not feel at this point that any material further impairments will be necessary, which gives us a confidence that our adjusted book value of $9.40 actually reflects the current impact of this recession.
We continue to see positive trends related to our GSE agency business collections. With only approximately 0.4% of our $16 billion Fannie Mae book and 6% of our $5 billion Freddie Mac loan book granted forbearance through July, these numbers are relatively unchanged since April, as we had very few requests forbearance in the last few months, which we believe reflects the strength of our borrowers, the quality of our GSE agency portfolio. With respect to servicing advances related to any potential forbearance claims as a Fannie Mae servicer, we're required to advance principal and interest payments for a period of up to four months, we advanced only $700,000 cumulatively to date, which also not materially changed since last quarter. And as a reminder, we have a $50 million advance facility in place with one of our larger banks at a 100% advance rate.
Therefore, any further potential advance requirements will not be an issue for us. In summary, we have built a versatile operating business that is multifamily centric with significant diversified income streams and is capable of generating consistent core earnings and dividends in all cycles with a proven track record for growth. We also have strong liquidity position, the appropriate liability structures, and the asset management expertise and track record to continue to succeed in this environment, and our performance speaks for itself. We believe this puts us in a class by ourselves.
An investment in our company at these extremely low levels will provide a tremendous long-term return. And as the largest shareholder, my primary focus will be to continue to maximize shareholder value. I will now turn the call over to Paul to take you through the financial results.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Adam. As our press release this morning, we indicated, we had an exceptional quarter, producing core earnings of $60.4 million or $0.46 per share, excluding $15 million of additional CECL reserve and $38 million of tax-effective one-time swap losses on our private label securitization from the effects of the pandemic. As Ivan touched on, we had several key items that affected numbers very positively for the second quarter, including significant benefits from our LIBOR floors and efficiencies in our debt structures, substantial income from our residential banking joint venture and reductions in our overhead and general and administrative expenses with these expense reductions totaling approximately $8 million to $10 million annually or $0.06 to $0.07 a share.
And these second-quarter results clearly demonstrate the value of our operating platform and the diversity of our income streams and, more importantly, gives us great confidence in our ability to continue to generate strong core earnings and dividend. Our adjusted value at June 30 was approximately $9.40 a share, adding back $80 million of noncash general CECL reserves on a tax-effective basis. And as Ivan mentioned earlier, we're not expecting any material additional writedowns at this point, giving us confidence in our adjusted book value. Looking at our results from our GSE agency business in the second quarter, we generated $14 million of core earnings and approximately $1.4 billion in originations and $1.3 billion in loan sales.
The margins on our second-quarter GSE agency loan sales was 1.46%, including miscellaneous fees compared to 1.49% for the first quarter. As Ivan mentioned, we closed our first Arbor private-label securitization in the second quarter. We accounted for this as a sale, which resulted in a gain on sale margin of around 1% on $727 million of loan sales. We also have a robust pipeline, and we expect to produce strong origination volumes for the balance of the year.
In the second quarter, we recorded $32 million of mortgage servicing rights income related to $1.2 billion of committed loans, representing an average MSR rate of around 2.69%, which was up significantly from a 1.73% rate for the first quarter mostly due to a change in the mix of our second-quarter loan production and from higher servicing fees on our Fannie Mae originations. Our servicing portfolio grew to $21.6 billion at June 30, with a weighted average servicing fee of 44 basis points and an estimated remaining life of nine years. This portfolio will continue to generate a predictable annuity of income going forward of around $95 million gross annually, which is up approximately $10 million on an annual basis from the same time last year. Additionally, prepayment fees related to certain loans that have yield maintenance provisions was $3 million for the second quarter, compared to $5 million for the first quarter.
And our balance sheet lending operation, we grew our portfolio to $5 billion in the second quarter on $300 million in new originations. Our $5 billion investment portfolio had an all-in yield of 6.10% at June 30 compared to 6.35% at March 31, mainly due to higher rates on runoff as compared to new originations and from a reduction in LIBOR during the quarter, which was largely offset by LIBOR floors on a majority of our portfolio. The average balance in our core investments was up to $4.8 billion this quarter from $4.6 billion last quarter, mainly due to our first-quarter growth. The average yield on these investments was 6.16% for the second quarter compared to 6.77% for the first quarter mainly due to more acceleration of fees from early runoff in the first quarter, higher interest rates on runoff as compared to originations and from a reduction in LIBOR in the second quarter.
Total debt on our core assets was approximately $4.5 billion at June 30, with an all-in debt cost of approximately 3.14% compared to a debt cost of around 3.68% at March 31 due to a sharp reduction in LIBOR in the second quarter. The average balance in our debt facilities was up to approximately $4.5 billion for the second quarter from $4.25 billion for the first quarter mostly due to the senior secured notes we issued late in the first quarter. And the average cost of funds in our debt facilities decreased significantly to approximately 3.26% for the second quarter compared to 4.11% for the first quarter due to a substantial reduction in LIBOR. Overall, net interest spreads on our core assets increased to 2.90% this quarter compared to 2.66% last quarter mainly due to the positive effect of LIBOR floors on a large portion of our balance sheet portfolio.
And our overall spot net interest spread was also up significantly to 2.96% at June 30 from 2.67% at March 31, again, mainly due to the positive effects of LIBOR floors on our portfolio. Approximately 80% of our balance sheet portfolio have LIBOR floors between 1% and 2.5% with an average LIBOR floor of approximately 1.9%. And if LIBOR continues to stay at its current level, these LIBOE floors will continue to have a meaningful positive impact on our net interest spreads in the future. The average leverage ratio on our core ending assets, including the trust preferred and perpetual preferred stock as equity, was up to 87% in the second quarter from 85% in the first quarter due to the timing of our new unsecured debt issuances.
However, our overall debt-to-equity ratio on a spot basis was down to 3.1 to 1 at June 30 from 3.3 to 1 at March 31, excluding general CECL reserves due to the efficiencies in our CLO vehicles and using the proceeds of our unsecured debt issuances to pay down secured debt. Lastly, income from equity affiliates increased significantly during the quarter due to, as we mentioned earlier, substantially more income from our residential banking joint venture as a result of the historically low-interest rate environment. This investment contributed approximately $0.10 a share on a tax-effective basis to our core earnings for the second quarter. We do believe that this investment will continue to contribute meaningfully to our core earnings going forward.
And again, the income from this investment further emphasizes the diversity of our income streams and acts as a natural hedge against declining interest rates, specifically earnings on our escrow balances. That completes our prepared remarks for this morning, and I'll now turn it back to the operator to take any questions you may have at this time. Operator?
Questions & Answers:
Operator
Thank you. [Operator instructions] And we'll take our first question today from Steve Delaney with JMP Securities. Your line is open.
Steve Delaney -- JMP Securities -- Analyst
Thanks and congratulations, guys, on a great quarter amid this sea of uncertainty that we're facing. Paul, you closed with the resi business, and I'd like to start there, obviously, a big part of the earnings beat in the quarter. I was just wondering, Ivan, you've had this business for some time, and I know you've got a background in the residential market. But can you just talk specifically about how that operation, that platform may have scaled up in the last year so that the contribution for your, I think, 22% interest has really increased.
And obviously, a lot of focus on that business with the Quicken IPO in the market. So if we could start there, I'd appreciate it.
Ivan Kaufman -- President and Chief Executive Officer
Sure. First of all, it's a business, as you know, I have a tremendous history, and that's how I started my career very successfully. We invested in this business a number of years back, with I as a really good hedge against some of our other aspects of our business. And as you know, when rates go down, typically, that business goes up, and it's a real good offset to the interest earnings on our escrow balances.
And that's how we viewed it. Clearly, with a drop in these interest rates, we built that company to have real great capacity and with that automated and technology that we have available increase and scale up without a lot of overhead. And clearly, with the drop in rates, our volume has increased, and our margins have increased. But we're very confident that that runway is very positive for the quite a bit of time given the interest rate cycle.
Steve Delaney -- JMP Securities -- Analyst
The name of the platform, somewhere, I remember the name Seneca out there, but I didn't know whether that was -- that's accurate.
Ivan Kaufman -- President and Chief Executive Officer
It's under the name of Cardinal.
Steve Delaney -- JMP Securities -- Analyst
Cardinal is right.
Ivan Kaufman -- President and Chief Executive Officer
Yes.
Steve Delaney -- JMP Securities -- Analyst
OK. Well, I was wrong. OK. Switching over to the structured business.
A little surprising that that's continued as strong just looking around sort of the bridge loan business. The larger bridge loan business, it seems to have really shut down. And I'm just curious if you could comment on the nature of the borrower demand because $300 million, it didn't appear to be any large loans because it's 20 million transactions -- I mean, excuse me, 20 transactions or about 15 million average size. But just maybe comments on the demand, where are you seeing borrower demand for the bridge product?
Ivan Kaufman -- President and Chief Executive Officer
Sure. First off, we were probably the only ones in the sector providing liquidity. So while there was not a lot of volume initially, we were definitely active in taking advantage of the environment. So we were one of the few providers that existed in the market.
We made a conscious decision to keep the loan size small and not use our capital on bigger loans so that was by choice. We had decided that we were going to lend approximately $100 million to $150 million a month, and we wanted to address a lot of clients rather than just do one or two deals, so that was by choice. Now that we have a tremendous handle on our liquidity and liability structures, and we have what we consider to be offensive capital, we're scaling up in terms of the loan size that we do and how much volume we can handle. So I wouldn't be surprised if you see some larger loans next quarter because we just have a different outlook going forward based on our capital and liability structures and where the market is and how we're faring.
Steve Delaney -- JMP Securities -- Analyst
Well, thanks for the comments and congratulations.
Operator
And we will move next to Stephen Laws with Raymond James. Your line is open.
Stephen Laws -- Raymond James -- Analyst
Good morning. Yes, echo the sentiment there. Congratulations on a nice quarter, and I think you'll be in a small list of people that increased the dividend in the second quarter. To follow up on Steve's questions, on the structure business and maybe, I think, Paul, you mentioned it in your prepared remarks, but seeing maybe new investments at lower returns than some stuff that's paying off, is that due to the LIBOR floors? I'm a little surprised that spreads on new investments haven't widened where you're not facing that reinvestment risk there.
But can you maybe expand on that a little bit given the comment about lower returns on the new investments as that portfolio turns over?
Ivan Kaufman -- President and Chief Executive Officer
Yeah. So let me give a little color on that. I think the yields targets on our new investments are probably 3 percentage points higher than what we're originating to, but we definitely had the benefit in our existing portfolio or a significant drop in LIBOR and increasing the initial-intended yields on those portfolio substantially. But we are doing extremely well on our new originations, but we're not picking up the benefit of LIBOR floors to the same extent.
Most of our loans have a 1% LIBOR floor that we're originating now. So any drop in LIBOR, we won't experience much of a benefit on what we're originating. We're already capturing that. So there is a little bit of a differential, but the yield parameters on our new loans are very strong.
But also keep in mind that our liability structures, which were in place and are in place, are extremely attractive, extremely efficient, and we won't be able to obtain some of those efficiencies in the near term on the liability structures because that market is somewhat dislocated, at least in the near term, but we're optimistic that as the market evens out and we have access to it soon that we'll recapture some of that benefit. So the financing of those assets is a little bit more expensive. The yields are strong, but they don't have the benefit of the prior liability structures and the LIBOR floors, but it's still a very attractive environment.
Stephen Laws -- Raymond James -- Analyst
Great. And appreciate the color on that, Paul. And thinking about the MSR margin, I think in your prepared remarks, you highlighted the 2.69%, strength really driven by a change in mix, and I believe you said a higher fee on the Fannie volume. Do those look like shifts that are going to be in place here near term, and we're looking at a margin, maybe not 2.70% every quarter, but north of 200? Or kind of can you give us any outlook on where you see that going? Maybe has mix changed since quarter-end? Or how do you see that number for the balance of the year?
Paul Elenio -- Chief Financial Officer
Sure. So it definitely had a lot to do with the mix, but also due to the servicing fees we're seeing on the new Fannie business. So a little color. In the second quarter of the mix of committed loans, because that's how we calculate the MSR rate, 90% of the committed loans were Fannie loans.
In the first quarter, 50% of the committed loans for Fannie loans. It just was a different mix. But we think the mix will be more Fannie going forward. I don't know that it will be 90%, but it will certainly be a higher percentage.
So that will drive a higher MSR rate. And then also servicing fees we're seeing on new product are substantially higher than the servicing fees we were seeing a couple of quarters ago. And we do think that outlook continues, at least for the next several quarters. It will depend on where rates go and where spreads go.
But right now, we're seeing really high servicing fees in that business. And we're seeing more of that volume. So we do think that maybe it's not 2.70% every quarter or 2.69%, like you said, Steve, but it should be meaningfully above last quarter's number.
Stephen Laws -- Raymond James -- Analyst
Great. Well, Paul, I appreciate the comments. Thank you.
Operator
And we will take our next question from Rick Shane with JP Morgan. Your line is open.
Rick Shane -- J.P. Morgan -- Analyst
Hey, guys. Thanks for taking my questions this morning. A little bit about the execution on the private-label securitization and the implications going forward. Obviously, good to get a transaction done in this environment.
I'm curious where that execution wound up in the current page versus what we might have expected when we were originating those loans for sale and what you would target on a go-forward basis? Second question is, it looks like you guys retained the horizontal strip from a transaction. I want to make sure I understand where that is on the balance sheet because when you look at the structured product balance sheet -- excuse me when we look at the agency balance sheet, there was a modest increase in investments held or securities held to maturity. But I just want to make sure that that's what the difference is?
Paul Elenio -- Chief Financial Officer
So, Ivan, do you want to handle the first part?
Ivan Kaufman -- President and Chief Executive Officer
Yeah, I'll handle the first part. This was the first Arbor private label that was issued in the market, and it was, from my knowledge, the first multifamily only securitization. So it was a little bit of a new animal. It was extremely well received, being a new issuer and doing it a little bit differently.
And we were surprised at the level of demand that we had. So I think it was pretty much in line with what we thought, but the reception and the appetite for securitization like this is very, very well received. With respect to the financial issues, Paul, do you want to walk through with them?
Paul Elenio -- Chief Financial Officer
Yeah. Sure. So, Rick, so you're right. We did retain the bottom tranche as is required to do so, 5%.
It was about $63 million face. It's on the balance sheet at a fair value of around $37 million, and that's sitting in investment in equity affiliates -- I'm sorry, it's sitting in securities held to maturity. And obviously, as we own that product for the next nine and a half years, however long it's out there, it's a fixed rate product, that we will clip our servicing coupon on the full stack, and we will get a yield on that investment. And assuming most of all that principal collected back by the end of the life, the yield on that investment could be anywhere from 10% to 12% on an unlevered basis.
But it's sitting in the securities held-to-maturity line on the balance sheet.
Rick Shane -- J.P. Morgan -- Analyst
OK. What I was picking up is the discount to face value. So the way we should think about that in terms of contributing to income is a mix of coupon on that, equally importantly accretion of that discount.
Paul Elenio -- Chief Financial Officer
That's correct.
Ivan Kaufman -- President and Chief Executive Officer
Thank you very much. Yeah. Let me just give you one more aspect of color on the product. Because this product was developed when there was some uncertainty as to longevity of the agencies.
And we felt it would be an outstanding hedge if we can create the ability to securitize multi-families in the event that there was some level of cutback with the agencies. So we accomplished our goal of being able to do a securitization and be well received, and we do believe if there is ever a cutback in the agencies in volume or mandate, that this would be a very viable product line and give us a huge strategic advantage in the marketplace.
Rick Shane -- J.P. Morgan -- Analyst
Yeah. No, you're right. It's a good proof of concept. I am curious in the current environment, do you plan to continue to originate at the levels you were sort of end of last year in anticipation, you talked previously about doing two of these transactions in the year.
Is that still part of the plan?
Ivan Kaufman -- President and Chief Executive Officer
I think at this juncture, we've slowed that only because our agency volume is so active, and that's a less active aspect of our business. And the agencies are really dominating the market, so we don't really need to push that button to the same level. But we will continue to originate just at a slower pace.
Rick Shane -- J.P. Morgan -- Analyst
Appreciate the color. Thank you, guys, very much.
Ivan Kaufman -- President and Chief Executive Officer
Thanks, Rick.
Operator
And we'll take our next question from Jade Rahmani with KBW. Your line is open.
Ryan Tomasello -- KBW -- Analyst
Good morning, everyone. This is Ryan on for Jade. Just regarding the servicing portfolio, do you have any data on the percentage of tenants that are benefiting from unemployment insurance? Just considering the uncertainty we're facing on the stimulus front, Ivan, curious to get your thought on what the impact of a decline or nonrenewal of the extended unemployment insurance could be on multifamily in general in terms of credit performance.
Ivan Kaufman -- President and Chief Executive Officer
So I'll give you our macro outlook and how we've approached it. Clearly, in April and May, there was an enormous level of concern, and the CARES Act really mitigated a lot of that concern. So we made an extremely diligent effort to be very strong with our borrowers and keep our baseline low, almost close to 0. It's almost unimaginable where our forbearance numbers are for Fannie Mae.
They could be the lowest in the industry. So we think that if the CARES Act is not renewed to similar levels and people won't return to work and the unemployment rate is a little bit higher, there'll be some stress. And we're prepared for that stress because our baseline is zero. So it could be a tough fall, but we believe we have a lot of room.
I think you'll see a little bit of an increase, but the borrowers will put themselves in fairly good and strong positions, and they realize too that is the equity owners of their properties. That they're going to have to seek some additional capital during these times if there's a shortfall. One of the very key advantages of our book and why borrowers are so responsive is that since agency originations is the primary source of liquidity and the livelihood of most borrowers, they have to keep their loans current, even if there is some fall back on the rent side. So I think we can manage through this, manage through it extremely effectively, and we have such a low baseline that even if there was a little bump up, it will have not a significant impact on our portfolio.
Ryan Tomasello -- KBW -- Analyst
And just to clarify your earlier comments, I believe you said 0.4% forbearance in the Fannie book, and was it 5% in the Freddie book?
Ivan Kaufman -- President and Chief Executive Officer
Yes, sir.
Paul Elenio -- Chief Financial Officer
6%, yes.
Ivan Kaufman -- President and Chief Executive Officer
6%.
Ryan Tomasello -- KBW -- Analyst
6%. OK. Great. Thanks for that color.
And then, you know, in terms of the agency origination strength continues to be very strong, how confident are you in the sustainability of that going into the second half of the year? And do you have any data you can share on what percentage of your agency originations are driven by refi business?
Ivan Kaufman -- President and Chief Executive Officer
So just a comment on that pipeline has historic eyes, so that gives you a good outlook in terms of where the third quarter is going to be looking and it continues to build on a day-by-day basis. A lot of the business is refi-driven, and there's a lot out there. And we think the refi business will continue. The purchase activity has been stalled to some degree as there's some readjustment between sellers and buyers, and a lot of people were really, I wouldn't say sitting on the sidelines, sitting at home and not active.
So I think that as that disconnect between buyers and sellers starts to level out, and they see eye to eye, you'll see that activity pick up to some degree. But with rates where they are, we're very optimistic that the refi business should continue. And if there's an augmentation by the purchase business, which we believe is beginning to occur, we're feeling very comfortable with the balance of the year.
Paul Elenio -- Chief Financial Officer
And, Ryan, just to give you some numbers, I haven't gave you all the commentary. We did 85% of the business in the second quarter. It was refi, 75%, in the first quarter. So those are the numbers on the refi business.
Ryan Tomasello -- KBW -- Analyst
Great. Thanks, Paul. And just one last question on the balance sheet portfolio. It looks like you had an additional NPL on the hotel side, as well as in retail loan.
Any color there on those particular assets and then with the provisions taken in the quarter, both on the balance sheet book and structured book. Were those driven by general reserves? Or were any of those asset-specific?
Paul Elenio -- Chief Financial Officer
Sure. So the two NPLs we had during the quarter, you mentioned, one was a New York City hotel that we took a substantial reserve against in the first quarter. The other was a very small retail product that we also took a reserve against. So we're more than adequately reserved we feel on those assets, and it was kind of expected that that's where we'd be with those loans.
As far as the reserves for the quarter, we did, I think, $15 million in total. It was about $2 million on the agency book, about $12.5 million, $13 million on the balance sheet book, and the majority of all of that was just general CECL reserves. We took our share of what we call specific reserves back in the first quarter on the assets we thought was significantly affected by the pandemic, as Ivan had in his commentary, and we've not seen any material change in reserves on those assets at all.
Ryan Tomasello -- KBW -- Analyst
Thanks, guys.
Operator
We will take our next question from George Bahamondes with Deutsche Bank. Your line is open.
George Bahamondes -- Deutsche Bank -- Analyst
Hi. Good morning, everyone, and thanks for taking my question. Similar questions to some of the ones that were just asked. And since you've addressed those, I was wondering underwriting, how has that changed in this environment versus what it looked like before? Just given maybe the maybe tenants who are taking government assistance today.
And just kind of any thoughts on just kind of how underwriting has changed as we maybe look to some dislocation as the impact of government assistance wears off on multifamily assets.
Ivan Kaufman -- President and Chief Executive Officer
So I believe the loans we're putting on now could be the best loans we ever put on in the history of the firm. I think there's a lot of structure in the loans for the agencies. They've implemented interest reserves anywhere from six months to 18 months for principal and interest and often taxes. So you have an enormous cushion that you never had before.
In the past in a upmarket, a 10-year upmarket, you had rent growth of 3% to 5% annually. You had to underwrite that and keep expecting that was going to occur. And I think if you go back to my transcripts over the last 18 months, we had a tremendous amount of caution in that period and believe those last loans and expecting rent growth of probably ones that you needed to have a lot of caution. When we're underwriting loans today, not only do we have those reserves, but you're underwriting to a flat rent growth in a different environment.
And you can proceed with a lot of caution. So I think the environment is very strong, but you go market to market, and you proceed with a lot of discipline. But I do believe that for the time being, we can proceed in a very conservative way, probably lower loan to values with interest reserves and conservative underwriting.
George Bahamondes -- Deutsche Bank -- Analyst
Great that's helpful. Thank you, Ivan. And that's it for me today.
Operator
And we will take our next question from Lee Cooperman with Omega Family Office. Your line is open.
Lee Cooperman -- Omega Family Office -- Analyst
Thank you. Congratulations. You guys have done a terrific job in a very, very difficult environment. I want to focus a little bit on earning power and explain to me what the significance is of the $450 million of -- in liquidity position you focus on? It seems to me that we're in an environment you should get larger spreads.
We just reported core earnings of $0.46, and we have plenty of liquidity. What additional earning power do you think you could generate if you put that liquidity to work in this environment?
Ivan Kaufman -- President and Chief Executive Officer
Paul, you want to talk -- well, we'll both take it. Why don't you start and then I'll go?
Paul Elenio -- Chief Financial Officer
Sure. So, Lee, yes, so we have put up a tremendous number in the second quarter of $0.46. We talked about the earnings power from the residential business we have and how we think that will continue over the next several quarters. We do have $450 million of liquidity, as you cited, and we do think some of that is offensive capital.
And the levered returns we've been generating, as Ivan said, the yields are down a little bit because of where LIBOR is and the LIBOR floors, but we're getting big benefits on the debt side. And in the second quarter, the $300 million of loans we originated, we generated a 15% levered return on those assets. So we've not seen those kind of levered returns in several, several quarters. So I do think with the equity we have that we want to deploy into those structured loans, we can generate a low to mid-teens return all day long on those assets.
Ivan, would you agree with that?
Ivan Kaufman -- President and Chief Executive Officer
Yeah. I think, you know, mid-teens return on our balance sheet portfolio is definitely something that we can originate to. And as you know, it's not just the yield on those loans we put on our books. It's eventually creating an agency loan, which makes those yields exponential.
So we'll be very prudent with how we use that, mostly on multifamily bridge loans and mostly on multifamily bridge loans that convert into an agency business. So we think we can continue to grow our core earnings, and there's a lot of strength in our earnings and our dividend, and we feel very good with where we are right now.
Lee Cooperman -- Omega Family Office -- Analyst
Congratulations. You've done a great job in positioning the company. I compliment you.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Lee.
Paul Elenio -- Chief Financial Officer
Thank you, Lee. Thank you for your support.
Operator
And I am showing that we have no further questions at this time. I'll turn the call back to Ivan Kaufman for closing remarks.
Ivan Kaufman -- President and Chief Executive Officer
OK. Well, that concludes our remarks, and we're truly pleased to be able to have this kind of performance in this environment and support of all our shareholders. And it is remarkable that this is our ninth year in a row, as I mentioned in my script, of a dividend increase. And in this kind of environment to be able to raise your dividend and raise your earnings is an amazing feat.
I want to compliment my management team, my board of directors for their support. And I look forward to concluding what I think is going to be an outstanding 2020. Have a great day, everybody, and stay healthy. Take care.
Operator
[Operator signoff]
Duration: 44 minutes
Call participants:
Paul Elenio -- Chief Financial Officer
Ivan Kaufman -- President and Chief Executive Officer
Steve Delaney -- JMP Securities -- Analyst
Stephen Laws -- Raymond James -- Analyst
Rick Shane -- J.P. Morgan -- Analyst
Ryan Tomasello -- KBW -- Analyst
George Bahamondes -- Deutsche Bank -- Analyst
Lee Cooperman -- Omega Family Office -- Analyst
More ABR analysis
All earnings call transcripts
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (NYSE: ABR) Q2 2020 Earnings Call Jul 31, 2020, 9:00 a.m. Operator [Operator signoff] Duration: 44 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James -- Analyst Rick Shane -- J.P. Morgan -- Analyst Ryan Tomasello -- KBW -- Analyst George Bahamondes -- Deutsche Bank -- Analyst Lee Cooperman -- Omega Family Office -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. We realized significant benefits from our LIBOR floors, efficiencies in our CLO vehicles, increases in our servicing fees and GSE agency volumes, substantial income from our residential business, and reductions in our overhead and general and administrative expenses. | Operator [Operator signoff] Duration: 44 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James -- Analyst Rick Shane -- J.P. Morgan -- Analyst Ryan Tomasello -- KBW -- Analyst George Bahamondes -- Deutsche Bank -- Analyst Lee Cooperman -- Omega Family Office -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q2 2020 Earnings Call Jul 31, 2020, 9:00 a.m. We built a viable operating platform, focusing on the right asset class with very stable liability structures, strong liquidity, an active balance sheet, and GSE agency business and many diversified income streams that generate strong core earnings and dividends in every market cycle. | Operator [Operator signoff] Duration: 44 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James -- Analyst Rick Shane -- J.P. Morgan -- Analyst Ryan Tomasello -- KBW -- Analyst George Bahamondes -- Deutsche Bank -- Analyst Lee Cooperman -- Omega Family Office -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q2 2020 Earnings Call Jul 31, 2020, 9:00 a.m. In the second quarter, we recorded $32 million of mortgage servicing rights income related to $1.2 billion of committed loans, representing an average MSR rate of around 2.69%, which was up significantly from a 1.73% rate for the first quarter mostly due to a change in the mix of our second-quarter loan production and from higher servicing fees on our Fannie Mae originations. | Operator [Operator signoff] Duration: 44 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James -- Analyst Rick Shane -- J.P. Morgan -- Analyst Ryan Tomasello -- KBW -- Analyst George Bahamondes -- Deutsche Bank -- Analyst Lee Cooperman -- Omega Family Office -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q2 2020 Earnings Call Jul 31, 2020, 9:00 a.m. Looking at our results from our GSE agency business in the second quarter, we generated $14 million of core earnings and approximately $1.4 billion in originations and $1.3 billion in loan sales. |
30064.0 | 2020-06-29 00:00:00 UTC | 3 Big Dividend Stocks Yielding Over 11%; JMP Says ‘Buy’ | ABR | https://www.nasdaq.com/articles/3-big-dividend-stocks-yielding-over-11-jmp-says-buy-2020-06-29 | nan | nan | There’s a gloomy mood, as investors see COVID-19 rates increasing again after moves to reopen the economy. In an atmosphere like this it’s only natural to take defensive moves to protect the portfolio, and moves like that will naturally draw investors toward dividend stocks. These are the classic defensive stocks, and for good reason: a reliable dividend keeps the income flowing, no matter what the markets do. And in today’s environment, with share prices pushed down by the economic reaction to the coronavirus, it’s possible to find sky-high dividend yields.
But not all dividend stocks are created equal. JMP analysts have chimed in – and they are recommending high-yield dividend stocks for investors looking to find protection for their portfolio.
Using TipRanks database, we’ve pulled up the details on some of JMP's recommendations. These are stocks with a specific set of clear attributes, that frequently indicate a strong defensive profile: a high dividend yield, over 11%; a Moderate Buy consensus view; and a considerable upside potential — over 10%. So let’s take a closer look at three of Oppenheimer’s picks.
Ellington Residential Mortgage (EARN)
We’ll start with a REIT, a real estate investment trust. Due to a quirk of tax regulation, REITs are perennial dividend champs, and Ellington Residential Mortgage is no exception. The company buys, manages, and invests in real assets and mortgage-related securities, focusing primarily on residential mortgage-backed security packages with backing guaranteed by the US government.
EARN reported a Q1 EPS of 27 cents, a sequential drop from the end of 2019. Company management put the falloff in income to the general chaos of the financial sector during the coronavirus pandemic, but credited an orderly portfolio reduction with preventing a forced sale of assets. On a positive note, EARN ended Q1 with $59.7 million in cash on hand.
A strong liquidity position allowed the company to maintain its dividend payments. EARN has a long history of both keeping up the payments, and adjusting them when needed to keep them in line with earnings. The current dividend, at 28 cents per share quarterly, was declared earlier this month. The annualized rate, of $1.12, gives a yield of 11.4%, far higher than the ~2% found among S&P-listed companies. This will be the fifth quarter in a row that the dividend has been held steady.
Covering this stock for JMP, analyst Mikhail Goberman writes, "[W]e continue to believe this best-in-class micro-cap agency MREIT should be trading much closer to its book value and at a premium to its peers, we reiterate our Market Outperform rating and adjust our price target slightly to $11.00, or 0.92x current estimated book value." Goberman's price target implies an upside of 13% from current levels. (To watch Goberman’s track record, click here)
The analyst consensus on EARN is an even split, with 1 Buy rating and 1 Hold rating set recently. The Buy is more recent, and so the stock gets a Moderate Buy overall. Shares are selling for $9.72, and the average price target of $10.50 suggests a one-year upside of 8%. (See EARN stock analysis on TipRanks)
Arbor Realty Trust (ABR)
Next up is another small-cap player in the mortgage industry. Arbor Realty specializes in making loans for multi-family developments – apartment complexes. The company is a major funder of Fannie Mae and Freddie Mac small loans, with over $30 million in such made in June so far. Arbor boasted that it created a $2 million rental assistance program to help families impacted by the COVID-19 epidemic.
Arbor reported 31 cents in Funds from Operations (FFO) in Q1, which was enough to keep up the common share dividend of 30 cents. This dividend has been increased steadily – albeit with a blip at the end of 2018 – for the past three years. The $1.20 annualized payment gives ABR's dividend a yield of 13.3%, an impressive 6.5x higher than the average dividend yield – and more than 13x higher than the current yields on Treasury bonds. With the history of dividend growth, ABR’s payment is a clear incentive for investors.
On an important financial note, Arbor closed a $40 million senior note offering in April. The notes are due in 2023, and the proceeds were used to pay down secured debt and shore up liquidity.
JMP’s Steven DeLaney noted the liquidity as one factor in Arbor’s solid position when he wrote, “We believe Arbor offers an attractive opportunity in this environment as any concerns over multifamily loan servicing advances have largely been addressed, and the steady performance and outlook for its Agency multifamily business should generate consistent earnings, while the company deals with credit issues in its Structured bridge loan portfolio. Additionally, following the April $40M senior note offering, liquidity stood at ~$350M…”
DeLaney’s $10 price target on ABR comes with an 13% upside potential, and supports his Buy rating for the stock. (To watch DeLaney’s track record, click here)
Arbor Realty shares are currently selling for $8.85. The average price target, at $10.75, implies a healthy upside of 21% from that level, even more bullish than DeLaney suggests. Both of the recent reviews on ABR are Buys, making the consensus view a Moderate Buy. (See ABR stock analysis on TipRanks)
Capstead Mortgage Corporation (CMO)
Last up is a residential mortgage REIT. Texas-based Capstead invests in a portfolio of adjustable rate residential mortgage securities, issued and backed by US government agencies, mainly Fannie Mae and Freddie Mac.
Capstead has been able to keep earnings positive during the ‘corona quarter,’ and even saw a sequential gain in core earnings EPS, from 15 cents in Q4 to 16 cents in Q1. The Q1 result was based on $19.8 million in reported core earnings. In a positive note for investors, Capstead kept operating costs low, just 1.22% of long-term capital.
The quarterly results, despite a fall-off in mortgage repayment rates during the pandemic, supported the company dividend, which was paid out in Q1 at 15 cents per share and declared earlier this month for Q2 at the same rate. This is the third quarter in a row that the dividend has held steady at 15 cents per share, and the payment has been increased steadily since the end of 2018. The annualized payment is 60 cents per common share, and gives the stock a dividend yield of 11.2%.
Writing on CMO for JMP, Steven DeLaney sees a clear path forward for the company: “[We] believe CMO shares are now well-positioned to benefit from a sustained period of low interest rates that should lead to a higher dividend in time and should command an improved valuation as the better-managed agency MREITs move up to the 0.90-1.10x BV valuation range in a more favorable operating environment with less interest rate volatility.”
DeLaney’s Buy rating on Capstead is supported by his $6 price target, which suggests an upside of 10% for the coming year. (To watch DeLaney’s track record, click here)
Overall, Capstead is another Moderate Buy stock, with 2 recent reviews from Wall Street’s analysts both rating the stock a Buy. Shares are priced at $5.35, almost in the penny-stock range, and the average price target matches DeLaney’s at $6. (See Capstead stock analysis on TipRanks)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Additionally, following the April $40M senior note offering, liquidity stood at ~$350M…” DeLaney’s $10 price target on ABR comes with an 13% upside potential, and supports his Buy rating for the stock. (See EARN stock analysis on TipRanks) Arbor Realty Trust (ABR) Next up is another small-cap player in the mortgage industry. The $1.20 annualized payment gives ABR's dividend a yield of 13.3%, an impressive 6.5x higher than the average dividend yield – and more than 13x higher than the current yields on Treasury bonds. | Additionally, following the April $40M senior note offering, liquidity stood at ~$350M…” DeLaney’s $10 price target on ABR comes with an 13% upside potential, and supports his Buy rating for the stock. (See EARN stock analysis on TipRanks) Arbor Realty Trust (ABR) Next up is another small-cap player in the mortgage industry. The $1.20 annualized payment gives ABR's dividend a yield of 13.3%, an impressive 6.5x higher than the average dividend yield – and more than 13x higher than the current yields on Treasury bonds. | (See EARN stock analysis on TipRanks) Arbor Realty Trust (ABR) Next up is another small-cap player in the mortgage industry. The $1.20 annualized payment gives ABR's dividend a yield of 13.3%, an impressive 6.5x higher than the average dividend yield – and more than 13x higher than the current yields on Treasury bonds. With the history of dividend growth, ABR’s payment is a clear incentive for investors. | Additionally, following the April $40M senior note offering, liquidity stood at ~$350M…” DeLaney’s $10 price target on ABR comes with an 13% upside potential, and supports his Buy rating for the stock. (See EARN stock analysis on TipRanks) Arbor Realty Trust (ABR) Next up is another small-cap player in the mortgage industry. The $1.20 annualized payment gives ABR's dividend a yield of 13.3%, an impressive 6.5x higher than the average dividend yield – and more than 13x higher than the current yields on Treasury bonds. |
30065.0 | 2020-05-09 00:00:00 UTC | Arbor Realty Trust (ABR) Q1 2020 Earnings Call Transcript | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-q1-2020-earnings-call-transcript-2020-05-09 | nan | nan | Image source: The Motley Fool.
Arbor Realty Trust (NYSE: ABR)
Q1 2020 Earnings Call
May 08, 2020, 9:30 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Thank you, ladies, and gentlemen, for standing by and welcome to the Q1 2020 Arbor Realty Trustearnings conference call [Operator instructions] Please be advised that today's conference is being recorded. [Operator instructions] I would now like to hand the conference over to your speaker today, Mr. Paul Elenio, CFO.
Thank you. Please go ahead, sir.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Nita, and we apologize this morning for a little bit of delay in our call, it seems we have a tremendous amount of people trying to participate and dial in and it's having trouble getting everybody in. So we're going to start and hopefully all those people will be able to join us as we go. Good morning, everyone and welcome to the quarterlyearnings callfor Arbor Realty Trust.
This morning, we will discuss the results for the quarter ended March 31, 2020. With me on the call today is Ivan Kaufman, our president and chief executive officer. Before we begin, I need to inform you that statements made in thisearnings callmay be deemed forward-looking statements that are subject to risks and uncertainties, including information about possible or assume future results of our business, financial condition, liquidity, results of operations plans and objectives. These statements are based on beliefs, assumptions, and expectations of our future performance, taking into account the information currently available to us.
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Factors that could cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today. Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrences of unanticipated events. I will now turn the call over to Arbor's president and CEO, Ivan Kaufman.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Paul. And thanks to everyone for joining us on today's call. We hope that you and your families are safe and healthy, and we appreciate your participation their needs very challenging times. In this environment, we are realizing more than ever, that our homes are castles, which is very relevant to Arbor and our multifamily asset class.
Before we begin, I would like to acknowledge the staff and management teams here at Arbor for their outstanding effort during this crisis. We've all been significantly impacted personally and professionally, and the ability for employees to perform remotely at such high levels under these current circumstances, has been truly extraordinary. Today, I want to spend some of my time discussing our first-quarter results, which were largely pre COVID-19, and focus mostly on our outlook for the balance of the year with respect to our company, and more specifically, our core earnings, dividends, assets. The significant decline in stock prices, which no one could control or predict, has forced companies in our opinion to prematurely communicate in order to defend the values of their businesses.
We have been patient in our approach to communication as we were waiting for the dust to settle to properly evaluate not only the extent of the virus, but which asset classes would be impacted and the stimulus packages that would be available, as well as the political landscape. We feel the timing of this call is appropriate as we have a lot more clarity about the pandemic, and how it will impact our business going forward. We have built a diversified operating platform that focuses on multifamily assets, with very stable liability structures, and an active agency business, which allows us to generate strong cash flow and consistent reoccurring core earnings and dividends in every market cycle. Through this robust agency platform, we have been very active in providing liquidity in the multifamily market.
We originated $1.1 billion and agency loans in the first quarter, which is up from $845 million in originations from the first quarter of 2019. We also originated $600 million of agency loans in the month of April, we could produce $1.3 billion to $1.5 billion in agency originations in the second quarter. In this unprecedented environment, our agency platform offers premium value as it requires limited capital and generates significant long-dated predictable income streams and produce a significant annual cash flow. Our $20 billion agency servicing portfolio, which is mostly prepayment protected, generates $90 million a year and growing in reoccurring cash flow in addition to the strong margins, and strong gain on sale margins, we continue to generate from our agency originations platform.
Having the ability to originate and sell loans in the liquid market with minimal required capital and produce gain on sale income, as well as new service and revenues will not only allow us to retain our staff. Those most importantly contribute to stable core earnings and a consistent dividend. As Paul will discuss in more detail, our core earnings for first quarter were $0.31 per share, which were affected by approximately $0.02 per share from the COVID-19 pandemic. The significant dislocation that has occurred has resulted in reduced interest income on escrow balances, and interest spreads on our agency inventory, net operating losses from our OREO Hotel asset, and curtail growth in our balance sheet portfolio.
Despite the significant impact of the pandemic, we believe, based on projected originations, strong pipeline, net interest spreads, and significant prepayment protected servicing income that we can continue to produce a consistent baseline of predictable core earnings for the balance of the year without relying on future growth in our balance sheet portfolio. The strong core earnings outlook has allowed us to maintain our dividend of $0.30 per share for the first quarter, which reflects a 17% dividend yield based on yesterday's closing stock price. Additionally, with an adjusted book value per share of approximately $9.50, we are currently trading at roughly 70% of book value, and below some of our peers. Prior to the pandemic, we were trading at a substantial premium to book value and well above our peers.
We feel we are trading significantly below the value of our franchise, especially considering our multifamily focus, strong agency platform, and sustainable core earnings which differentiates us from all other trading mortgage REITs. From a liquidity perspective, we were very fortunate that we made a strategic decision prior to the spread of the Coronavirus to this country to significantly increase our cash position, which put us in a favorable position heading into the pandemic. We have also always operated our business with a heavy focus on the right side of our balance sheet, particularly in financing a large portion of our loans through non-recourse non-mark to market, long-dated CLO vehicles, as well as with longer term on secure debt. In the first quarter, we were very successful in closing an $800 million CLO with very favorable terms and issuing $275 million of seven-year fixed rate unsecured debt to further strengthening the right side of our balance sheet.
Additionally, in April, we issued another $40 million of three-year unsecured debt in an extremely challenging environment, which continues to demonstrate the value of our franchise and the strength of our investor relationships. This has resulted in current cash and liquidity position of approximately $350 million, which we believe provides us with sufficient liquidity to navigate the current market conditions. In any significant market dislocation, liquidity is critical. Therefore, our daily objective will be to continue to manage and maintain adequate liquidity.
We also have a very strong balance sheet with a high-quality portfolio and an appropriate liability structure. At March 31st our balance sheet loan book was $4.8 billion and was financed with $3.4 billion of debt, approximately $2.6 billion or 76% of that debt is non-recourse non-mark-to-market CLOs and approximately $800 million is financed through warehouse and repurchased facilities that is secured by $1.2 billion in assets with eight different banks that we have long-standing relationships with. Additionally, the majority of the loans being financed in these bank lines are also rated and CLO eligible. And given the current environment, we will be very selective and originating new balance sheet loans in the near term as we continue to focus on capital preservation and on replacing any runoff on our loan book.
As we discussed in more detail in our shareholder letter dated April 13, 2020, we had reduced our exposure to debt that is financing our securities and is subject to margin calls related to changes in spreads from approximately $235 million to $75 million. Today, we are currently down to only $40 million of debt against $80 million of securities with margin call exposure and this is a very nominal amount of remaining debt that will be easy for us to manage. With respect to our balance sheet portfolio, it is very important to highlight that over 90% of our book of senior bridge loans and more importantly approximately 82% of our portfolio is in multifamily assets which has been the most resilient asset class in all cycles and we believe the multifamily industrial and self-storage will be the only asset classes to hold their values due to significant dislocation as well. In addition, we have not provided any loan modifications with rate concessions to-date and most of the loans in our portfolio contain interest reserves and or replenishment obligation by our borrowers, giving us the ability to effectively manage our portfolio through this dislocation.
We also have very little exposure to some of the other asset classes that have been affected both in the short and long-term by this crisis. We have only two hotel loans totaling $91 million, both of which are financing our CLO vehicles with no mark-to-market provisions. One material retail loan for $33 million, that is unlevered, and a $60 million legacy land development deal, which is also unlevered. Based on the current market environment, we feel it was prudent to book approximately 33 million of reserves against these assets in the first quarter to reflect a significant economic impact the pandemic has had on the value of these assets and we believe our book value of $9.50 is an accurate reflection of the current impact of the pandemic.
We also have seen positive trends relating to April payments in our agency business with only 0.3% of our $15 billion Fannie Mae book and 4% of a $5 billion Freddie Mac book granted forbearance. With respect to our outlook from May and June payments, we do think there will be some more economic stress, although we also think it will be largely mitigated or offset by enhanced unemployment insurance and other economic stimulus programs that government is offering. In addition, the average debt service coverage ratio in our agency portfolio based on the most recent data available is approximately 1.65 which means that borrowers could withstand an average of 20% economic vacancy due to the effect of the virus before it impairs their ability to meet that service. With respect to servicing advanced related to our potential for Barron's claims.
As a Fannie Mae servicer, we were required to advance principal and interest payments for a period of four months. We are pleased to report that we've come to an agreement in terms with one of our banking relationships to provide an advanced facility at a hundred percent advance rate of any outstanding advance requirements with the agencies and as a result, these potential advanced requirements will not be an issue for us. We are very fortunate to have a tenured proven senior management team that has a track record of managing all cycles, including the 2008 financial crisis. This team has over 20% inside ownership, which represents the highest incite ownership of any commercial mortgage rate.
Additionally, our management team has significant asset management expertise, which is invaluable in this current environment. We have always prided ourselves on investing heavily in our servicing and asset management functions and these disciplines are embedded in our DNA and have always been reflected in our underwriting philosophy, which gives me great competence and ability to manage our portfolio to this unprecedented dislocation. In summary, we've built a diversified business platform that is multifamily centric and is capable of generating consistent, sustainable core earnings in dividends and all cycles. We also have sufficient liquidity, the appropriate liability structures, and asset management expertise and track record to successfully operate in this environment.
We believe this puts us in a class by ourselves and an investment in our company at these extremely low levels would provide a tremendous long-term return and as the largest shareholder, my primary focus will be to continue to maximize shareholder value. I will now turn the call over to Paul to take you through the financial results.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Ivan. As our press release this morning indicated we produced core earnings of $40.7 million or $0.31 per share for the first quarter, excluding reserves related to the new CECL accounting pronouncements. CECL went into effect the non-bank public companies on January 1st, 2020.
The adoption of this new standard resulted in an initial reserve of $32 million that was charged against retained earnings, $17 million related to our balance sheet book and $15 million unrelated to our Fannie Mae agency portfolio. We recorded an additional $76 million of CECL reserves through the income statement in the first quarter, $22 million on our Fannie Mae loan book, and $54 million on our balance sheet portfolio, which included the $33 million in reserves that we took against the assets. Ivan mentioned earlier due to the significant adverse change in the projected economic outlook from the COVID-19 pandemic. As Ivan mentioned, our first-quarter earnings were affected by approximately $0.02 a share related to COVID-19 this was due to approximately 2.5million in reduced earnings on our escrow balances and that interest spreading come in our agency business from reduced interest rates and the inverted yield curve that existed during the quarter.
More importantly, we believe we will be able to generate consistent quarterly earnings for the balance of the year despite the significant dislocation from the pandemic in large part due to our capital-light agency business that generates significant poor earnings and cash flow. We also have reduced our overhead and general and administrative expenses by approximately $5 million to $7 million annually, which will increase our core earnings run rate by around $0.04 to $0.05 a share going forward. Our adjusted book value at March 31st was approximately $9.50, adding back our CECL reserves on a tax-effective basis. We believe that this adjusted book value more accurately reflects our economic value, as the CECL reserves on noncash and unrealized.
Looking at our results from our agency business in the first quarter, we generated $15 million of core earnings and approximately $1.1 billion in originations and $950 million in loan sales. The margin of on those first-quarter sales was 1.49%, including miscellaneous fees, compared to 1.55% all-in margin on our fourth-quarter sales. As Ivan mentioned, we also had a great start to our second quarter with $600 million of agency production in April. And we believe that we see in this current environment will be able to continue to grow this platform.
We also recorded $22 million of mortgage servicing rights income related to $1.3 billion of committed loans during the first quarter, representing an average MSR rate of around 1.73%, compared to a 2.32% rate for the fourth quarter, mostly due to a change in the mix of our first-quarter loan production. Our servicing portfolio was $20.2 billion at March 31st, with a weighted average servicing fee of 43.6 basis points, and an estimated remaining life of 8.9 years. This portfolio will continue to generate a predictable annuity of income going forward of around $88 million gross annually and growing, which is up approximately $4 million on an annual basis from the same time last year. Additionally, early runoff in a servicing book continues to produce prepayment fees related to certain loans that have yield maintenance provisions.
Prepayment fees were approximately $5 million for both the first and fourth quarters. And our balance sheet lending operation, we grew up portfolio 12% to $4.8 billion in the first quarter and $850 million in origination. Our $4.8 billion investment portfolio had an all-in yield of 6.35% at March 31st, compared to 6.68% at December 31st, mainly due to higher rates on runoff as compared to new originations during the quarter and from a reduction in LIBOR, which was partially offset by LIBOR floors on a portion of our portfolio. The average balance in our core investments was up to $4.6 billion from $4 billion at year end due to our first-quarter growth.
The average yield on these investments was 6.77% for the first quarter, compared to 7.18% for the fourth quarter, mainly due to higher interest rates on runoff as compared to originations and from a reduction in LIBOR. Total debt on our core assets was approximately $4.7 billion at March 31st, and all in debt costs of approximately 3.68%, compared to a debt cost of around 4.35% of December 31st, mainly due to a reduction in LIBOR. The average balance on our debt facilities was up to approximately $4.25 billion for the first quarter, from $3.76 billion for the fourth quarter, mostly due to financing our first-quarter growth. And the average cost of funds in our debt facility decreased to approximately 4.11% for the first quarter, compared to 4.46% for the fourth quarter, due to a reduction in LIBOR and from low borrowing costs associated with our new CLO.
Overall, net interest spreads in our core assets decreased slightly to 2.66% this quarter, compared to 2.72% last quarter, mainly due to higher interest rates on runoff as compared to originations in the first quarter, which was partially offset by the positive effect of LIBOR floors, and a portion of our balance sheet portfolio. And our overall spot net interest spread went up to 2.67% at March 31st, from 2.33% at December 31st, mainly due to the positive effect of LIBOR floors on a portion of our balance sheet portfolio and from reduced borrowing costs from CLO 13. Additionally, approximately 80% of our balance sheet portfolio currently have LIBOR floors above one, which is well above where LIBOR sits today. And if LIBOR continues to stay at its current level, these LIBOR floors could have a meaningful positive impact on our net interest spreads in the future.
The average leverage ratio on our core lending assets including the trust preferred and perpetual preferred stock as equity was up to 85% in the first quarter from 83% in the fourth quarter, and our overall debt to equity ratio on a spot basis was also up to 2.9 to one at March 31, compared to 2.5 to one at December 31, excluding the CECL reserves and unrealized swap losses that reduced equity in the first quarter. The majority of this increase was due to several timing issues during the first quarter, including a portion of the proceeds from our new $275 million unsecured debt issuance that we used to pay down secured debt in April. The ramp feature on our new CLO being fully deployed subsequent to March 31st. And from cash margin calls made in March related to the financing of our securities that were applied against this outstanding debt in April.
Our OREO Hotel asset did produce a net operating loss for the first quarter due to the effects of the pandemic and at this point has been temporarily shut down. And as a result, we're expecting this trend to continue in the near future. Lastly, income from equity affiliates increased during the quarter predominantly due to significantly more income from our residential banking joint venture as a result of the current interest rate environment. We do believe this positive trend could continue for the next few quarters.
And this income from this investment further emphasizes the diversity of our platform and income streams. That completes our prepared remarks for this morning. And I'll now turn it back to the operator to take any questions you have at this time. Anita?
Questions & Answers:
Operator
Thank you. [Operator instructions] And your first question comes from the line of Steve DeLaney with JMP Securities.
Steve DeLaney -- JMP Securities -- Analyst
Good morning, guys, and congratulations on a strong quarter despite a very fluid environment here, especially March. First, on the strong agency originations that continued over into April that $600 million figure, compared to a little over $1 billion in the first quarter. Can you comment if there are any particular large loans, that mega loans that kind of would kick that figure up in April?
Ivan Kaufman -- President and Chief Executive Officer
There were no mega loans. Although we are working on a few big transactions. That's very typical type of business we've been doing. But there were no significant mega loans.
Steve DeLaney -- JMP Securities -- Analyst
OK. All right. That's helpful. Thank you.
And Paul on the CECL reserve, refresh me. I was trying to take notes, but there was a lot coming out. In the structured business. I think the first quarter provision was like $53.9 million call it $54 million.
And Ivan mentioned some loans, couple hotels, the retail one. I just want to get the numbers right. Is it $33 million of the $54 million that was related to the loans that Ivan mentioned?
Paul Elenio -- Chief Financial Officer
That's correct, Steve. That's exactly the numbers. 33 of the 54 we booked through the P&L in the first quarter related to our balance sheet loans was the position we took on a few hotel and retail assets that Ivan mentioned in his commentary.
Ivan Kaufman -- President and Chief Executive Officer
Yeah. We took a very conservative approach on that, Steve. We looked at all our, non-multifamily loans. We took a look at the impact of the pandemic, specifically on hospitality and retail.
And we tried to come up with a realistic assessment of the value impairment on those loans on our portfolio. So we have an appropriate reflection on our true book value. And it's probably a little different than the rest of the market. But we felt that it was prudent and so it was such a small amount of a balance sheet it was easy for us to assess and put a lot of time and effort in and come up with an appropriate response.
Steve DeLaney -- JMP Securities -- Analyst
Well, why is it to do that? Look, there's a lot of CECL noise this quarter might as well get you to throw it all throw everything but the kitchen sink in it. So you won't have that noise going forward, so I commend you for that. And Paul, what on the general part of CECL at March 31 for the structured business. Can you give me that figure? So the initial plus the incremental, what was the actual balance sheet allowance?
Paul Elenio -- Chief Financial Officer
Sure. So as I mentioned, by 11, we had to do an adjustment because of being adopted 11. And that was around $17 million of a general reserve on our balance sheet business. And then in the first quarter, we took an additional $21 million in general reserve on our balance sheet business because of the change in the economic outlook as you run these models.
They make you stress them based on the economic outlook, as I'm sure you've seen in all of the other companies in our space. So those are the numbers of how we came up with the $71 million related to structure for the quarter was 17, opening the 33 that Ivan mentioned related to those assets and another 21 generals. So it was about $38 million of general CECL related to the rest of our book.
Steve DeLaney -- JMP Securities -- Analyst
Right. And if I took the 38, I took your structured book and took away those assets that I have the 33, I can look up the principal balance, that would give us a percentage that would reflect sort of basis points, which your reserve is relative to the principal balance of the loan.
Paul Elenio -- Chief Financial Officer
Sure. That is correct. So I think if you looked at it that way, Steve, I think that's the right way to look at it. If you took the 21 and the 17 that we booked is 38.
And you pulled out about and I have the numbers somewhere. You pulled out those assets we mentioned that Ivan was talking about in his commentary, which probably reflected about, I would say $200 million of assets. So now you've got $38 million on a $4.6 billion portfolio.
Steve DeLaney -- JMP Securities -- Analyst
Got it. So something under 1%. OK. That's very helpful.
Thank you.
Paul Elenio -- Chief Financial Officer
On the general side, that's correct.
Steve DeLaney -- JMP Securities -- Analyst
And just side. And just one follow up thing. Private-label CMBS obviously nothing was going to happen mid-spring or early spring. Morgan Stanley -- Goldman, Morgan Stanley looks like they've got the deal done this week and kind of inside the original whisper talk.
Any thoughts as to whether your private label transaction might be viable over the next few months or should we just think longer term on that?
Ivan Kaufman -- President and Chief Executive Officer
Well, I'm returning a much quicker than everybody thought. And execution of the deals done this week are really significantly inside where they thought us having a multifamily pool. We may consider going to market we'll see how the next deal gets done. But we can come in considerably tied to that.
And the performance on those assets is 100%. Not one single forbearance or defeasance in those loans. And they all recently rated. I think they were rated last week.
So we got confirmed ratings. So we're ready to go in the near term if the market continues to tighten. So we'll see. It's all a matter of where the market is.
Steve DeLaney -- JMP Securities -- Analyst
Great. Thanks for the comments. You all stay safe and be well.
Paul Elenio -- Chief Financial Officer
Thank you, Steve.
Operator
Your next question comes from the line of Jade Rahmani with KBW.
Ryan Tomasello -- KBW -- Analyst
Good morning, everyone. This is Ryan on for Jade. Congrats on navigating through the quarter and good to speak with all of you. Nice to hear that the favorable stats on the forbearance and rent collections in April.
But just based on your viewpoint now. How are you expecting the portfolio to perform into May and June? And are there any stats you can provide on May to-date collections in both the multifamily balance sheets, as well as the servicing portfolio.
Ivan Kaufman -- President and Chief Executive Officer
So as we enter May, we were expecting it to be a significantly greater number. And when you mean it's significant greater number, when you point three on Fannie May, we were expecting to maybe come in below 2%. We're seeing outstanding collections. And we're seeing very few forbearance requests.
So we're looking at that very, very favorably. As I mentioned earlier, our private label we didn't have a single forbearance request. They're all current balance sheet very little in our agency book. We're below the expectation of forbearance request.
So we're seeing very, very favorable trends.
Ryan Tomasello -- KBW -- Analyst
And you mentioned the obvious benefit that tenants are receiving today from extended unemployment benefits, which I believe are set to expire in July. So how worried are you about the floor that these economic stimulus programs are providing and the risk if those go away later in the summer that the collections could draw materially and forbearances spike. And separately, if there are any stats you can provide with respect to the employment profile of those tenants and also maybe a geographic exposure on the secondary and tertiary side.
Ivan Kaufman -- President and Chief Executive Officer
Yeah. It's a lot of detail, which we don't have at the present time. But I'm sure Paul can provide that offline with you. But right now, we're seeing very, very small drop off less than we anticipate on rent collections across the portfolio.
We're seeing very, very positive trends. My comment in my introduction stating that our homes are castles, our apartments are castles. There's a certain psychology that we're seeing. Which is people are really spending all this time in their homes.
And that's their place, and that's the place they're protecting. So there's a bit of a psychology that we didn't expect due to the pandemic that they're valuing their homes, and therefore, they're going to make sure that their homes are safe. And all the initial discussions about rent forgiveness, that's pretty much off the table. Rent forbearance and evictions is something that's out there, but people are really looking to pay their rent.
We instituted a specific program, all the rental relief programs in conjunction with our landlord. So we're working firsthand with a lot of our tenants directly to a bar. And the attitude is, we do want to pay our rent. We're going to pay our rent.
We may need some assistance we may need some rental assistance. We're not looking not to pay our rents. So the attitude is very, very positive throughout our tenant base and our borrower base. So we're fairly optimistic and certainly, we were prepared for the worst and expecting the best and we're really getting the best, so we hope that continues.
Ryan Tomasello -- KBW -- Analyst
OK. And then Paul, just considering all the puts and takes you mentioned, can you give us a sense of what you believe is a reasonable range of run rate, quarterly earnings for the balance of the year and then Ivan as a follow-up to that. Can you say how the board plans to approach the dividends for the rest of the year?
Paul Elenio -- Chief Financial Officer
So I think those questions are combined. I'll handle the front end of that, and Ivan and I will handle the second one. I think what we've laid out pretty clearly in our commentary is that we are extremely fortunate to be one multifamily focused and to have this large agency platform. And we've always said on all of our calls that the diversity of that platform and having that capital-light agency business really drives a significant amount of our core earnings.
So as the pandemic has hit and certainly there have been effects of that pandemic to our business, i.e., the OREO asset, having a little less income going forward, balance sheet growth being curtailed as we're going to preserve capital and be very selective. We're very, very happy to be able to say that the agency business is functioning very well. We had a $600 million quarter as we mentioned. We expect that business to grow and, in our view, although it's early and a lot can change, we think as we said, we can put up pretty consistent numbers for the balance of the year.
Now whether that's every quarter is a 31 or 30 or 32 it's hard to say, but in our mind, relatively consistent numbers for the balance of the year, which would be a tremendous accomplishment considering what is going on in this market. I don't know if you want to add some color to that and then talk about the dividends.
Ivan Kaufman -- President and Chief Executive Officer
Well, I think you really have to focus on our asset class, which is a multifamily asset class and the fact that that is going to be probably the most desired asset class in the market. I think people are going to continue to invest and it is our prediction that you can actually see CAPEX compression in the multifamily asset class, which you can't invest in retail. You can invest in hospitality, you very suspect in office, and therefore people are going to continue in this asset class and it's going to be very viable on the one hand. On the other hand, when looking at our portfolio and it speaks to our dividend and speaks to our core earnings, what we're seeing is very, very few requests for forbearance.
And keep in mind, forbearance is just a deferral of your payment. OK. That's all it is. And since most of the multifamily borrows treasure or access to the agency platform, they cannot pay their forbearance and that's why they're actually paying, because if you don't pay forbearance back or if you default, then you're no longer a viable bar in the multifamily market.
So they have resources and if they have to, I believe they will support that. So it speaks to where our earnings are. We don't have a lot of non-multifamily assets, and I would be concerned, and it doesn't really impact us when you have a potential deterioration of asset value and when you have a substantial amount of loans, put it on paying accrue. We haven't had a single paying accrual loan.
So getting back to our core earnings and not dividend, we have multifamily assets that performing in an outstanding manner, based on the core foundation, I think they'll continue to perform and therefore as they perform, they'll continue to contribute toward our earnings. In addition, the agency access is viable liquidity in the market. We've indicated we've had a great first quarter. We've told where we think the second quarter is going to go.
Our pipeline is strong, it's vibrant, it's growing. So we're very, very comfortable with what we have spoken about today, which, as I mentioned in my comments, it puts us in a class by ourselves, and that's what really distinguishes us from the traditional mortgage rate because we have an operating platform that produces stable core earnings. And as Paul mentioned in his comments that I have, we have over $90 million of servicing revenue that comes in each and every year, and it's a growing part and it represents a very substantial amount of our core earnings. So that's kind of a summary of how we feel and how the board feels.
Ryan Tomasello -- KBW -- Analyst
OK. Great. Thank you for all that color.
Operator
Your next question comes from the line of Stephen Laws with Raymond James.
Stephen Laws -- Raymond James -- Analyst
Good morning.
Paul Elenio -- Chief Financial Officer
Hey, Steve. How are you?
Stephen Laws -- Raymond James -- Analyst
Good. Good to hear from you. I hope all are well on your end, both Paul and Ivan, and everyone else. Wanted to touch base them a little more detail on the agency business, Paul, and I want to touch later on the call, but the margins, what should we think about the factors plus or minus kind of going forward is where we see the MSR margin and the fee-based services income margin headed as we move forward from here?
Paul Elenio -- Chief Financial Officer
Sure. I think that's a great question. And given the landscape I think what we've been impressed with and Ivan will touch a little bit more on the market and spreads is we've been impressed with is that we've been able to hold our margins really, really well. And so we put up a 150 at 149 margin this quarter.
I think they'll be fairly consistent throughout the rest of the year on our gain on sale. We do some larger loans, maybe it comes down a little bit in a given quarter, but for the most part, I think those margins are going to hold. The second thing we've seen is our servicing fees are holding. So we are seeing the agencies hold the servicing fee high.
And so we don't expect the servicing fee to really drop much if at all going forward as well depend on where the runoff is, and what rate of servicing fee the runoff is paid at. We did have a little bit higher runoff this quarter on a higher servicing fee, but the servicing fees were generating in the new origination have been very strong. So the originations have been strong, the margins have held, the servicing fees have held. As far as a capitalized MSR number, let's talk about that a little bit.
This quarter, the number came in a little lighter than it did last quarter, mostly due the mix, we had a little bit more on our committed loans Steve in Fannie and Freddie conventional as a percentage of our total book and FHA and a little bit of private label. Therefore, those servicing fees are a little lighter on an MSR perspective, and Fannie. So that mix really drives those MSR rates going to go. If we're doing more Fannie, then MSR rates going to rise.
If we're not, then the MSR rate comes down. But it doesn't affect our servicing fee in my mind, our servicing fee will hold. The second thing that affects MSR values today is the value of the escrows. And that's something we talked about in our commentary, that even despite the net interest income going down pretty substantially for where interest rates went on our escrows.
We're still able to, in our opinion, generate consistent core earnings, which is attribute to the platform. But those reduced earnings on escrows going forward, do hit the MSR capitalization rate a little bit, because it's a part of the value of the service and you're putting on day one.
Stephen Laws -- Raymond James -- Analyst
That's great. That's helpful. Thank you for the detail there. Could you touch base again on the servicing, I was writing things down as quickly as possible? I think you said a servicing advanced facility 100% advanced rate is not going to be an issue for us.
But can you provide -- was there a size of that facility? Or did you quantify anything in your comments around that?
Ivan Kaufman -- President and Chief Executive Officer
So servicing advanced for April was $300,000.
Paul Elenio -- Chief Financial Officer
That's not $200,000.
Ivan Kaufman -- President and Chief Executive Officer
$200,000. It's really nominal.
Paul Elenio -- Chief Financial Officer
Yes.
Ivan Kaufman -- President and Chief Executive Officer
So we don't -- we initially -- when there was a tremendous amount of fear, that'd be a lot of forbearances. Everybody scrambled around and thought that number would be a big number. We immediately contact is one of our banks. We've had a number of banks wanting to offer us a servicing advanced facility.
So we're in the process of putting it in place for no fee. The terms have been agreed upon. And that'll provide a 100% of the advances that we have to make, so we'll have no capital outlay on that.
Stephen Laws -- Raymond James -- Analyst
Great. Sorry to have you repeat it, but I appreciate it, making sure it's clear. That's great to hear. Thanks for the time.
Paul Elenio -- Chief Financial Officer
Thanks, Steve.
Operator
And your next question comes from the line of Rick Shane with JP Morgan.
Rick Shane -- J.P. Morgan -- Analyst
Hi, guys. Thanks for taking my questions.
Paul Elenio -- Chief Financial Officer
Hi, Rick.
Rick Shane -- J.P. Morgan -- Analyst
Ivan, I really appreciate the clarity and sort of outlook on the agency volumes going forward. I am curious, I'd love to hear sort of structurally, how underwriting works in this environment in terms of due diligence and appraisals, etc.?
Ivan Kaufman -- President and Chief Executive Officer
Sure. So what was the real paradox here is that loans that we're generating on the agency loans are probably the best loans we've ever generated for two reasons. Number one, more conservative underwriting. Number two, there's less competition.
And number three, every single loan is being underwritten and funded with interest reserves. Interest reserves are generally six to 12 months. So if there is any shortfall, and they have a problem and you want to actually have insurance that you're going to have those payments made current and keep in mind a 12-month interest is, or even in very draconian circumstances, if a property doesn't perform a last over two years. So those are all the enhancements that are put in place.
And I must say that Arbor was a front runner in working with Fannie Mae and we started putting, we wouldn't close a loan when the pandemic started unless we had an interest reserve and we were actually the architect with Fannie Mae and put that in place. So I think the quality of our loans are outstanding in terms of the appraisals and the inspections and that whole technical process. I'm personally not that granular in it. I worked with our technical staff to work with the agencies to make sure that we had the right spectrum processes.
Initially, there were some issues, but I believe that they believe who prayed and inspect. It's all been put in place and all the right fundamentals are there.
Rick Shane -- J.P. Morgan -- Analyst
Great. OK. Thank you. I appreciate both the physical explanation and the structural loan explanation as well.
One question, on the balance sheet business, you guys walked through the CECL reserve, and I'm sure it's in the K -- or excuse me, in the Q. And I've just got to get there at this point. But were there any realized losses net against the reserve in the provision that we should be aware of in the quarter?
Paul Elenio -- Chief Financial Officer
So, Rick, we're not -- we have zero realized losses, in the quarter. And none of the reserves as you know, were realized. No realized losses would net it against that. And that's one of the reasons we are adding it back to our book value as we spoke is these are all just CECL reserves general in nature and none of them have been realized.
And hopefully, we've been conservative in our approach. We feel like we have been, and we'll see where the market goes and how we end up with those reserves.
Ivan Kaufman -- President and Chief Executive Officer
Yeah. It's interesting you just provoked it. I thought there were a lot of people in order to get liquidity sold-hat securities and have a lot of realized losses to create that liquidity. Fortunately, we had sufficient liquidity, and we didn't sell any loans, nor do we have any realized losses.
Paul Elenio -- Chief Financial Officer
That's an excellent point. I should have mentioned that we have not sold a single loan at any stress distress value.
Rick Shane -- J.P. Morgan -- Analyst
OK. Great. And just so we can think about it from a housekeeping perspective, the plan on core going forward would be to add back provision, but to deduct any defaults or charge offs. Correct? So that way that's where the credit will run through the core number.
Paul Elenio -- Chief Financial Officer
That's correct. So we're trying to be like everybody else here because we feel like our AFO was a little bit of an outlier. Core earnings is how people look at the business that's how you support your dividend. And I agree with you, so as you book general reserves, they get backed out.
If you do have a realized loss, well then, that's a real loss. Right? That's a cash loss. And then, therefore, it would charge against your core. And that's exactly how we are approaching it.
Rick Shane -- J.P. Morgan -- Analyst
Terrific. Great, guys. Thank you very much.
Operator
Thank you. Your next question comes from the line of George Bahamas with Deutsche Bank.
George Bahamas -- Deutsche Bank -- Analyst
Hi. Good morning. Thank you for taking my question. Well, just a follow-up on Rick's question and appreciate the color on the six to 12 months in reserves of new loans you mentioned are, will look more attractive today than they had to source from this given competition declining.
And some of the other factors you've mentioned. In terms of yields on these loans, maybe LTV. Have those changed meaningfully? In the current environment relative to what they look like prior to all this occurring?
Ivan Kaufman -- President and Chief Executive Officer
They have. I think in terms of cash-out refinances, those are being cut back significantly. And also loans are being underwritten to their current economic -- to their current collections. So collections are off 3% to 5%.
Then they're being on the written offer today. So let's assume you typically have a loan that's at a 95% occupancy and it's backed up to 92. You're not underwriting off 95 writing off the car level, which is just a temporarily impaired level. It's not permits.
So I think you're getting a reduced loan. In addition, the lower the LTV, the less of a reserve, so you're going to see people who don't want to post 12 months and six months perhaps go for a lower LTV. So I think we'll have a low LTV in actual that's lower. And then if you take into consideration that this impairment on your rent collections is temporary, then it's even further than that.
So I would say at least 5% across the board, I expect and perhaps hold that more.
George Bahamas -- Deutsche Bank -- Analyst
Great. Thank you. That's helpful color, and appreciate your time today.
Ivan Kaufman -- President and Chief Executive Officer
Thanks, George.
Operator
And your final question comes from my line of Lee Cooperman with Omega Family.
Unknown speaker
Not so much of a question, but I do have one. I think you deserve a shoutout so I'm going to give it to you, which is unusual for me. Nobody thinks like an owner, except the owner, and the fact that you guys own over 20% of the company demonstrates the scenario, the view that nobody thinks like an owner. Because for the last year now, you've been focusing your remarks on a restrained and conservative outlook, saying you were concerned that some of the competitors were resorting to doing foolish things.
I think you've kept the company conservatively focused on workforce housing. And given your profitability, you validated our book value. My only regret is the question is you probably didn't get enough stock in a sub-four, but your press release didn't refer to anything in stock repurchase. I have not gotten to a 10-Q yet, but did you do anything is stock repurchase in the quarter?
Ivan Kaufman -- President and Chief Executive Officer
So, Paul, why don't you indicate what we did buy back, and I'll get some color in terms of what our thought process was.
Paul Elenio -- Chief Financial Officer
Sure. So the math is simply we bought about a million shares back at just around $4. We spent about $4 million of our capital on the plan. And Ivan or I can give you the dialogue around that.
But Ivan, if you want to take a crack at it.
Ivan Kaufman -- President and Chief Executive Officer
Sure. Certainly. In retrospect, we would have liked to have bought more, but we had two issues. Number one, given the pandemic and not knowing how deep it would go, and what further strains were put on liquidity, we couldn't have a free for all buying.
And second of all, we entered into a blackout period. So we had to enter into a program buying what ranges. So, fortunately, or unfortunately, and I would say, unfortunately, we didn't get to buy more, unfortunately, a lot more liquidity and the pandemic only lasted a certain amount of time in terms of how it affected our business. And being in a position where we couldn't go in daily and buy, but we're subject to a preconceived formula.
That's all we were able to get. And we're having a blackout period now, the stock is higher. So it's a different environment. But it was definitely our intention to buy.
But given the circumstances, that's what we're able to come up with, but we did buy.
Unknown speaker
Nothing to apologize for you. Very good job in a very difficult environment. Congratulations.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Lee, and nice peer support.
Paul Elenio -- Chief Financial Officer
Thank you.
Operator
They are no further questions at this time. I'll turn the call back over to the host.
Ivan Kaufman -- President and Chief Executive Officer
We definitely appreciate all our shareholders' support. This has been a very trying period of time. Our team here, as I've mentioned in my remarks, at Arbor have worked remotely and tirelessly and performed at a level beyond my expectation. We feel we are well fluent, in good standing and very optimistic about our franchise and our ability to produce core earnings and consistent dividends.
So stay healthy. Be well. Look forward to our next call, and everybody have a good weekend.
Operator
[Operator signoff]
Duration: 74 minutes
Call participants:
Paul Elenio -- Chief Financial Officer
Ivan Kaufman -- President and Chief Executive Officer
Steve DeLaney -- JMP Securities -- Analyst
Ryan Tomasello -- KBW -- Analyst
Stephen Laws -- Raymond James -- Analyst
Rick Shane -- J.P. Morgan -- Analyst
George Bahamas -- Deutsche Bank -- Analyst
Unknown speaker
More ABR analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (NYSE: ABR) Q1 2020 Earnings Call May 08, 2020, 9:30 a.m. Operator [Operator signoff] Duration: 74 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve DeLaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Stephen Laws -- Raymond James -- Analyst Rick Shane -- J.P. Morgan -- Analyst George Bahamas -- Deutsche Bank -- Analyst Unknown speaker More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. We have built a diversified operating platform that focuses on multifamily assets, with very stable liability structures, and an active agency business, which allows us to generate strong cash flow and consistent reoccurring core earnings and dividends in every market cycle. | Operator [Operator signoff] Duration: 74 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve DeLaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Stephen Laws -- Raymond James -- Analyst Rick Shane -- J.P. Morgan -- Analyst George Bahamas -- Deutsche Bank -- Analyst Unknown speaker More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q1 2020 Earnings Call May 08, 2020, 9:30 a.m. We have built a diversified operating platform that focuses on multifamily assets, with very stable liability structures, and an active agency business, which allows us to generate strong cash flow and consistent reoccurring core earnings and dividends in every market cycle. | Operator [Operator signoff] Duration: 74 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve DeLaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Stephen Laws -- Raymond James -- Analyst Rick Shane -- J.P. Morgan -- Analyst George Bahamas -- Deutsche Bank -- Analyst Unknown speaker More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q1 2020 Earnings Call May 08, 2020, 9:30 a.m. We recorded an additional $76 million of CECL reserves through the income statement in the first quarter, $22 million on our Fannie Mae loan book, and $54 million on our balance sheet portfolio, which included the $33 million in reserves that we took against the assets. | Operator [Operator signoff] Duration: 74 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve DeLaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Stephen Laws -- Raymond James -- Analyst Rick Shane -- J.P. Morgan -- Analyst George Bahamas -- Deutsche Bank -- Analyst Unknown speaker More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q1 2020 Earnings Call May 08, 2020, 9:30 a.m. We recorded an additional $76 million of CECL reserves through the income statement in the first quarter, $22 million on our Fannie Mae loan book, and $54 million on our balance sheet portfolio, which included the $33 million in reserves that we took against the assets. |
30066.0 | 2020-05-08 00:00:00 UTC | Here’s Why Mortgage REITs Colony Credit and Arbor Realty Trust Were Soaring on Friday | ABR | https://www.nasdaq.com/articles/heres-why-mortgage-reits-colony-credit-and-arbor-realty-trust-were-soaring-on-friday-2020 | nan | nan | What happened
The stock market ended the week on a high note, with the Dow Jones Industrial Average and S&P 500 index higher by 1.5% and 1.3%, respectively, as of 2:30pm EDT on Friday.
Some mortgage real estate investment trusts (REITs) were doing far better than the broader market. Colony Credit Real Estate (NYSE: CLNC) and Arbor Realty Trust (NYSE: ABR) were higher by 15% and 10%, respectively. Both companies, which primarily originate and own commercial real estate loans, reported earnings on Thursday afternoon, and it's fair to say that investors liked what they saw.
Image source: Getty Images.
So what
The COVID-19 pandemic has been a roller coaster ride for mortgage REITs as wild swings in interest rates and turbulent changes in asset values have made double-digit moves in these stocks the new normal.
In a nutshell, the results reported by these two companies were significantly better than many investors had feared. Colony Credit Real Estate reported that it received 99% of April interest payments from borrowers and 95% of rent payments from its net-leased real estate portfolio. Arbor Realty Trust announced strong loan origination activity, 12% growth in its loan portfolio, and no material loan modifications. Of the $521 million loan portfolio, the company reported just $8.3 million in non-performing loans -- up from $3.5 million at the end of the year, but still pretty strong considering the environment.
Now what
In short, both of these mortgage REITs showed investors that, so far, the effects of the pandemic have not been as bad as feared. While we're still a long way from being out of the woods, investors in Colony Credit Real Estate and Arbor Realty Trust are breathing a sigh of relief today, and that's what we're seeing reflected in the stock price.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Colony Credit Real Estate (NYSE: CLNC) and Arbor Realty Trust (NYSE: ABR) were higher by 15% and 10%, respectively. What happened The stock market ended the week on a high note, with the Dow Jones Industrial Average and S&P 500 index higher by 1.5% and 1.3%, respectively, as of 2:30pm EDT on Friday. So what The COVID-19 pandemic has been a roller coaster ride for mortgage REITs as wild swings in interest rates and turbulent changes in asset values have made double-digit moves in these stocks the new normal. | Colony Credit Real Estate (NYSE: CLNC) and Arbor Realty Trust (NYSE: ABR) were higher by 15% and 10%, respectively. Some mortgage real estate investment trusts (REITs) were doing far better than the broader market. While we're still a long way from being out of the woods, investors in Colony Credit Real Estate and Arbor Realty Trust are breathing a sigh of relief today, and that's what we're seeing reflected in the stock price. | Colony Credit Real Estate (NYSE: CLNC) and Arbor Realty Trust (NYSE: ABR) were higher by 15% and 10%, respectively. While we're still a long way from being out of the woods, investors in Colony Credit Real Estate and Arbor Realty Trust are breathing a sigh of relief today, and that's what we're seeing reflected in the stock price. 10 stocks we like better than Arbor Realty Trust When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. | Colony Credit Real Estate (NYSE: CLNC) and Arbor Realty Trust (NYSE: ABR) were higher by 15% and 10%, respectively. Some mortgage real estate investment trusts (REITs) were doing far better than the broader market. Both companies, which primarily originate and own commercial real estate loans, reported earnings on Thursday afternoon, and it's fair to say that investors liked what they saw. |
30067.0 | 2020-03-18 00:00:00 UTC | Financial Sector Update for 03/18/2020: XP,ABR,HHC | ABR | https://www.nasdaq.com/articles/financial-sector-update-for-03-18-2020%3A-xpabrhhc-2020-03-18 | nan | nan | Top Financial Stocks
JPM -9.56%
BAC -9.42%
WFC -6.31%
C -13.47%
USB -1.99%
Financial stocks were falling hard in afternoon trading, with the NYSE Financial Index dropping 9.2% while the SPDR Financial Select Sector ETF was sinking 9.3%. The Philadelphia Housing Index was dropping 13.7%.
Among financial stocks moving on news:
(-) XP (XP) slid nearly 19% lower on Wednesday despite reporting improved Q4 earnings, with non-GAAP net income rising to $83.4 million during the three months ended Dec. 31, up 262% over year-ago levels and beating the Capital IQ consensus looking for a $52.8 million adjusted profit. Gross revenue for the Brazilian financial services company grew 90% compared with the same quarter in 2018, reaching $364 million and also exceeding the $325.1 analyst mean.
In other sector news:
(-) Arbor Realty Trust (ABR) gave back its early 2% advance, sinking over 31% this afternoon. The real estate investment trust late Tuesday said its board of directors has authorized a new, $100 million stock program. The share repurchases can be stopped, suspended or adjusted at any time, the company said.
(-) The Howard Hughes Corp (HHC) slid more than 19% after the real estate developer Wednesday said it has sold a building housing a cancer treatment center in The Woodlands near Houston for $115 million. The transaction generated $64 million in net proceeds and produced a $52 million and a $39 million gain on a cash and GAAP basis, respectively.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In other sector news: (-) Arbor Realty Trust (ABR) gave back its early 2% advance, sinking over 31% this afternoon. Gross revenue for the Brazilian financial services company grew 90% compared with the same quarter in 2018, reaching $364 million and also exceeding the $325.1 analyst mean. (-) The Howard Hughes Corp (HHC) slid more than 19% after the real estate developer Wednesday said it has sold a building housing a cancer treatment center in The Woodlands near Houston for $115 million. | In other sector news: (-) Arbor Realty Trust (ABR) gave back its early 2% advance, sinking over 31% this afternoon. Financial stocks were falling hard in afternoon trading, with the NYSE Financial Index dropping 9.2% while the SPDR Financial Select Sector ETF was sinking 9.3%. The Philadelphia Housing Index was dropping 13.7%. | In other sector news: (-) Arbor Realty Trust (ABR) gave back its early 2% advance, sinking over 31% this afternoon. Financial stocks were falling hard in afternoon trading, with the NYSE Financial Index dropping 9.2% while the SPDR Financial Select Sector ETF was sinking 9.3%. Among financial stocks moving on news: (-) XP (XP) slid nearly 19% lower on Wednesday despite reporting improved Q4 earnings, with non-GAAP net income rising to $83.4 million during the three months ended Dec. 31, up 262% over year-ago levels and beating the Capital IQ consensus looking for a $52.8 million adjusted profit. | In other sector news: (-) Arbor Realty Trust (ABR) gave back its early 2% advance, sinking over 31% this afternoon. Financial stocks were falling hard in afternoon trading, with the NYSE Financial Index dropping 9.2% while the SPDR Financial Select Sector ETF was sinking 9.3%. Among financial stocks moving on news: (-) XP (XP) slid nearly 19% lower on Wednesday despite reporting improved Q4 earnings, with non-GAAP net income rising to $83.4 million during the three months ended Dec. 31, up 262% over year-ago levels and beating the Capital IQ consensus looking for a $52.8 million adjusted profit. |
30068.0 | 2020-03-18 00:00:00 UTC | Financial Sector Update for 03/18/2020: CIM,XP,ABR,HHC | ABR | https://www.nasdaq.com/articles/financial-sector-update-for-03-18-2020%3A-cimxpabrhhc-2020-03-18 | nan | nan | Top Financial Stocks
JPM -10.94%
BAC -7.67%
WFC -7.42%
C -15.13%
USB -2.91%
Financial stocks fell hard again Wednesday afternoon, with the NYSE Financial Index dropping 10.2% while the SPDR Financial Select Sector ETF was sinking 10.5%. The Philadelphia Housing Index was dropping 13.9%.
Among financial stocks moving on news:
(-) Chimera Investment (CIM) fell more than 47% at one point on Wednesday, touching a worst-ever $6.42 a share, after the real estate investment trust said it has rolled the financing for about $7.3 billion of collateral since March 1, including $2.1 billion of collateral this week. The company also said it has repurchased $22 million of its stock since announcing its $150 million share buyback program last Friday. Several executives and directors also have been buying its stock, Chimera said.
In other sector news:
(-) XP (XP) slid nearly 16% lower on Wednesday despite reporting improved Q4 earnings, with non-GAAP net income rising to $83.4 million during the three months ended Dec. 31, up 262% over year-ago levels and beating the Capital IQ consensus looking for a $52.8 million adjusted profit. Gross revenue for the Brazilian financial services company grew 90% compared with the same quarter in 2018, reaching $364 million and also exceeding the $325.1 analyst mean.
(-) The Howard Hughes Corp (HHC) slid more than 20% after the real estate developer Wednesday said it has sold a building housing a cancer treatment center in The Woodlands near Houston for $115 million. The transaction generated $64 million in net proceeds and produced a $52 million and a $39 million gain on a cash and GAAP basis, respectively.
(-) Arbor Realty Trust (ABR) gave back its early 2% advance, sinking 28% this afternoon. The real estate investment trust late Tuesday said its board of directors has authorized a new, $100 million stock buyback program. The share repurchases can be stopped, suspended or adjusted at any time, the company said.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | (-) Arbor Realty Trust (ABR) gave back its early 2% advance, sinking 28% this afternoon. Gross revenue for the Brazilian financial services company grew 90% compared with the same quarter in 2018, reaching $364 million and also exceeding the $325.1 analyst mean. (-) The Howard Hughes Corp (HHC) slid more than 20% after the real estate developer Wednesday said it has sold a building housing a cancer treatment center in The Woodlands near Houston for $115 million. | (-) Arbor Realty Trust (ABR) gave back its early 2% advance, sinking 28% this afternoon. Financial stocks fell hard again Wednesday afternoon, with the NYSE Financial Index dropping 10.2% while the SPDR Financial Select Sector ETF was sinking 10.5%. Among financial stocks moving on news: (-) Chimera Investment (CIM) fell more than 47% at one point on Wednesday, touching a worst-ever $6.42 a share, after the real estate investment trust said it has rolled the financing for about $7.3 billion of collateral since March 1, including $2.1 billion of collateral this week. | (-) Arbor Realty Trust (ABR) gave back its early 2% advance, sinking 28% this afternoon. Financial stocks fell hard again Wednesday afternoon, with the NYSE Financial Index dropping 10.2% while the SPDR Financial Select Sector ETF was sinking 10.5%. Among financial stocks moving on news: (-) Chimera Investment (CIM) fell more than 47% at one point on Wednesday, touching a worst-ever $6.42 a share, after the real estate investment trust said it has rolled the financing for about $7.3 billion of collateral since March 1, including $2.1 billion of collateral this week. | (-) Arbor Realty Trust (ABR) gave back its early 2% advance, sinking 28% this afternoon. Financial stocks fell hard again Wednesday afternoon, with the NYSE Financial Index dropping 10.2% while the SPDR Financial Select Sector ETF was sinking 10.5%. The company also said it has repurchased $22 million of its stock since announcing its $150 million share buyback program last Friday. |
30069.0 | 2020-02-28 00:00:00 UTC | Why Arbor Realty Trust Is a Top 10 REIT Stock With 9.48% Yield (ABR) | ABR | https://www.nasdaq.com/articles/why-arbor-realty-trust-is-a-top-10-reit-stock-with-9.48-yield-abr-2020-02-28 | nan | nan | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $12.66 represents a price-to-book ratio of 1.3 and an annual dividend yield of 9.48% — by comparison, the average stock in Dividend Channel's coverage universe yields 4.1% and trades at a price-to-book ratio of 2.1. The report also cited the strong quarterly dividend history at Arbor Realty Trust Inc, and favorable long-term multi-year growth rates in key fundamental data points.
The report stated, ''Dividend investors approaching investing from a value standpoint are generally most interested in researching the strongest most profitable companies, that also happen to be trading at an attractive valuation. That's what we aim to find using our proprietary DividendRank formula, which ranks the coverage universe based upon our various criteria for both profitability and valuation, to generate a list of the top most 'interesting' stocks, meant for investors as a source of ideas that merit further research.''
REITs hold a special place in the hearts of dividend investors, because they must distribute at least 90% of their taxable income each year to shareholders as dividends. While this can make for a high dividend yield, it also introduces some volatility and uncertainty into the level of payments from year to year — huge dividend payouts are common when a REIT turns large profits, versus smaller payouts or even periods of no dividends in times of losses.
The current annualized dividend paid by Arbor Realty Trust Inc is $1.2/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 02/27/2020. Below is a long-term dividend history chart for ABR, which the report stressed as being of key importance. Indeed, studying a company's past dividend history can be of good help in judging whether the most recent dividend is likely to continue.
10 Top Ranked High Yield REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $12.66 represents a price-to-book ratio of 1.3 and an annual dividend yield of 9.48% — by comparison, the average stock in Dividend Channel's coverage universe yields 4.1% and trades at a price-to-book ratio of 2.1. | The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $12.66 represents a price-to-book ratio of 1.3 and an annual dividend yield of 9.48% — by comparison, the average stock in Dividend Channel's coverage universe yields 4.1% and trades at a price-to-book ratio of 2.1. Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. For example, the recent ABR share price of $12.66 represents a price-to-book ratio of 1.3 and an annual dividend yield of 9.48% — by comparison, the average stock in Dividend Channel's coverage universe yields 4.1% and trades at a price-to-book ratio of 2.1. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $12.66 represents a price-to-book ratio of 1.3 and an annual dividend yield of 9.48% — by comparison, the average stock in Dividend Channel's coverage universe yields 4.1% and trades at a price-to-book ratio of 2.1. |
30070.0 | 2020-02-27 00:00:00 UTC | Arbor Realty Trust (ABR) Shares Cross Below 200 DMA | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-shares-cross-below-200-dma-2020-02-27 | nan | nan | In trading on Thursday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $13.46, changing hands as low as $12.04 per share. Arbor Realty Trust Inc shares are currently trading down about 3.7% on the day. The chart below shows the one year performance of ABR shares, versus its 200 day moving average:
Looking at the chart above, ABR's low point in its 52 week range is $11.75 per share, with $15.77 as the 52 week high point — that compares with a last trade of $12.90.
Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Thursday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $13.46, changing hands as low as $12.04 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $11.75 per share, with $15.77 as the 52 week high point — that compares with a last trade of $12.90. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Thursday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $13.46, changing hands as low as $12.04 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $11.75 per share, with $15.77 as the 52 week high point — that compares with a last trade of $12.90. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Thursday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $13.46, changing hands as low as $12.04 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $11.75 per share, with $15.77 as the 52 week high point — that compares with a last trade of $12.90. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Thursday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $13.46, changing hands as low as $12.04 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $11.75 per share, with $15.77 as the 52 week high point — that compares with a last trade of $12.90. Arbor Realty Trust Inc shares are currently trading down about 3.7% on the day. |
30071.0 | 2020-02-27 00:00:00 UTC | First Week of October 16th Options Trading For Arbor Realty Trust (ABR) | ABR | https://www.nasdaq.com/articles/first-week-of-october-16th-options-trading-for-arbor-realty-trust-abr-2020-02-27 | nan | nan | Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available this week, for the October 16th expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 232 days until expiration the newly available contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new October 16th contracts and identified one put and one call contract of particular interest.
The put contract at the $10.00 strike price has a current bid of 20 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $10.00, but will also collect the premium, putting the cost basis of the shares at $9.80 (before broker commissions). To an investor already interested in purchasing shares of ABR, that could represent an attractive alternative to paying $12.42/share today.
Because the $10.00 strike represents an approximate 19% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 86%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 2.00% return on the cash commitment, or 3.15% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Arbor Realty Trust Inc, and highlighting in green where the $10.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $12.50 strike price has a current bid of 80 cents. If an investor was to purchase shares of ABR stock at the current price level of $12.42/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $12.50. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 7.09% if the stock gets called away at the October 16th expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if ABR shares really soar, which is why looking at the trailing twelve month trading history for Arbor Realty Trust Inc, as well as studying the business fundamentals becomes important. Below is a chart showing ABR's trailing twelve month trading history, with the $12.50 strike highlighted in red:
Considering the fact that the $12.50 strike represents an approximate 1% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 56%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 6.44% boost of extra return to the investor, or 10.14% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 37%, while the implied volatility in the call contract example is 25%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 252 trading day closing values as well as today's price of $12.42) to be 22%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Calls of the Mortgage REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Of course, a lot of upside could potentially be left on the table if ABR shares really soar, which is why looking at the trailing twelve month trading history for Arbor Realty Trust Inc, as well as studying the business fundamentals becomes important. Below is a chart showing ABR's trailing twelve month trading history, with the $12.50 strike highlighted in red: Considering the fact that the $12.50 strike represents an approximate 1% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available this week, for the October 16th expiration. | Below is a chart showing ABR's trailing twelve month trading history, with the $12.50 strike highlighted in red: Considering the fact that the $12.50 strike represents an approximate 1% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available this week, for the October 16th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new October 16th contracts and identified one put and one call contract of particular interest. | Below is a chart showing ABR's trailing twelve month trading history, with the $12.50 strike highlighted in red: Considering the fact that the $12.50 strike represents an approximate 1% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available this week, for the October 16th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new October 16th contracts and identified one put and one call contract of particular interest. | At Stock Options Channel, our YieldBoost formula has looked up and down the ABR options chain for the new October 16th contracts and identified one put and one call contract of particular interest. Below is a chart showing ABR's trailing twelve month trading history, with the $12.50 strike highlighted in red: Considering the fact that the $12.50 strike represents an approximate 1% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Arbor Realty Trust Inc (Symbol: ABR) saw new options become available this week, for the October 16th expiration. |
30072.0 | 2020-02-25 00:00:00 UTC | Arbor Realty Trust Enters Oversold Territory | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-enters-oversold-territory-2020-02-25 | nan | nan | The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.
But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of ABR entered into oversold territory, changing hands as low as $13.512 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Arbor Realty Trust Inc, the RSI reading has hit 29.4 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 35.1. A falling stock price — all else being equal — creates a better opportunity for dividend investors to capture a higher yield. Indeed, ABR's recent annualized dividend of 1.2/share (currently paid in quarterly installments) works out to an annual yield of 8.31% based upon the recent $14.44 share price.
A bullish investor could look at ABR's 29.4 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on ABR is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
Click here to find out what 9 other oversold dividend stocks you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A bullish investor could look at ABR's 29.4 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of ABR entered into oversold territory, changing hands as low as $13.512 per share. | Indeed, ABR's recent annualized dividend of 1.2/share (currently paid in quarterly installments) works out to an annual yield of 8.31% based upon the recent $14.44 share price. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of ABR entered into oversold territory, changing hands as low as $13.512 per share. | Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on ABR is its dividend history. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of ABR entered into oversold territory, changing hands as low as $13.512 per share. | But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of ABR entered into oversold territory, changing hands as low as $13.512 per share. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on ABR is its dividend history. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. |
30073.0 | 2020-02-19 00:00:00 UTC | 5 Cheap High-Yield Dividend Stocks Set to Grow Their Dividends | ABR | https://www.nasdaq.com/articles/5-cheap-high-yield-dividend-stocks-set-to-grow-their-dividends-2020-02-19 | nan | nan | This article discusses five high-yield dividend stocks that have grown their dividends in the past five years and also have low price-to-earnings ratios.
In addition, the dividends are well covered by their earnings. This means that each company can afford the high-yield dividends it pays out.
Each of these high-yield dividend stocks has a dividend yield exceeding 6.5%. ThatâÂÂs is a very high dividend yield few stocks have. In addition, the dividend per share has been growing at a positive rate in the past five years.
Moreover, the price-to-earnings ratio on a forward basis is 13 times or less. That means theyâÂÂre priced to buy.
Finally, each of these high-yield dividend stocks has forward earnings per share that are at least 100% of the dividend per share set for 2020.
Growing High-Yield Dividend Stocks: Arbor Realty Trust (ABR)
Source: Mark R. Hake, CFA
Dividend Yield: 8.1%
Price-To-Earnings Ratio: 11.8x
Average Annual DPS Growth: 15.7%
Arbor Realty Trust (NYSE:) stock is a Real Estate Investment Trust (REIT) that invests in mortgages and bridge loans related to real estate purchases. ABR stock has a $1.9 billion market value and pays a $1.20 dividend per share that yields 8.1%.
ABR stockâÂÂs dividend per share is more than covered by its prospective 2020 Funds from Operations (FFO) of $1.25 per share. Moreover, its dividend has grown at a compound average annual rate of 15.7% per year.
ABR just announced earnings showing that its latest quarterly FFO rose 17% to 34 cents per share over last yearâÂÂs rate of 29 cents per share. Moreover, its core net interest income was up 11.1% over the prior year.
Therefore, the company is continuing on its growth path. This bodes well for continued dividend increases.
Enterprise Products Partners LP (EPD)
Source: Mark R. Hake, CFA
Dividend Yield: 6.8%
Price-To-Earnings Ratio: 12.1x
Average Annual DPS Growth: 3.3%
Enterprise Products Partners (NYSE:) is an oil and natural gas midstream service provider based in Houston. It makes fees from natural gas liquids (âÂÂNGLâÂÂ) processing, marketing, and docking services. EPD has 19,200 miles in NGL pipelines and related storage tanks. It also operates approximately 5,300 miles of crude oil pipelines; and crude oil storage and marine terminals located in Oklahoma and Texas, as well as a fleet of 360 tractor-trailer tank trucks, used to transport crude oil. EPD has a $58 billion market value. Bottom line: this is a huge company.
EPD pays an annualized dividend of $1.78, which it recently raised. This provides EPD stock a dividend yield of 6.8%, which is very high. But its expected earnings this year of $2.18 per share more than cover this dividend.ÃÂ EPD has had a stable history of earnings since 85% of its income comes from fees rather than oil and gas production.
For example, in the past five years, its earnings have risen 42% from $1.47 per share to $2.09 in 2019. This works out to average annual growth of 7.3%. Moreover, its dividend per share has risen on average 3.3% per year over the same period.
Moreover, EPD stock trades for just 12 times this yearâÂÂs expected earnings. So it is very cheap. With its high yield, growing dividends and earnings coverage, EPD stock looks like a good bargain for long-term investors.
Magellan Midstream Partners LP (MMP)
Source: Mark R. Hake, CFA
Dividend Yield: 6.8%
Price-To-Earnings Ratio: 13.1x
Average Annual DPS Growth: 7.1%
Magellan Midstream Partners (NYSE:) transport, stores and distributes refined petroleum and crude oil in the U.S. MDP stock has a large $13.6 billion market value. MMP stock is cheap at 13 times price-to-earnings.
Moreover, MMP is also a high-yield dividend stock. It recently raised the dividend to an annual rate of $4.11 per share. This gives the $60 stock price a dividend yield of 6.8%. Moreover, the dividend is well covered by its expected earnings this year. Analysts expect MDP to earn $4.57 per share in 2020.
This past quarter MDP grew its cash by over 18.3% from the prior year. The underlying cash flow the company has been growing consistently over the past five years. This has supported its annualized growth in dividends of 7.1% over the same period.
In short, this is another solid cash-flow producing company that has had a stable and growing dividend. At its present dividend yield and P/E ratio, MMP stock is very cheap.
Meredith Corp (MDP)
Source: Mark R. Hake, CFA
Dividend Yield: 7.3%
Price-To-Earnings Ratio: 5.2x
Average Annual DPS Growth: 5.4%
Meredith CorporationÃÂ (NYSE:) is the number-one magazine operator in the U.S. It publishesÃÂ People,ÃÂ In-Style,ÃÂ Better Homes and GardensÃÂ andÃÂ Martha Stewart Living. It also owns 17 TV stations.
Meredith is very cheap, selling at around five times its expected non-GAAP June 2020 earnings,ÃÂ . Based on its last 12 months of FCF, where it made $213 million, MDP stock has a 21.9% FCF yield based on its $1.43 billion market value.
Moreover, MDP just raised its dividend sometime on February 1, 2020. This marks the 27th year the company has raised its annual dividend and 73rd year of making dividend payments. Moreover, the company has plenty of FCF to pay for its huge dividend.
Tanger Factory Outlet Centers (SKT)
Dividend Yield: 10.99%
Price-To-Earnings Ratio: 6.5x
Average Annual DPS Growth: 10.8%
Tanger Factory Outlet Centers (NYSE:) is a REIT that owns or has a stake in 39 upscale outlet shopping centers in 20 states and Canada. SKT stock is cheap at 6.5 times earnings and with a 10.99% dividend yield.
In fact, SKT recently increased its quarterly dividend to $1.43 on an annualized basis. This is more than covered by its expected FFO rate to $2.02 per share.
Moreover, over the past five years, its dividend has grown 10.8% on an annualized basis. Obviously this doesnâÂÂt guarantee that the dividend will continue to grow at this rate. But it shows that the company has the earnings power to continually increase the dividend.
In summary, this is a cheap stock with a high-yield dividend and growing earnings that covers the dividend.
Summary and Conclusion
Overall, this set of dividend stocks has cheap valuations and growing high-yield dividends. ThatâÂÂs a good bargain. In fact, as a group, they offer an average dividend yield of over 8% and on average trade at less than 10 times earnings.
Source: Mark R. Hake, CFA
Moreover, the dividends in this group of high-yield dividend stocks have grown on average 8.5% per year over the past five years.
In conclusion, this looks to be a good bargain for value-based investors. For example, it is ideal for those who are looking for a group of high-yield stocks that have growing dividends well covered by earnings.
As of this writing, Mark Hake, CFA does not hold a position in any of the aforementioned securities. Mark Hake runs theÃÂ ÃÂ which you can reviewÃÂ here.ÃÂ TheÃÂ GuideÃÂ focuses on high total yield value stocks. Subscribers receive a two-week free trial.
The post appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Growing High-Yield Dividend Stocks: Arbor Realty Trust (ABR) Source: Mark R. Hake, CFA Dividend Yield: 8.1% Price-To-Earnings Ratio: 11.8x Average Annual DPS Growth: 15.7% Arbor Realty Trust (NYSE:) stock is a Real Estate Investment Trust (REIT) that invests in mortgages and bridge loans related to real estate purchases. ABR stock has a $1.9 billion market value and pays a $1.20 dividend per share that yields 8.1%. ABR stockâÂÂs dividend per share is more than covered by its prospective 2020 Funds from Operations (FFO) of $1.25 per share. | Growing High-Yield Dividend Stocks: Arbor Realty Trust (ABR) Source: Mark R. Hake, CFA Dividend Yield: 8.1% Price-To-Earnings Ratio: 11.8x Average Annual DPS Growth: 15.7% Arbor Realty Trust (NYSE:) stock is a Real Estate Investment Trust (REIT) that invests in mortgages and bridge loans related to real estate purchases. ABR stock has a $1.9 billion market value and pays a $1.20 dividend per share that yields 8.1%. ABR stockâÂÂs dividend per share is more than covered by its prospective 2020 Funds from Operations (FFO) of $1.25 per share. | Growing High-Yield Dividend Stocks: Arbor Realty Trust (ABR) Source: Mark R. Hake, CFA Dividend Yield: 8.1% Price-To-Earnings Ratio: 11.8x Average Annual DPS Growth: 15.7% Arbor Realty Trust (NYSE:) stock is a Real Estate Investment Trust (REIT) that invests in mortgages and bridge loans related to real estate purchases. ABR stock has a $1.9 billion market value and pays a $1.20 dividend per share that yields 8.1%. ABR stockâÂÂs dividend per share is more than covered by its prospective 2020 Funds from Operations (FFO) of $1.25 per share. | Growing High-Yield Dividend Stocks: Arbor Realty Trust (ABR) Source: Mark R. Hake, CFA Dividend Yield: 8.1% Price-To-Earnings Ratio: 11.8x Average Annual DPS Growth: 15.7% Arbor Realty Trust (NYSE:) stock is a Real Estate Investment Trust (REIT) that invests in mortgages and bridge loans related to real estate purchases. ABR stock has a $1.9 billion market value and pays a $1.20 dividend per share that yields 8.1%. ABR stockâÂÂs dividend per share is more than covered by its prospective 2020 Funds from Operations (FFO) of $1.25 per share. |
30074.0 | 2020-02-19 00:00:00 UTC | Financial Sector Update for 02/19/2020: LC,ABR,VNO | ABR | https://www.nasdaq.com/articles/financial-sector-update-for-02-19-2020%3A-lcabrvno-2020-02-19 | nan | nan | Top Financial Stocks
JPM +1.79%
BAC +1.59%
WFC +0.36%
C +0.82%
USB +0.66%
Financial stocks were climbing in afternoon trading, with the NYSE Financial Index rising 0.4% while the shares of financial companies in the S&P 500 were climbing 0.9%. The Philadelphia Housing Index was ahead 0.5%.
Among financial stocks moving on news:
(-) LendingClub (LC) dropped 3.2% after announcing its $185 million cash-and-stock purchase of Radius Bancorp, upstaging better-than-expected Q4 financial results. CEO Scott Sanborn said the addition of Radius' branchless digital banking platform was a "transformational transaction" that will dramatically improve the resilience and earnings trajectory at the company.
In other sector news:
(+) Arbor Realty Trust (ABR) rose about 1% after the real estate investment trust Wednesday priced a $275 million private placement of 4.5% senior unsecured notes due 2027. The company expects to use the net proceeds to repay secured debt.
(-) Vornado Realty Trust (VNO) fell 4%. The company late Tuesday reported Q4 FFO of $1.63 per share, improving on FFO of $1.10 per share a year earlier and beating the Capital IQ consensus by $0.06 per share. Revenue fell to $461 million, also exceeding the $451.1 million analyst mean.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In other sector news: (+) Arbor Realty Trust (ABR) rose about 1% after the real estate investment trust Wednesday priced a $275 million private placement of 4.5% senior unsecured notes due 2027. CEO Scott Sanborn said the addition of Radius' branchless digital banking platform was a "transformational transaction" that will dramatically improve the resilience and earnings trajectory at the company. The company expects to use the net proceeds to repay secured debt. | In other sector news: (+) Arbor Realty Trust (ABR) rose about 1% after the real estate investment trust Wednesday priced a $275 million private placement of 4.5% senior unsecured notes due 2027. Financial stocks were climbing in afternoon trading, with the NYSE Financial Index rising 0.4% while the shares of financial companies in the S&P 500 were climbing 0.9%. The company late Tuesday reported Q4 FFO of $1.63 per share, improving on FFO of $1.10 per share a year earlier and beating the Capital IQ consensus by $0.06 per share. | In other sector news: (+) Arbor Realty Trust (ABR) rose about 1% after the real estate investment trust Wednesday priced a $275 million private placement of 4.5% senior unsecured notes due 2027. Financial stocks were climbing in afternoon trading, with the NYSE Financial Index rising 0.4% while the shares of financial companies in the S&P 500 were climbing 0.9%. Among financial stocks moving on news: (-) LendingClub (LC) dropped 3.2% after announcing its $185 million cash-and-stock purchase of Radius Bancorp, upstaging better-than-expected Q4 financial results. | In other sector news: (+) Arbor Realty Trust (ABR) rose about 1% after the real estate investment trust Wednesday priced a $275 million private placement of 4.5% senior unsecured notes due 2027. Financial stocks were climbing in afternoon trading, with the NYSE Financial Index rising 0.4% while the shares of financial companies in the S&P 500 were climbing 0.9%. The Philadelphia Housing Index was ahead 0.5%. |
30075.0 | 2020-02-19 00:00:00 UTC | Financial Sector Update for 02/19/2020: OCFT,ABR,LC,VNO | ABR | https://www.nasdaq.com/articles/financial-sector-update-for-02-19-2020%3A-ocftabrlcvno-2020-02-19 | nan | nan | Top Financial Stocks
JPM +1.54%
BAC +1.32%
WFC +0.10%
C +0.61%
USB +0.70%
Financial stocks eased slightly from their prior gains, with the NYSE Financial Index rising 0.4% while the shares of financial companies in the S&P 500 were climbing 0.8%. The Philadelphia Housing Index was ahead 0.2%.
Among financial stocks moving on news:
(-) OneConnect Financial Technology (OCFT) was more than 6% lower in late Wednesday trading, trimming a portion of a steeper mid-day decline that followed the Chinese technology-as-a service platform reporting 51% increase in revenue during its Q4 ended Dec. 31 compared with year-ago levels, rising to RMB772.9 million but still lagging the two-analyst mean expecting RMB796 million in quarterly revenue.
In other sector news:
(+) Arbor Realty Trust (ABR) turned lower this afternoon, giving back its prior gain that followed the real estate investment trust Wednesday pricing a $275 million private placement of 4.5% senior unsecured notes due 2027. The company expects to use the net proceeds to repay secured debt.
(-) LendingClub (LC) dropped 2% after announcing its $185 million cash-and-stock purchase of Radius Bancorp, upstaging better-than-expected Q4 financial results. CEO Scott Sanborn said the addition of Radius' branchless digital banking platform was a "transformational transaction" that will dramatically improve the resilience and earnings trajectory at the company.
(-) Vornado Realty Trust (VNO) fell 5.3%. The company late Tuesday reported Q4 FFO of $1.63 per share, improving on FFO of $1.10 per share a year earlier and beating the Capital IQ consensus by $0.06 per share. Revenue fell to $461 million, also exceeding the $451.1 million analyst mean.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In other sector news: (+) Arbor Realty Trust (ABR) turned lower this afternoon, giving back its prior gain that followed the real estate investment trust Wednesday pricing a $275 million private placement of 4.5% senior unsecured notes due 2027. Among financial stocks moving on news: (-) OneConnect Financial Technology (OCFT) was more than 6% lower in late Wednesday trading, trimming a portion of a steeper mid-day decline that followed the Chinese technology-as-a service platform reporting 51% increase in revenue during its Q4 ended Dec. 31 compared with year-ago levels, rising to RMB772.9 million but still lagging the two-analyst mean expecting RMB796 million in quarterly revenue. (-) LendingClub (LC) dropped 2% after announcing its $185 million cash-and-stock purchase of Radius Bancorp, upstaging better-than-expected Q4 financial results. | In other sector news: (+) Arbor Realty Trust (ABR) turned lower this afternoon, giving back its prior gain that followed the real estate investment trust Wednesday pricing a $275 million private placement of 4.5% senior unsecured notes due 2027. Financial stocks eased slightly from their prior gains, with the NYSE Financial Index rising 0.4% while the shares of financial companies in the S&P 500 were climbing 0.8%. Among financial stocks moving on news: (-) OneConnect Financial Technology (OCFT) was more than 6% lower in late Wednesday trading, trimming a portion of a steeper mid-day decline that followed the Chinese technology-as-a service platform reporting 51% increase in revenue during its Q4 ended Dec. 31 compared with year-ago levels, rising to RMB772.9 million but still lagging the two-analyst mean expecting RMB796 million in quarterly revenue. | In other sector news: (+) Arbor Realty Trust (ABR) turned lower this afternoon, giving back its prior gain that followed the real estate investment trust Wednesday pricing a $275 million private placement of 4.5% senior unsecured notes due 2027. Financial stocks eased slightly from their prior gains, with the NYSE Financial Index rising 0.4% while the shares of financial companies in the S&P 500 were climbing 0.8%. Among financial stocks moving on news: (-) OneConnect Financial Technology (OCFT) was more than 6% lower in late Wednesday trading, trimming a portion of a steeper mid-day decline that followed the Chinese technology-as-a service platform reporting 51% increase in revenue during its Q4 ended Dec. 31 compared with year-ago levels, rising to RMB772.9 million but still lagging the two-analyst mean expecting RMB796 million in quarterly revenue. | In other sector news: (+) Arbor Realty Trust (ABR) turned lower this afternoon, giving back its prior gain that followed the real estate investment trust Wednesday pricing a $275 million private placement of 4.5% senior unsecured notes due 2027. Financial stocks eased slightly from their prior gains, with the NYSE Financial Index rising 0.4% while the shares of financial companies in the S&P 500 were climbing 0.8%. Among financial stocks moving on news: (-) OneConnect Financial Technology (OCFT) was more than 6% lower in late Wednesday trading, trimming a portion of a steeper mid-day decline that followed the Chinese technology-as-a service platform reporting 51% increase in revenue during its Q4 ended Dec. 31 compared with year-ago levels, rising to RMB772.9 million but still lagging the two-analyst mean expecting RMB796 million in quarterly revenue. |
30076.0 | 2020-02-18 00:00:00 UTC | Arbor Realty Trust's Series B Preferred Stock Shares Cross 7.5% Yield Mark | ABR | https://www.nasdaq.com/articles/arbor-realty-trusts-series-b-preferred-stock-shares-cross-7.5-yield-mark-2020-02-18 | nan | nan | In trading on Tuesday, shares of Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock (Symbol: ABR.PRB) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.9375), with shares changing hands as low as $25.79 on the day. This compares to an average yield of 6.02% in the "Real Estate" preferred stock category, according to Preferred Stock Channel. As of last close, ABR.PRB was trading at a 3.72% premium to its liquidation preference amount, versus the average premium of 46.90% in the "Real Estate" category.
The chart below shows the one year performance of ABR.PRB shares, versus ABR:
Below is a dividend history chart for ABR.PRB, showing historical dividend payments on Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock:
In Tuesday trading, Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock (Symbol: ABR.PRB) is currently down about 0.3% on the day, while the common shares (Symbol: ABR) are down about 0.1%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Tuesday, shares of Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock (Symbol: ABR.PRB) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.9375), with shares changing hands as low as $25.79 on the day. As of last close, ABR.PRB was trading at a 3.72% premium to its liquidation preference amount, versus the average premium of 46.90% in the "Real Estate" category. The chart below shows the one year performance of ABR.PRB shares, versus ABR: Below is a dividend history chart for ABR.PRB, showing historical dividend payments on Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock: In Tuesday trading, Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock (Symbol: ABR.PRB) is currently down about 0.3% on the day, while the common shares (Symbol: ABR) are down about 0.1%. | In trading on Tuesday, shares of Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock (Symbol: ABR.PRB) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.9375), with shares changing hands as low as $25.79 on the day. The chart below shows the one year performance of ABR.PRB shares, versus ABR: Below is a dividend history chart for ABR.PRB, showing historical dividend payments on Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock: In Tuesday trading, Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock (Symbol: ABR.PRB) is currently down about 0.3% on the day, while the common shares (Symbol: ABR) are down about 0.1%. As of last close, ABR.PRB was trading at a 3.72% premium to its liquidation preference amount, versus the average premium of 46.90% in the "Real Estate" category. | In trading on Tuesday, shares of Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock (Symbol: ABR.PRB) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.9375), with shares changing hands as low as $25.79 on the day. The chart below shows the one year performance of ABR.PRB shares, versus ABR: Below is a dividend history chart for ABR.PRB, showing historical dividend payments on Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock: In Tuesday trading, Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock (Symbol: ABR.PRB) is currently down about 0.3% on the day, while the common shares (Symbol: ABR) are down about 0.1%. As of last close, ABR.PRB was trading at a 3.72% premium to its liquidation preference amount, versus the average premium of 46.90% in the "Real Estate" category. | In trading on Tuesday, shares of Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock (Symbol: ABR.PRB) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.9375), with shares changing hands as low as $25.79 on the day. As of last close, ABR.PRB was trading at a 3.72% premium to its liquidation preference amount, versus the average premium of 46.90% in the "Real Estate" category. The chart below shows the one year performance of ABR.PRB shares, versus ABR: Below is a dividend history chart for ABR.PRB, showing historical dividend payments on Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock: In Tuesday trading, Arbor Realty Trust Inc's 7.75% Series B Cumulative Redeemable Preferred Stock (Symbol: ABR.PRB) is currently down about 0.3% on the day, while the common shares (Symbol: ABR) are down about 0.1%. |
30077.0 | 2020-02-14 00:00:00 UTC | Financial Sector Update for 02/14/2020: ABR,DLR,FNF | ABR | https://www.nasdaq.com/articles/financial-sector-update-for-02-14-2020%3A-abrdlrfnf-2020-02-14 | nan | nan | Top Financial Stocks
JPM -0.12%
BAC -0.11%
WFC -0.10%
C -0.32%
USB -0.24%
Financial stocks were edging lower this afternoon, with the NYSE Financial Index slipping fractionally while the shares of financial companies in the S&P 500 also were slightly lower. The Philadelphia Housing Index was rising fractionally.
Among financial stocks moving on news:
(-) Arbor Realty Trust (ABR) fell 1% after the real estate investment trust reported an 11.3% increase in net interest income during its Q4 ended Dec. 31, rising to $33.8 million but still trailing the Capital IQ consensus looking for $34 million.
In other sector news
(+) Digital Realty Trust (DLR) climbed 3% after reporting core Q4 funds from operations of $1.62 per share, down from $1.68 during the same quarter last year but topping the Capital IQ consensus by $0.03 per share. Net income grew to $1.50 per share compared with $0.15 per share during the year-ago period, also topping the $1.47 per share Street view.
(-) Fidelity National Financial (FNF) slipped almost 1% after the title insurance company reported adjusted earnings of $263 million during Q4, lagging the $266.5 million two-analyst mean compiled by Capital IQ.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Among financial stocks moving on news: (-) Arbor Realty Trust (ABR) fell 1% after the real estate investment trust reported an 11.3% increase in net interest income during its Q4 ended Dec. 31, rising to $33.8 million but still trailing the Capital IQ consensus looking for $34 million. In other sector news (+) Digital Realty Trust (DLR) climbed 3% after reporting core Q4 funds from operations of $1.62 per share, down from $1.68 during the same quarter last year but topping the Capital IQ consensus by $0.03 per share. (-) Fidelity National Financial (FNF) slipped almost 1% after the title insurance company reported adjusted earnings of $263 million during Q4, lagging the $266.5 million two-analyst mean compiled by Capital IQ. | Among financial stocks moving on news: (-) Arbor Realty Trust (ABR) fell 1% after the real estate investment trust reported an 11.3% increase in net interest income during its Q4 ended Dec. 31, rising to $33.8 million but still trailing the Capital IQ consensus looking for $34 million. Financial stocks were edging lower this afternoon, with the NYSE Financial Index slipping fractionally while the shares of financial companies in the S&P 500 also were slightly lower. In other sector news (+) Digital Realty Trust (DLR) climbed 3% after reporting core Q4 funds from operations of $1.62 per share, down from $1.68 during the same quarter last year but topping the Capital IQ consensus by $0.03 per share. | Among financial stocks moving on news: (-) Arbor Realty Trust (ABR) fell 1% after the real estate investment trust reported an 11.3% increase in net interest income during its Q4 ended Dec. 31, rising to $33.8 million but still trailing the Capital IQ consensus looking for $34 million. Financial stocks were edging lower this afternoon, with the NYSE Financial Index slipping fractionally while the shares of financial companies in the S&P 500 also were slightly lower. In other sector news (+) Digital Realty Trust (DLR) climbed 3% after reporting core Q4 funds from operations of $1.62 per share, down from $1.68 during the same quarter last year but topping the Capital IQ consensus by $0.03 per share. | Among financial stocks moving on news: (-) Arbor Realty Trust (ABR) fell 1% after the real estate investment trust reported an 11.3% increase in net interest income during its Q4 ended Dec. 31, rising to $33.8 million but still trailing the Capital IQ consensus looking for $34 million. Financial stocks were edging lower this afternoon, with the NYSE Financial Index slipping fractionally while the shares of financial companies in the S&P 500 also were slightly lower. Net income grew to $1.50 per share compared with $0.15 per share during the year-ago period, also topping the $1.47 per share Street view. |
30078.0 | 2020-02-14 00:00:00 UTC | Arbor Realty Trust (ABR) Q4 2019 Earnings Call Transcript | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-q4-2019-earnings-call-transcript-2020-02-15 | nan | nan | Image source: The Motley Fool.
Arbor Realty Trust (NYSE: ABR)
Q4 2019 Earnings Call
Feb 14, 2020, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. And welcome to the fourth-quarter 2019 Arbor Realty Trustearnings conference call [Operator instructions] Now, it's my pleasure to turn the call over -- the conference over to your chief financial officer, Paul Elenio. Please go ahead.
Paul Elenio -- Chief Financial Officer
OK. Thank you Carmen. And good mornin, everyone and welcome to the quarterlyearnings callfor Arbor Realty Trust. This morning, we'll discuss the results for the quarter and year ended December 31, 2019.
With me on the call today is Ivan Kaufman, our president and chief executive officer. And before we begin, I just want to inform you that Ivan is in transit due to some unforeseen travel issues this morning. His audio sounds clear but to the extent that we lose him, I'll pick up his prepared remarks and then we'll get him back. So before we begin, I need to inform you that statements made in theearnings callmay be deemed forward-looking statements that are subject to risks and uncertainties including information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives.
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These statements are based on our beliefs, assumptions and expectations of our future performance, taking into account the information currently available to us. Factors that could cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports. Listeners are cautioned not to place undue reliance on these forward-looking statements which speak only as of today. Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrence of unanticipated events.
I'll now turn the call over to Arbor's president and CEO, Ivan Kaufman.
Ivan Kaufman -- President and Chief Executive Officer
Thank you Paul. And thanks to everyone for joining us on today's call. We are very excited today to discuss the significant success we had in closing out 2019 as well as our plans and outlook for 2020. As you can see from this morning's press release, we had an outstanding fourth quarter with tremendous operating results which continues to demonstrate the strength of our brand and the value of our operating franchise.
Additionally, the significant growth we had experienced in 2019 has provided us with a very strong baseline of predictable and stable core earnings heading into 2020, making us very confident in our ability to comfortably maintain our dividend as well as growth in the future. Over the last five years, we have delivered annualized shareholder returns of approximately 30%, significantly outperforming our peers in each and every year. And this performance, combined with the quality and diversity of our income streams along with the consistency of our earnings and low dividend payout ratio clearly differentiates us which is why we believe we can consistently trade at a lower dividend yield and a substantial premium to our peer group. Focusing now on our 2019 accomplishments, some of the more significant highlights include generating substantial growth in our core earnings allowing us to increase our dividend three times to an annual rate of $1.20 a share up from $1.08 per share, delivering a total return of 54% in 2019 and 175% generally for the last five years, with an annualized return of approximately 30% achieving returns on equity of 14 and a half percent, a 35% increase in the last two years; producing record originations of $7.6 billion, a 12% increase from our record 2018 numbers; increasing our balance sheet portfolio of 30% in 2019 to $4.3 billion; growing our servicing portfolio to $20 billion, an 8% increase from 2018 and a 48% increase over the last three years.
We continue to be a market leader in the non-recourse securitization and we're now closing two new CLOs totaling $1.3 billion with improved terms and flexibility, achieving significant economies of scale to substantially reduce debt costs in all of our borrowing facilities, allowing us to maintain our margins in a very competitive market, raising $450 million of accretive growth capital to fund our strong pipeline and increase core earnings and increasing our market cap to approximately $2 billion, allowing us to access growth capital more efficiently and effectively. To highlight this incredible success further, I would like to talk about the growth we experienced in our business platforms. In our agency Business, we grew our servicing portfolio 8% in 2019 and 20% over the last two years. This servicing portfolio is now over $20 billion, with a servicing fee of 44 basis points and have an average remaining life of 9 years which reflects a 10% increase in duration over the last two years.
As a result, we have created very significant predictable annuity of income of $88 million gross annually and growing, the majority of which is prepayment protected. And this growth in our servicing portfolio also continues to increase annuity of income from our escrow balances which is currently earning $16 million annually for a combined annual run rate of servicing income and escrow earnings of $104 million which represents approximately 40% of our total annual revenues. We also produced significant origination volumes causing $1.3 billion in agency loss in the fourth quarter and $4.8 billion for the year, with strong margin and very competitive market. With a diverse origination platform and strong footprint in the multifamily affordable housing market, we are confident we'll be able to increase our origination volumes in 2020.
In addition, as we talked about on our last call, we were active with our new Arbor three-year products which we launched as a result of the disruption in the agencies during the third quarter of last year. We closed $400 million of this product in 2019 and expect to close an additional $200 million to $300 million in the next few months and issue up for securitization of around $600 million to $700 million in the second quarter of this year. We are pleased with our progress to date and believe this product further diversifies our lending platform and will also act as a mitigant against further potential changes and disruptions with the agencies. With respect to our balance sheet business, we've experienced tremendous growth in our loan book.
We grew this portfolio 24% in 2018 and another 30% in 2019 on $2.8 billion in originations. Our balance sheet portfolio is now at $4.3 billion, and the significant growth we experienced will continue to increase our run rate of net interest income going forward. It is also significant [Inaudible] multifamily assets which is...
Paul Elenio -- Chief Financial Officer
And we also have a very robust pipeline which we believe will allow us to meaningfully grow our loan book in 2020 and significantly increase our presence.
Ivan Kaufman -- President and Chief Executive Officer
In our single-family rental business, we continue to make progress in developing our platform. We have closed approximately $150 million of SFR products to date, and we are pleased with the opportunities we are seeing to meaningfully grow this business in the future, and our pipeline continues to grow significantly. We believe this business provides enormous opportunities for both the bridge and permanent lending products. And we are confident that we will build this out to a significant driver of yet another income stream and further diversify our lending platform.
We also continued our tremendous success through our securitization expertise and our strong banking relationships and substantially reduced our debt costs which has allowed us to achieve significant economies of scale and maintain our margins in a very competitive market. In the fourth quarter, we closed our 12th nonrecourse CLO with $635 million of assets and significantly improved terms including reduced pricing, increased leverage and a three-year replenishment feature. We were also very successful in the fourth quarter in changing our five and a quarter percent convertible debt with a new three-year convertible debt issuance with a fixed rate of 4.75%. This transaction have many significant benefits including reducing our interest costs, resetting both our conversion price and dividend protection on the new bonds and much higher levels of generating up to $30 million of additional capital to fund the growth in our business.Overall, we are extremely pleased with our 2019 results and the tremendous success we continue to have growing our operating platform and greatly enhancing the value of our franchise.
Our results have been truly remarkable and have consistently outperformed our peers. We have created a strong baseline of diversified, predictable core earnings heading into 2020, and we're also very excited about the future growth opportunities across our business lines. It is also important to note that we have made a strategic decision to increase our cash position which currently is approximately $500 million in cash and liquidity on hand for operations. We believe at this point in the cycle, it is very prudent to have sufficient amount of cash available that will put us in a very offensive position as we transition into a different part of the cycle.
And even with these high cash balances, we've been able to consistently grow our earnings and dividends and remain very confident in our ability to continue to grow our dividend in the future. I will now turn the call over to Paul to take you through the financial results.
Paul Elenio -- Chief Financial Officer
OK. Thank you Ivan. As the press release this morning indicated, we had a very strong fourth quarter and full-year 2019. As a result, AFFO was $42.1 million or $0.34 per share for the fourth quarter, excluding a onetime loss in the early exchange of our convertible debt securities of $7.3 million and $6.1 million in unrealized gains on hedges related to our three-year business.
We have excluded the hedging gains related to our three-year business from AFFO, since these loans have not yet been securitized or sold and the earnings process is not yet complete. We intend to adjust AFFO in the future for any hedging gains or losses associated with these loans in the quarter in which the loans are sold to properly reflect the true economics of these transactions. We also generated ROEs of approximately 14 and a half percent in 2019, representing a significant increase over the last two years which continues to demonstrate the earnings power of our capital-light agency business as well as the significant growth in cost efficiencies we're experiencing as we continue to scale our balance sheet business. As Ivan mentioned, we're very pleased with our ability to continue to generate core earnings in excess of our current dividend, and we remain confident in our ability to comfortably maintain our current dividend as well as grow it in the future.
Looking at the results from our agency business, we generated $37 million of pre-tax income in the fourth quarter, approximately $1.3 billion in originations and $900 million in loan sales. The margin on the fourth-quarter sales was 1.55% including miscellaneous fees up from 1.43% all-in margin on our third-quarter sales. We also recorded $28 million of mortgage servicing rights income related to $1.2 billion of committed loans during the quarter, representing an average MSR rate of around 2.32% compared to 2.02% rate for the third quarter, mostly due to a change in the mix of our fourth-quarter loan production. Our servicing portfolio also grew another 8% in 2019 to $20 billion at December 31, with a weighted average fee of approximately 43.8 basis points and estimated remaining life of 8.8 years.
This portfolio will continue to generate a predictable annuity of income going forward of around $88 million gross annually which is up approximately $4 million on an annual basis from the same time last year. Additionally, early runoff in our servicing book continues to produce prepayment fees related to certain loans that have yield maintenance provisions. This accounted for $4.7 million in prepayment fees in the fourth quarter compared to $5.3 million in the third quarter. In our balance sheet lending operation, we grew our portfolio of 30% to $4.3 billion on $2.8 billion in originations in 2019.
The significant growth continues to increase our core earnings run rate and based on our current pipeline and deep origination network, we remain extremely confident in our ability to continue to grow our balance sheet investment portfolio in the future. A $4.3 billion investment portfolio had an all-in yield of 6.68% at December 31 compared to 7.04% at September 30, mainly due to higher rates on runoff as compared to new originations during the quarter and from a reduction in LIBOR which was partially offset by LIBOR floors in a portion of our portfolio. The average balance in our core investments was relatively flat at approximately $4 billion for both the third and fourth quarters, despite our fourth-quarter growth, mainly due to the timing of originations and runoff in the fourth quarter which tended to be later. And the average yield on these investments was 7.18% for the fourth quarter compared to 7.31% for the third quarter, mainly due to higher interest rates on runoff as compared to originations and from a reduction in LIBOR which was partially offset by more acceleration of fees from early runoff in the fourth quarter.
Total debt on our core assets was approximately $3.9 billion at December 31 with an all-in debt cost of approximately 4.35% compared to a debt cost of 4.65% at September 30, mainly due to a reduction in LIBOR and from reduced borrowing cost on our new CLO in the fourth quarter. The average balance on our debt facilities was up to approximately $3.76 billion for the fourth quarter from $3.52 billion for the third quarter, mostly due to senior unsecured notes that we issued in the fourth quarter. And the average cost of funds in our debt facilities decreased to approximately 4.60% for the fourth quarter compared to 4.87% for the third quarter due to a reduction in LIBOR and from lower borrowing costs associated with our new CLO which was partially offset by $1.4 million of noncash fees that were accelerated from the early unwind of CLO VII in the fourth quarter. Overall, net interest spreads in our core assets increased to 2.58% this quarter compared to 2.44% last quarter, mainly due to the positive effect of LIBOR floors on a portion of our balance sheet portfolio and from reduced borrowing costs from our recent CLO execution.
And our spot net interest spread was down slightly to 2.33% at December 31 from 2.39% at September 30, mainly due to higher interest rates on runoff as compared to originations, partially offset by the positive effect of LIBOR floors on a portion of our balance sheet portfolio and from reduced borrowing costs in CLO XII. And lastly, the average leverage ratios on our core lending assets including the trust preferreds and perpetual preferred stock as equity, was up to 83% in the fourth quarter from 80% in the third quarter due to our new unsecured debt issuance and increased leverage on CLO XII, and our overall debt-to-equity ratio on a spot basis was flat at 2.5 to 1 at both December 31st and September 30th. That completes our prepared remarks this morning. I'll now turn it back to the operator to take any questions.
Carmen?
Questions & Answers:
Operator
[Operator instructions] And our first question comes from Steve Delaney with JMP Securities. Please go ahead.
Steve Delaney -- JMP Securities -- Analyst
Good morning everyone. And happy Velentine's day probably not a bad thing for all of us to take one day to think more about love than mortgages. So Ivan, good to have you with us. Do you -- can you share with us what your 2019 rankings were with Fannie and Freddie?
Ivan Kaufman -- President and Chief Executive Officer
I think we were, once again, for the 13th year in a row a top Fannie Mae lender. I think our ranking came in at 9. We were the No. 1 small balance lender for Fannie Mae.
And for Freddie Mac, I think we were the No. 3 small balance lender for the Freddie Mac small balance program.
Paul Elenio -- Chief Financial Officer
That's correct.
Steve Delaney -- JMP Securities -- Analyst
OK, thanks. And then the new caps, everybody kind of focuses on the $20 billion a quarter. But you can only do $20 billion a quarter if 37 and a half percent of that is affordable. And can you comment on that affordable segment and the size of that? And how the profile of your customer base versus maybe some other larger lenders might fit in and the prospects that your market share with the GSEs because of that 37 and a half percent might have a tailwind and might go up in 2020?
Ivan Kaufman -- President and Chief Executive Officer
Well, we do have one of the largest percentage of the affordable in meeting the housing goals for the FHFA. So we're viewed very favorably. And we don't have to scramble like other lenders do in their part. On the other hand, we don't know what's going to happen in the third and fourth quarter of the meeting that 37% but we're being viewed very favorably and being treated very well.
Steve Delaney -- JMP Securities -- Analyst
OK, thank you. And you commented on the three-year that you hope to do a securitization in the second quarter. Your $400 million at the end of the year, what is sort of that target size to do with securitization?
Ivan Kaufman -- President and Chief Executive Officer
While our minimum target size was $350 million. That was a minimum target. And because the transaction costs get spread out over the volume, so getting to $700 million is a significant achievement for us above what we projected forward. We've got transaction costs being more efficient.
Steve Delaney -- JMP Securities -- Analyst
Great. And that kind of the cost kind of ties into my last question on that. Can you give us a sense that the execution on that and the leverage, how you think the return on your equity in that three-year CMBS might compare with the returns you're seeing today on your structured business?
Ivan Kaufman -- President and Chief Executive Officer
While I can't front-run the market, we're not permitted to do that. But everybody on this call can understand that credit spreads have tightened significantly since we saw the origination process. So we're very optimistic to have very efficient execution and we're being viewed very, very favorably in the market for having a multifamily element of securitization. And the risk retention part by maintaining our own B piece is what we're uniquely qualified to do based on our capital structure.
It could be looked at very -- from our investors. So our fingers crossed, we're feeling very optimistic and comfortable, and it could set this platform off to really surge well ahead of most of the other platforms in the market.
Steve Delaney -- JMP Securities -- Analyst
And long duration cash flows as well. So thank you for all those comments. Thanks Paul.
Paul Elenio -- Chief Financial Officer
Thanks Steve.
Operator
[Operator instructions] And our next question is from Jade Rahmani with KBW.
Ryan Tomasello -- KBW -- Analyst
Good morning everyone. This is Ryan Tomasello on for Jade. Thanks for taking the questions.
Ivan Kaufman -- President and Chief Executive Officer
Hey Ryan.
Ryan Tomasello -- KBW -- Analyst
Just considering the potential tailwind that Ivan was just talking about on the -- given the affordability component on the GSE side and coupled with the ramping of the SFR business, on the Structured side, can you give us a sense of what you're targeting for originations in 2020 in both of those business maybe on a nominal or just kind of growth rate basis?
Ivan Kaufman -- President and Chief Executive Officer
So let me give you an overall on our outlook on the agency business and it's kind of consistent with my comments last year. What we decided last year was to give flat guidance to our prior originations and pretty similar to agency's future. And it's not so much that we can't originate more, but we've chosen to maintain our margins and not credit. So we didn't grow our agency business as big as some of the other lenders did, but that was by choice and design.
So our guidance to be maybe slightly higher than we did last year on the agency side. With respect to the SFR business, we are so excited about the opportunities there. It's an enormous market. We are assembling and have assembled quite a staff.
It's taking time and expense. And while it didn't contribute economically in the last year and probably a drain, we're expecting a positive contribution. We're closing about $150 million. That space is divided into three components as we see it.
Single-family rental to build which we feel will be the dominant lender in. We're very active in that. We're creating the product in that space. We have a huge pipeline.
Then we have the single-family bridge to securitization of the middle market which is generally people who are buying anywhere between 25 to 250 units which we've developed a nice loan. We expect that to grow to somewhere between $20 million a month in originations, with currently operating about $10 million in originations per month. And most significantly, we're working now to figure out the biggest part of the market and we're assembling the teams to do that as well. We even originate one-off single-family rental loans which is 80% in the market.
So that business, we've invested an enormous amount of time. As a management team, we have created history in building platforms with manufacturing capability. So we're extremely excited about it and we think that's really where a tremendous amount of growth in the business will come in the future.
Ryan Tomasello -- KBW -- Analyst
That's very helpful color Ivan. And I guess just following up on the SFR business, how long do you expect that ramping period to take -- just given -- I'm assuming the hiring that's necessary in just building out the infrastructure? And maybe you can give us a sense or remind us of how the returns might vary across those three different buckets that you laid out. And how that compares to kind of the typical traditional agency and Structured transitional products you originate today?
Ivan Kaufman -- President and Chief Executive Officer
Yeah. I think it's a little premature to have that kind of a detailed discussion. But like any entry in core business, the margins are generally bigger. And as you enter a business on a competitive basis, you gain a franchise value.
So I think as we go quarter to quarter, we'll talk more about the growth in that business as it's evolving and we're getting a footprint in it. So I think it would be a little more premature, but we are pleased with the margins we're getting and our relationship with the developing and the potential opportunities.
Ryan Tomasello -- KBW -- Analyst
And one last one Ivan, and just regarding the environment for multifamily overall. What are you seeing in terms of fundamentals and underwriting? Are you seeing any signs of deteriorating credit performance across the market? And what do you really see as the biggest risks for multifamily going into 2020?
Ivan Kaufman -- President and Chief Executive Officer
So we think that -- and that's why we've given guidance of just a very modest growth, if any, in the agency business that there's an excess use of vial, their cap rates are very compressed and there's a very aggressive lending environment. We're seeing an increase in taxes across many, many jurisdictions. And we're using a lot of prudence to underwrite the expense side as well as understand that traditionally there's a level of amortization in assets and to use caution more on underwriting loans. So we're putting forward the appropriate measures to detect our origination side.
With respect to the asset management side, we have deepened the first bench, we've added to that and we'll continue to work very aggressively to front run potential changes in the economic environment and manage our assets and our borrowers accordingly. So we think we're well ahead of the curve to anticipate any changes in the environment.
Ryan Tomasello -- KBW -- Analyst
Thanks for taking the questions.
Operator
Thank you. And our next question comes from Henry Coffey with Wedbush.
Henry Coffey -- Wedbush Securities -- Analyst
Yes. Good morning and thank you for taking my question. Letting me become part of the small crew here. And I do agree with Steve though.
So it's nice to hear his voice. The -- when we look at the data of Fannie, Freddie and recently the FHA what started tightening a little bit in the summer and the FHFA -- the FHA sort of jumped into this on the residential side. When you look at the multifamily business, they're not as tempered by past experience there, but have the GSEs started to tighten up a little bit? I mean given your own insights into what's going on -- I'm sure you're in active dialogue with them. But I was wondering if you could give us some thoughts about that.
Ivan Kaufman -- President and Chief Executive Officer
My answer is they have not. They have thought at the moment. Their underwriting standards continue to be consistent with their prior-year standards. So we'll wait and see what they do.
They've been pretty consistent along the line.
Henry Coffey -- Wedbush Securities -- Analyst
And then I'm equally intrigued with the single-family business. It seems to be more of a private than a public market which is good for you as a lender. Are you looking at the full spectrum which is what it sounds like? And can you give us some sense of what the lower end of the market looks like in terms of rates and expected losses and risk factors?
Ivan Kaufman -- President and Chief Executive Officer
Yeah. Well, it is a private market and that's why we're uniquely positioned with our permanent capital securitization ability, by originations capability to really enter that market effectively. The key to the biggest part of the market which is the aggregation of individual borrowers, individual units is where really, I think, the margin is and the growth will come from. That's 80% of the single-family to rent market.
So we're working really hard on the technology side to be able to originate that product effectively. If we're successful, if we can combine that with the other originations we do on the single-family rental, we'll have significant volume and scale to effectively access securitization market on a very consistent basis. So we are in the beginnings. We can grow over the background the capability, the franchise and the name and we think this is a real significant year for us to combine all the components that I mentioned earlier, and we'll have those platforms, eliminating significant progress on the single-family rent market -- the single-family build-to-rent market which we love.
We're developing a very loyal customer base to our originations that work on the mid-tier borrowers and now we want to build out the individual aggregation on the individual units. So we're quite pleased. As I mentioned earlier, I think it's a little early to give any kind of projections, but it's kind of beginning to make a good contribution for the firm's earnings even this year.
Henry Coffey -- Wedbush Securities -- Analyst
Listen, thank you very much and thank you for taking my question.
Paul Elenio -- Chief Financial Officer
Thanks Henry.
Operator
And I'm not showing any further questions in the queue. I will turn the call back to Ivan Kaufman for his final remarks.
Ivan Kaufman -- President and Chief Executive Officer
OK. Thank you everybody for your participation, and it's been a phenomenal 2019. We're extremely optimistic about 2020 and we're very prepared even for a change in the cycle as we compiled on our balance sheet and the cash we're accumulating. We're going to have a very offensive position.
So thank you again, and have a good day. Happy Valentine's day everybody.
Operator
[Operator signoff]
Duration: 30 minutes
Call participants:
Paul Elenio -- Chief Financial Officer
Ivan Kaufman -- President and Chief Executive Officer
Steve Delaney -- JMP Securities -- Analyst
Ryan Tomasello -- KBW -- Analyst
Henry Coffey -- Wedbush Securities -- Analyst
More ABR analysis
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Motley Fool Transcribing has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (NYSE: ABR) Q4 2019 Earnings Call Feb 14, 2020, 9:00 a.m. Operator [Operator signoff] Duration: 30 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Henry Coffey -- Wedbush Securities -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. We also continued our tremendous success through our securitization expertise and our strong banking relationships and substantially reduced our debt costs which has allowed us to achieve significant economies of scale and maintain our margins in a very competitive market. | Operator [Operator signoff] Duration: 30 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Henry Coffey -- Wedbush Securities -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q4 2019 Earnings Call Feb 14, 2020, 9:00 a.m. We continue to be a market leader in the non-recourse securitization and we're now closing two new CLOs totaling $1.3 billion with improved terms and flexibility, achieving significant economies of scale to substantially reduce debt costs in all of our borrowing facilities, allowing us to maintain our margins in a very competitive market, raising $450 million of accretive growth capital to fund our strong pipeline and increase core earnings and increasing our market cap to approximately $2 billion, allowing us to access growth capital more efficiently and effectively. | Operator [Operator signoff] Duration: 30 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Henry Coffey -- Wedbush Securities -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q4 2019 Earnings Call Feb 14, 2020, 9:00 a.m. Focusing now on our 2019 accomplishments, some of the more significant highlights include generating substantial growth in our core earnings allowing us to increase our dividend three times to an annual rate of $1.20 a share up from $1.08 per share, delivering a total return of 54% in 2019 and 175% generally for the last five years, with an annualized return of approximately 30% achieving returns on equity of 14 and a half percent, a 35% increase in the last two years; producing record originations of $7.6 billion, a 12% increase from our record 2018 numbers; increasing our balance sheet portfolio of 30% in 2019 to $4.3 billion; growing our servicing portfolio to $20 billion, an 8% increase from 2018 and a 48% increase over the last three years. | Operator [Operator signoff] Duration: 30 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Henry Coffey -- Wedbush Securities -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q4 2019 Earnings Call Feb 14, 2020, 9:00 a.m. Ryan Tomasello -- KBW -- Analyst Just considering the potential tailwind that Ivan was just talking about on the -- given the affordability component on the GSE side and coupled with the ramping of the SFR business, on the Structured side, can you give us a sense of what you're targeting for originations in 2020 in both of those business maybe on a nominal or just kind of growth rate basis? |
30079.0 | 2020-02-14 00:00:00 UTC | Financial Sector Update for 02/14/2020: AIG,ABR,DLR,FNF | ABR | https://www.nasdaq.com/articles/financial-sector-update-for-02-14-2020%3A-aigabrdlrfnf-2020-02-14 | nan | nan | Top Financial Stocks
JPM -0.43%
BAC -0.27%
WFC +0.08%
C -0.38%
USB -0.19%
Financial stocks continue to edge lower this afternoon, with the NYSE Financial Index falling 0.1% while the shares of financial companies in the S&P 500 also were slipping less than 0.1%. The Philadelphia Housing Index was climbing 0.1%.
Among financial stocks moving on news:
(-) American International Group (AIG) was down 4.6% in afternoon trade. The insurance company late Thursday announced plans to redeem all $350 million of its outstanding 4.35% callable notes maturing in 2045. It will pay 100% of the face value of the notes plus any accrued and unpaid interest up through the day before the March 20 redemption date.
In other sector news
(+) Digital Realty Trust (DLR) climbed 3.7% after reporting core Q4 funds from operations of $1.62 per share, down from $1.68 during the same quarter last year but topping the Capital IQ consensus by $0.03 per share. Net income grew to $1.50 per share compared with $0.15 per share during the year-ago period, also topping the $1.47 per share Street view.
(-) Fidelity National Financial (FNF) slipped 0.3% after the title insurance company reported adjusted earnings of $263 million during Q4, lagging the $266.5 million two-analyst mean compiled by Capital IQ.
(-) Arbor Realty Trust (ABR) fell 2% after the real estate investment trust reported an 11.3% increase in net interest income during its Q4 ended Dec. 31, rising to $33.8 million but still trailing the Capital IQ consensus looking for $34 million.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | (-) Arbor Realty Trust (ABR) fell 2% after the real estate investment trust reported an 11.3% increase in net interest income during its Q4 ended Dec. 31, rising to $33.8 million but still trailing the Capital IQ consensus looking for $34 million. Among financial stocks moving on news: (-) American International Group (AIG) was down 4.6% in afternoon trade. The insurance company late Thursday announced plans to redeem all $350 million of its outstanding 4.35% callable notes maturing in 2045. | (-) Arbor Realty Trust (ABR) fell 2% after the real estate investment trust reported an 11.3% increase in net interest income during its Q4 ended Dec. 31, rising to $33.8 million but still trailing the Capital IQ consensus looking for $34 million. Top Financial Stocks In other sector news (+) Digital Realty Trust (DLR) climbed 3.7% after reporting core Q4 funds from operations of $1.62 per share, down from $1.68 during the same quarter last year but topping the Capital IQ consensus by $0.03 per share. | (-) Arbor Realty Trust (ABR) fell 2% after the real estate investment trust reported an 11.3% increase in net interest income during its Q4 ended Dec. 31, rising to $33.8 million but still trailing the Capital IQ consensus looking for $34 million. Financial stocks continue to edge lower this afternoon, with the NYSE Financial Index falling 0.1% while the shares of financial companies in the S&P 500 also were slipping less than 0.1%. In other sector news (+) Digital Realty Trust (DLR) climbed 3.7% after reporting core Q4 funds from operations of $1.62 per share, down from $1.68 during the same quarter last year but topping the Capital IQ consensus by $0.03 per share. | (-) Arbor Realty Trust (ABR) fell 2% after the real estate investment trust reported an 11.3% increase in net interest income during its Q4 ended Dec. 31, rising to $33.8 million but still trailing the Capital IQ consensus looking for $34 million. Financial stocks continue to edge lower this afternoon, with the NYSE Financial Index falling 0.1% while the shares of financial companies in the S&P 500 also were slipping less than 0.1%. Net income grew to $1.50 per share compared with $0.15 per share during the year-ago period, also topping the $1.47 per share Street view. |
30080.0 | 2020-02-13 00:00:00 UTC | Arbor Realty Trust's Series C Preferred Stock Shares Cross 8% Yield Mark | ABR | https://www.nasdaq.com/articles/arbor-realty-trusts-series-c-preferred-stock-shares-cross-8-yield-mark-2020-02-13 | nan | nan | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.52 on the day. This compares to an average yield of 6.07% in the "Real Estate" preferred stock category, according to Preferred Stock Channel. As of last close, ABR.PRC was trading at a 8.60% premium to its liquidation preference amount, versus the average premium of 45.33% in the "Real Estate" category.
Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock:
In Thursday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently down about 0.4% on the day, while the common shares (Symbol: ABR) are up about 0.8%.
Click here to find out the 50 highest yielding preferreds »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.52 on the day. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently down about 0.4% on the day, while the common shares (Symbol: ABR) are up about 0.8%. As of last close, ABR.PRC was trading at a 8.60% premium to its liquidation preference amount, versus the average premium of 45.33% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.52 on the day. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently down about 0.4% on the day, while the common shares (Symbol: ABR) are up about 0.8%. As of last close, ABR.PRC was trading at a 8.60% premium to its liquidation preference amount, versus the average premium of 45.33% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.52 on the day. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently down about 0.4% on the day, while the common shares (Symbol: ABR) are up about 0.8%. As of last close, ABR.PRC was trading at a 8.60% premium to its liquidation preference amount, versus the average premium of 45.33% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.125), with shares changing hands as low as $26.52 on the day. As of last close, ABR.PRC was trading at a 8.60% premium to its liquidation preference amount, versus the average premium of 45.33% in the "Real Estate" category. Below is a dividend history chart for ABR.PRC, showing historical dividend payments on Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.50% Series C Cumulative Redeemable Preferred Stock (Symbol: ABR.PRC) is currently down about 0.4% on the day, while the common shares (Symbol: ABR) are up about 0.8%. |
30081.0 | 2020-01-21 00:00:00 UTC | My 3-Step Plan for 20% Upside, 9% Dividends, in 2020 | ABR | https://www.nasdaq.com/articles/my-3-step-plan-for-20-upside-9-dividends-in-2020-2020-01-21 | nan | nan | By Brett Owens
WeaEURtmre just three weeks into 2020 and itaEURtms already a dividend wasteland!
Happy New Year! Enjoy Your 1.7% Dividend
Drop $500K into the typical (miserly) S&P 500 stock today and you get a pathetic $713 a month in dividend payouts. ThataEURtms no retirement; it might cover the cost of your commute and coffee on the way to your job as a Walmart (WMT) greeteraEUR"so long as you avoid going to Starbucks (SBUX)!
Treasuries? Forget it. At a 1.8% yield, weaEURtmre not retiring on them, either.
No wonder I hear from so many investors wary of putting their cash in a market yielding less than inflation. Meantime, with stocks trading at a bubbly 25.5-times earnings, youaEURtmre putting yourself in the tracks of a price correction that would quickly devour your tiny income stream:
The S&P 500 Ate Its DividendaEUR"Nearly 10 TimesaEUR"in Late 2018
This problem is why I launched my Contrarian Income Report high-yield investing service in August 2015. Buy CIRaEURtms average portfolio pick now and youaEURtmll get a hefty 7.2% dividend stream. ThataEURtms right around the marketaEURtms long-term annualized return, and youaEURtmre getting it in dividends alone.
Add in the price appreciation weaEURtmve seen since launch, and CIR subscribers are pulling in a steady 11.9% annualized total return!
A 20%+ Return Every Year aEUR
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | ThataEURtms no retirement; it might cover the cost of your commute and coffee on the way to your job as a Walmart (WMT) greeteraEUR"so long as you avoid going to Starbucks (SBUX)! Meantime, with stocks trading at a bubbly 25.5-times earnings, youaEURtmre putting yourself in the tracks of a price correction that would quickly devour your tiny income stream: The S&P 500 Ate Its DividendaEUR"Nearly 10 TimesaEUR"in Late 2018 Add in the price appreciation weaEURtmve seen since launch, and CIR subscribers are pulling in a steady 11.9% annualized total return! | At a 1.8% yield, weaEURtmre not retiring on them, either. Meantime, with stocks trading at a bubbly 25.5-times earnings, youaEURtmre putting yourself in the tracks of a price correction that would quickly devour your tiny income stream: The S&P 500 Ate Its DividendaEUR"Nearly 10 TimesaEUR"in Late 2018 Buy CIRaEURtms average portfolio pick now and youaEURtmll get a hefty 7.2% dividend stream. | Meantime, with stocks trading at a bubbly 25.5-times earnings, youaEURtmre putting yourself in the tracks of a price correction that would quickly devour your tiny income stream: The S&P 500 Ate Its DividendaEUR"Nearly 10 TimesaEUR"in Late 2018 ThataEURtms right around the marketaEURtms long-term annualized return, and youaEURtmre getting it in dividends alone. A 20%+ Return Every Year aEUR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Happy New Year! Enjoy Your 1.7% Dividend At a 1.8% yield, weaEURtmre not retiring on them, either. |
30082.0 | 2019-12-11 00:00:00 UTC | Insiders Bullish on Certain Holdings of MDIV | ABR | https://www.nasdaq.com/articles/insiders-bullish-on-certain-holdings-of-mdiv-2019-12-11 | nan | nan | A look at the weighted underlying holdings of the Multi-Asset Diversified Income Index Fund (MDIV) shows an impressive 10.6% of holdings on a weighted basis have experienced insider buying within the past six months.
Arbor Realty Trust Inc (Symbol: ABR), which makes up 1.23% of the Multi-Asset Diversified Income Index Fund (MDIV), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The ETF holds a total of $8,982,454 worth of ABR, making it the #5 largest holding. The table below details the recent insider buying activity observed at ABR:
ABR — last trade: $14.29 — Recent Insider Buys:
And Enable Midstream Partners L.P. (Symbol: ENBL), the #64 largest holding among components of the Multi-Asset Diversified Income Index Fund (MDIV), shows 2 directors and officers as recently filing Form 4's indicating purchases. The ETF holds $4,667,824 worth of ENBL, which represents approximately 0.64% of the ETF's total assets at last check. The recent insider buying activity observed at ENBL is detailed in the table below:
ENBL — last trade: $10.08 — Recent Insider Buys:
10 ETFs With Stocks That Insiders Are Buying »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust Inc (Symbol: ABR), which makes up 1.23% of the Multi-Asset Diversified Income Index Fund (MDIV), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The table below details the recent insider buying activity observed at ABR: ABR — last trade: $14.29 — Recent Insider Buys: And Enable Midstream Partners L.P. (Symbol: ENBL), the #64 largest holding among components of the Multi-Asset Diversified Income Index Fund (MDIV), shows 2 directors and officers as recently filing Form 4's indicating purchases. The ETF holds a total of $8,982,454 worth of ABR, making it the #5 largest holding. | Arbor Realty Trust Inc (Symbol: ABR), which makes up 1.23% of the Multi-Asset Diversified Income Index Fund (MDIV), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The table below details the recent insider buying activity observed at ABR: ABR — last trade: $14.29 — Recent Insider Buys: And Enable Midstream Partners L.P. (Symbol: ENBL), the #64 largest holding among components of the Multi-Asset Diversified Income Index Fund (MDIV), shows 2 directors and officers as recently filing Form 4's indicating purchases. The ETF holds a total of $8,982,454 worth of ABR, making it the #5 largest holding. | The table below details the recent insider buying activity observed at ABR: ABR — last trade: $14.29 — Recent Insider Buys: And Enable Midstream Partners L.P. (Symbol: ENBL), the #64 largest holding among components of the Multi-Asset Diversified Income Index Fund (MDIV), shows 2 directors and officers as recently filing Form 4's indicating purchases. Arbor Realty Trust Inc (Symbol: ABR), which makes up 1.23% of the Multi-Asset Diversified Income Index Fund (MDIV), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The ETF holds a total of $8,982,454 worth of ABR, making it the #5 largest holding. | Arbor Realty Trust Inc (Symbol: ABR), which makes up 1.23% of the Multi-Asset Diversified Income Index Fund (MDIV), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The ETF holds a total of $8,982,454 worth of ABR, making it the #5 largest holding. The table below details the recent insider buying activity observed at ABR: ABR — last trade: $14.29 — Recent Insider Buys: And Enable Midstream Partners L.P. (Symbol: ENBL), the #64 largest holding among components of the Multi-Asset Diversified Income Index Fund (MDIV), shows 2 directors and officers as recently filing Form 4's indicating purchases. |
30083.0 | 2019-11-20 00:00:00 UTC | 6 Steps to Fast 60% Returns From Safe Dividend Stocks | ABR | https://www.nasdaq.com/articles/6-steps-to-fast-60-returns-from-safe-dividend-stocks-2019-11-20 | nan | nan | By Brett Owens
This week weaEURtmre going to get a bit greedy (responsibly, of course) and discuss fast double-digit gains from safe dividend stocks. Many of you probably sat back and enjoyed Arbor Realty TrustaEURtms (ABR) aEURoeparabolicaEUR move to the upside in recent weeks. Since we purchased Arbor for our Contrarian Income Report portfolio in July 2018, weaEURtmve enjoyed epic 60% total returns!
This Tree Might Grow to the Sky
We paid $10.85 per share and have already collected $1.51 in dividends, about 14% of our initial capitalaEUR"in 16 months!
Payouts alone have provided a solid return, but itaEURtms been the price gains that have really made this stock a winner. LetaEURtms break down what we saw in Arbor a summer ago, because these steps (six of them, to be specific) likely hold the secret to our next 60% gain.
Step 1: Find a Safe Dividend
Dividend stocks, as a group, outperform non-dividend payers. Their payout provides them with a aEURoehead startaEUR that usually wins the performance race. In ArboraEURtms case, we bought shares when they yielded 9.6% (quite the head start!) and simply asked management to not lose the race.
Chief Financial Officer (CFO) Paul Elenio explained prior to our purchase:
aEURoeWe would never have put the dividend at $0.25 (per quarter) if we didnaEURtmt feel extremely confident that weaEURtmre earning at least that number, if not more.aEUR
And PaulaEURtms financials backed him up. The company had generated $0.28 in AFFO (adjusted funds from operations, ArboraEURtms measure of actual cash flow) per share in the quarter prior to our purchase. This was a comfortable payout margin for a REIT and meant ArboraEURtms 9.6% yield on its stock price was secure.
Step 2: Find a Growing Dividend
In the eight quarters prior to our purchase, Paul and his colleagues had hiked ArboraEURtms dividend six times! The safest dividend is a rising one, and ArboraEURtms certainly was on the move:
Before: 6 Dividend Hikes in 8 Quarters
Some investors believe they have aEURoebad luckaEUR buying stocks. Everything is humming along until they buy, after which, everything falls apart and their investment tanks.
I believe preparation determines your luck, and when we purchased Arbor, we were ready for success. The dividend momentum continued and we have been rewarded with four more payout hikes. That $1 per share per year dividend that we bought is already $1.20!
Step 3: Buy a Dividend Magnet
Arbor historically yields between 7% and 9%. We were able to buy shares at the high end of this range because the stockaEURtms price had, for whatever reason, fallen behind its dividend.
We reasoned that the rising dividend should act as a aEURoemagnetaEUR and, sooner or later, pull the price higher. And that is exactly whataEURtms happened.
A Good Time to Buy: As the Magnet aEURoeKicks InaEUR
Remember, we have already aEURoecashed outaEUR 14% of our initial investment in Arbor thanks to the dividends weaEURtmve received. ThataEURtms very good. But for a great return, we need big price gains too. And the safest, surest way to do this is by finding a aEURoedividend magnet.aEUR
Step 4: Lean Towards Good aEURoeRelative StrengthaEUR
The stock market is exactly thataEUR"a market of stocks. Over any given timeframe, some stocks trade with the market, more or less, while some do worse and some do better.
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If we rewind to July 2016, two years before our purchase, we see that Arbor traded in-line with the S&P 500. Then, in February 2018, the stock suddenly took off. This was our tipoff that the stock was ready to run. After an extended arm-wrestling battle with the market, Arbor really began to flex its dividend-powered muscles:
This Was Just the Beginning for Arbor
Step 5: Buy New Highs
Stocks that hit new multi-year highs often make even higher highs in the months and years ahead. This is often a tough lesson for contrarian-minded investors to learn, as we independent thinkers would prefer to sort through the discarded bargain bin for hidden gems.
Arbor had been sizzling for a decade when we rolled into its dividend party. Did it care that we were late? Not one bit.
DonaEURtmt Be Afraid of New Highs
Most investors hesitate to buy a stock when its price looks aEURoehigh.aEUR But these levels are relative, and ArboraEURtms business performance actually warranted an even higher price. We focused on where the business was going, not where the stock had been.
This, by the way, is the part of momentum investing that works. Stock prices are often aEURoetoo slowaEUR in moving from point A to point B, especially when new highs are involved. Investors hesitate to pay more and more. In this case, their hesitation gave us the opportunity to roll into the festivities late and still bank 63% profits.
Step 6: Let the Winner Run
IaEURtmve been hearing from subscribers who have wanted to book gains in Arbor since we bought it. After all, the stock started moving higher from the moment we bought it, and some folks believe that aEURoeyouaEURtmll never go broke taking a profit.aEUR
While true, youaEURtmll never get rich taking a profit too soon either. Since we bought shares, they have been in a nice uptrend, paying us a generous (and increasing!) dividend every quarter. The lone pullback was a buying opportunity. Why sell?
Sure, a fast 6.3% gain is nice, but IaEURtmll take the 63% total return. At this rate, weaEURtmre doubling our money in less than two years. Mr. and Ms. Market donaEURtmt always gift us with well-priced money machines like Arbor. But when they do, we shouldnaEURtmt be so quick to return the cash cow!
aEURoeBrett, WhataEURtms the Best Way to Increase Wealth Long-Term?aEUR
Several subscribers have written in recently asking which dividend strategy is the best one to increase their wealth over the long haul. ThataEURtms easy. ItaEURtms Hidden Yields and its 17%+ yearly returns.
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Remember, for us, bear markets are buying opportunities. DecemberaEURtms plummet sure was! Our secret was that we didnaEURtmt panic. We held onto our elite dividend growers and used the opportunity to buy more.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Many of you probably sat back and enjoyed Arbor Realty TrustaEURtms (ABR) aEURoeparabolicaEUR move to the upside in recent weeks. By Brett Owens This week weaEURtmre going to get a bit greedy (responsibly, of course) and discuss fast double-digit gains from safe dividend stocks. The company had generated $0.28 in AFFO (adjusted funds from operations, ArboraEURtms measure of actual cash flow) per share in the quarter prior to our purchase. | Many of you probably sat back and enjoyed Arbor Realty TrustaEURtms (ABR) aEURoeparabolicaEUR move to the upside in recent weeks. Step 1: Find a Safe Dividend Dividend stocks, as a group, outperform non-dividend payers. Step 2: Find a Growing Dividend In the eight quarters prior to our purchase, Paul and his colleagues had hiked ArboraEURtms dividend six times! | Many of you probably sat back and enjoyed Arbor Realty TrustaEURtms (ABR) aEURoeparabolicaEUR move to the upside in recent weeks. Step 2: Find a Growing Dividend In the eight quarters prior to our purchase, Paul and his colleagues had hiked ArboraEURtms dividend six times! WeaEURtmre doing it simply by buying the stocks that are increasing their dividends the fastest. | Many of you probably sat back and enjoyed Arbor Realty TrustaEURtms (ABR) aEURoeparabolicaEUR move to the upside in recent weeks. That $1 per share per year dividend that we bought is already $1.20! Most investors hesitate to buy a stock when its price looks aEURoehigh.aEUR But these levels are relative, and ArboraEURtms business performance actually warranted an even higher price. |
30084.0 | 2019-11-01 00:00:00 UTC | Arbor Realty Trust (ABR) Q3 2019 Earnings Call Transcript | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-q3-2019-earnings-call-transcript-2019-11-02 | nan | nan | Image source: The Motley Fool.
Arbor Realty Trust (NYSE: ABR)
Q3 2019 Earnings Call
Nov 01, 2019, 10:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by and welcome to the third-quarter Arbor Realty Trustearnings conference call [Operator instructions] Please be advised that today's conference is being recorded. [Operator instructions] I would now like to turn the call over to your speaker today, Paul Elenio. Please begin, sir.
Paul Elenio -- Executive Vice President, Chief Financial Officer
OK. Thank you, Norma, and good morning, everyone, and welcome to the quarterlyearnings callfor Arbor Realty Trust. This morning, we'll discuss the results for the quarter ended September 30th, 2019. With me on the call, today is Ivan Kaufman, our president, and chief executive officer.
Before we begin, I need to inform you that statements made in thisearnings callmay be deemed forward-looking statements that are subject to risk and uncertainties, including information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. These statements are based on our beliefs, assumptions, and expectations of our future performance, taking into account the information currently available to us. Factors that could cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today.
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Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrences of unanticipated events. I'll now turn the call over to Arbor's President and CEO Ivan Kaufman.
Ivan Kaufman -- President, and Chief Executive Officer
Thank you, Paul, and thanks to everyone for joining us on today's call. As you can see from this morning's press release, we had another outstanding quarter, which continues to demonstrate the diversity of our operating platform and the value of our franchise. We are very pleased with the continued growth in our business, which has consistently increased our baseline of predictable and stable earnings, allowing us to once again increase our quarterly dividend to $0.30 a share, which represents the third increase this year, and reflects an annual run rate of $1.20 per share, up from $1.08 per share. Additionally, the significant growth we experienced this year continues to increase our run rate of core earnings, making us very confident in our ability to comfortably maintain our current dividend, as well as, grow it in the future.
Over the last few years, we have clearly outperformed our peers, delivering consistent annual shareholder returns of approximately 30%. And this performance, combined with the quality and diversity of our income streams, along with the consistency of our earnings, and our low dividend payout ratio clearly differentiates us, which is why we believe we should consistently trade at a lower dividend yield and a substantial premium to our peer group. To highlight our success further, I would like to talk about the growth we experienced in both of our business platforms. In our agency business, we grew our servicing portfolio another 3% in the second quarter and 12% over last year and is now at $20 billion.
This portfolio generates a servicing fee of 44 basis points and has an average remaining life of over nine years, which reflects an 11% increase in duration over the last two years. And as a result, we have created a very significant, predictable annuity of income of $87 million gross annually and growing, the majority of which is prepayment protected. This growth in our servicing portfolio also continues to increase the annuity of income from our escrow balances, which are currently earning $19 million annually for a combined annual run rate of servicing income and escrow earnings of $106 million. We also had a very strong originations quarter closing $1.4 billion in agency loans, and our pipeline remains strong, providing us with confidence in our ability to produce consistent origination volumes for the balance of the year.
We are also very pleased in our ability to continue to generate strong margins on our loan sales despite the extremely competitive landscape. And these income streams from our agency platform continue to create significant diversity an a high level of certainty in our income streams. There's been a lot of talk lately about the potential for the GSE reform and the effect that it has, and the new cap could have on GSE lenders in the future. The new cap for 2020 has been increased and represents approximately 40% of the predicted 2020 multi-family market.
The new cap also eliminates any exceptions and mandates that 37.5% be directed toward mission-driven business or affordable housing. Our GSE production historically has been mostly in the affordable housing market. And therefore, we believe that the increase to the cap, combined with a large portion being dedicated to the affordable housing component, puts us in a favorable position to be able to continue to grow our agency production going forward. In anticipation of a potential reduction in the agency footprint, which did not occur, we launched our Arbor private label program.
In the beginning of the third quarter, the industry experienced a slight disruption as the agency caps were being navigated. In that short period of time, we had a competitive advantage in the market, and we're able to build a pipeline of $600 million to $700 million of this product, which we expect to close and securitize in the first quarter of 2020. And we believe the development of this product line will further diversify our lending platform, and act as a mitigant against any further changes to the agencies. With respect to our balance sheet business, we experienced tremendous growth in our loan book.
We grew this portfolio 24% in 2018, and another 21% already for the first nine months of this year on nearly $2 billion of originations. Our balance sheet portfolio is now at $4 billion, and the significant growth we experienced will continue to increase our run rate of net interest income going forward. It is also significant to note that almost 80% of our portfolio is multi-family asset, which is clearly the safest asset class. We also have a very robust pipeline, which will allow us to continue to grow our loan book for the balance of the year.
And as a result of this strong pipeline, we elected to raise $120 million of fresh capital in October through a 4.75% unsecured debt issuance that was 100 basis points tighter than our last debt issuance in March. This was very attractive capital, as it will be used to fund our pipeline of new investments and be immediately accretive to our core earnings. We continue to have tremendous success through our securitization expertise and our strong banking relationships in substantially reducing our debt costs, which has allowed us to achieve significant economies of scale and maintain our margins in a very competitive market. And again, the income generated from our balance sheet loan book is a significant component of our earnings, and we remain very confident in our ability to continue to grow this income stream.
Updating you now on our single-family rental business. We continue to make considerable progress in developing our platform, and we are committed to becoming a leader in this space. We're very pleased with the continued growth we are seeing in our pipeline of opportunities by leveraging off our existing originations capacity and capabilities. We have closed approximately $100 million of single-family rental product to date, and we believe this is a phenomenal business with enormous opportunity in both the bridge and permanent lending products, and we are confident that we will build this out to be a significant driver of yet another source of income stream and further diversify our lending platform.
Overall, we are extremely pleased with our progress and the tremendous success we continue to have in growing our operating platform. The quality and diversity of our income streams make us very comfortable with the stability of our dividend, and confident based on our strong baseline revenues and the current status of our pipeline we'll be able to consistently grow our dividend in the future, and continue to generate outsized returns to our shareholders. I will now turn the call over to Paul to take you through the financial results.
Paul Elenio -- Executive Vice President, Chief Financial Officer
OK. Thank you, Ivan. As our press release this morning indicated, we had a very strong third quarter, generating AFFO of $42.4 million or $0.36 per share. These results reflect an annualized return on average common equity of 15%, which continues to demonstrate the earnings power of our capital-light agency business, as well as, the significant growth in cost efficiencies we are experiencing, as we continue to scale our balance sheet portfolio.
And as Ivan mentioned, we are very pleased with our ability to once again increase our quarterly dividend to $0.30 a share, reflecting an 11% increase from a year ago, and we remain confident in our ability to comfortably maintain our current dividend, as well as, grow it in the future. Looking at the results from our agency business, we generated $29 million of pre-tax income in the third quarter on approximately $1.4 billion in originations and $1.5 billion in loan sales. The margin on our third-quarter sales was 1.43%, including miscellaneous fees, compared to 1.54% all-in margin on our second-quarter sales. We also recorded $30 million of mortgage servicing rights income related to $1.5 billion of committed loans during the third quarter, representing an average MSR rate of around 2.02%, compared to a 1.44% rate for the second quarter, mostly due to some large deals that we closed in the second quarter, which generally have a lower servicing fee.
Our servicing portfolio grew another 3% during the quarter to $20 billion at September 30th, with a weighted average servicing fee of 43.5 basis points and estimated remaining life of 9.2 years. This portfolio will continue to generate a predictable annuity of income going forward of around $87 million gross annually, which is up approximately $5 million on an annual basis from the same time last year. Additionally, early runoff in our servicing book continues to produce prepayment fees related to certain loans that have yield maintenance provisions. This accounted for $5.3 million in prepayment fees in the third quarter, which was up from $3.5 million in the second quarter.
The earnings associated with our escrow balances also continues to grow and contribute meaningfully to our recurring income streams. We currently have approximately $950 million of escrow balances, which are earning around 2%, and the earnings associated with these balances are up approximately $4 million or 29% on an annual run rate, as compared to this time last year. In our balance sheet lending operation, we grew our portfolio of 21% for the first nine months of the year to $4 billion. And based on our current pipeline, we remain extremely confident in our ability to continue to grow our balance sheet investment portfolio in the future.
Our $4 billion investment portfolio had an all-in yield of approximately 7.04% at September 30th, compared to 7.34% at June 30th. The average balance in our core investments was up from $3.6 billion last quarter to $3.9 billion this quarter due to our second and third-quarter growth. And the average yield on these investments was 7.31% for the third quarter, compared to 8.24% for the second quarter, mainly due to default interest collected on our second-quarter loan payoff, higher interest rates on runoff as compared to originations, and from a reduction in LIBOR during the third quarter. Total debt on our core assets was approximately $3.5 billion at September 30th, with an all-in debt cost of approximately 4.65%, compared to a debt cost of around 4.96% at June 30th, mainly due to reduction in LIBOR during the third quarter.
The average balance on our debt facilities was up to approximately $3.5 billion for the third quarter from $3.4 billion for the second quarter due to financing our portfolio growth, and the average cost of funds in our debt facilities decreased to approximately 4.87% for the third quarter, compared to 5.35% for the second quarter due to $1.2 million of non-cash fees that were accelerated from the early unwind of CLO VI in the second quarter, the full effect of lower borrowing costs associated with our new CLO, and from a reduction in LIBOR in the third quarter. Overall, net interest spreads in our core assets were down to 2.44% this quarter, compared to 2.89% last quarter, again, mainly due to default interest received in the second quarter and higher interest rates on runoff,s as compared to originations. And our overall spot net interest spread was relatively flat at 2.39% and 2.38% at September 30th and June 30th, respectively, mainly due to the positive effect of LIBOR floors on a portion of our balance sheet portfolio and from reduced borrowing costs from our recent CLO execution. The average leverage ratio on our core lending assets, including the trust preferred and perpetual preferred stock as equity was down slightly to 80% in the third quarter, as compared to 81% for the second quarter.
And our overall debt-to-equity ratio on a spot basis, including the trust preferred and preferred stock as equity, was also down to 2.5:1 at September 30th from 2.6:1 at June 30th. Lastly, we also had another very strong quarter from our residential banking joint venture. This investment generated $2.6 million of income to us this quarter, mainly due to the success we continue to have in building out the retail branch networks and from the current interest rate environment. We also expect to record additional income from this investment in the fourth quarter that will be more in line with past fourth-quarter performances due to the normal seasonal nature of this residential banking business.
And this success continues to demonstrate the diversity of our income streams and the value of our operating franchise. That completes our prepared remarks for this morning, and I'll now turn it back to the operator to take any questions you may have at this time. Norma?
Questions & Answers:
Operator
Thank you. [Operator instructions] Our first question comes from Steve Delaney of JMP Securities. Your line is open.
Steve Delaney -- JMP Securities -- Analyst
Good morning and thanks for taking the question. The gain on sale margin, little over 2% in the third quarter. You mentioned that you had a mega-deal or large deal in the second quarter. Paul, how do you feel about that as a run rate? And obviously, I know the Fannie Mae component, which was up to 77%, that's a factor in there but is 2% reasonable given your mix of business, a reasonable level for us to project on the MSR gain?
Ivan Kaufman -- President, and Chief Executive Officer
Sure. Sure, Steve. I think you said gain on sale, but I think you meant MSR rate.
Steve Delaney -- JMP Securities -- Analyst
I meant MSR, my bad. Yeah.
Ivan Kaufman -- President, and Chief Executive Officer
Yeah. So, the MSR rate was 2.02% for the quarter, was higher than it was last quarter for the reasons you mentioned, we did have some larger loans that we closed in the second quarter with lower servicing fees. We didn't have that kind of mix in the third quarter. It also depends on, as you mentioned, the mix of Fannie Mae versus the other products, and it is a little heavier toward Fannie Mae.
So, it's a tough -- it's a tough one to project. But I would say that it should trend on the higher end, maybe not 2% every quarter, but it should trend on the higher end that it has over the last few quarters because the Fannie Mae business has picked up with the new cap and the new developments there. And the servicing fees are staying relatively high in that business. So unless the mix significantly changes to more Freddie and Fannie, which I don't anticipate, we think that MSR rate could be high going forward.
Steve Delaney -- JMP Securities -- Analyst
All right, great. That's helpful. And you smoked me out on the -- I was interested in the servicing revenue going up 10% with the volume only up, the UPB up 3, and you mentioned your yield maintenance. Is -- do you attribute that -- do you consider what you saw kind of routine? Or was it the drop in the tenure from 250 early in the year to 170.
Did you think that there are people actually that are bailing out early and refying their GSE loans?
Paul Elenio -- Executive Vice President, Chief Financial Officer
I'll let Ivan talk about the market, but I do think that it was a little surprising, and it probably had to do with the interest rates. The prepayment fees were trending more and, in my opinion, normalized over the last because it got down to $3.5 million last quarter. That's where I kind of pegged I thought it would be this quarter and maybe next quarter, but it came in a little higher than I expected. And I think I would attribute that probably too, as you mentioned Steve, the drop in the interest rates and people refinancing their portfolio.
But we'll get Ivan's view on where he thinks the market is from that perspective.
Ivan Kaufman -- President, and Chief Executive Officer
Sure. I think it's not just a product, a lot of -- can you hear?
Steve Delaney -- JMP Securities -- Analyst
Hello. Yes, I got you now. I got you now. OK.
Ivan Kaufman -- President, and Chief Executive Officer
Yeah, it's not just a product of refinancing. I think when rates do drop, there may be an acceleration of some sale activities and people are willing to deal with the yield maintenance issues because their gain on sale and their own assets are more robust. So it's a factor, it's definitely a factor, and it's a consistent factor for us in our earnings. And sometimes it's higher, sometimes it's lower, but it's always within a certain range.
Steve Delaney -- JMP Securities -- Analyst
Got it. Thank you both for your comments.
Operator
Thank you. Our next question comes from Stephen Laws of Raymond James. Your line is open.
Stephen Laws -- Raymond James -- Analyst
Hi, good morning, Ivan and Paul. I want to follow-up on a couple of things from Ivan, I believe, in your prepared remarks. On the private label side, $81 million of originations in Q3. And what should we think about as a normal quarter on the private label business? And then to that point, what is the difference in underwriting standard that the loans you'll do there on the private label securitizations yields versus the agency yields or maybe a little bit of the characteristics that distinguish the two?
Ivan Kaufman -- President, and Chief Executive Officer
I think, first off, the private label was created as a result of the agencies, at least our anticipation that the agencies would be cutting back because they were hitting against their cap. And that's how we created the program. So, it was filling an absolute void where the agencies were not quoting. They were backing up their pricing very, very, very steep and the private label was actually inside of the agency pricing.
So, the amount of private label we produce will be a product of how aggressive the agencies will be or will not be and that's the real primary issue. The secondary issue will be is if they're not fulfilling their mandate on the mission-driven business, which is 37.5%, they'll be more aggressive on the mission-driven business and less aggressive on the non-mission business. So, if they're less aggressive on the non-mission-driven business, we'll do more private label business in general. Sometimes the agencies have a concentration in a specific market and they're less aggressive and that's a void to be filled as well.
However, sometimes they have a sponsor concentration and that affects them as well. So, there are various number of factors that exist. But we would not expect the amount of private label business we've -- we did in a short period of time to be operating at that level on a run rate unless the agencies shy back on their production. They are getting more aggressive now, and I think they're taking more and more of the market.
So, I would anticipate seeing us at a lower run rate than what we have in the pipeline right now. What we have in the pipeline right now suggested probably about a $2.5 billion securitization level to $3 billion for 2020. I'll expect that to be probably half.
Stephen Laws -- Raymond James -- Analyst
Great. I appreciate the color there. It does sound like a good opportunity to fill in when there are gaps in the market. And shifting to a follow-up on your SFR comments, $100 million to date.
And I know a lot of expenses have been going in building out the platform. How should we think about top-line growth, when we operate with the [Inaudible], but ROEs associated with ramping that up and what type of ROE expansion or benefits to the bottom line, as you leverage those costs that have been put in place building out that platform?
Ivan Kaufman -- President, and Chief Executive Officer
So, I think we've been able to absorb the cost in our operating numbers for 2019. And I believe that for 2020, we'll continue to grow that business. My objective would be able to get to a run rate of both bridge lending and securitization of around $50 million a month on each side. At that level, if we can get there, it will be a substantial contributor to our bottom line.
But right now, it's not a drag. It's probably somewhat neutral turning to a positive as we now have some loans on our balance sheet producing positive earnings.
Stephen Laws -- Raymond James -- Analyst
Fantastic. And then, thinking about the competition side. When you look at your competitors, are you're seeing more pressure on spreads or on the credit side with underwriting standards and maybe talk a little bit to each side of that as to how you're addressing that competition in the market?
Ivan Kaufman -- President, and Chief Executive Officer
Yeah. There's constant -- there's constant pressure on spreads. On the balance sheet side, spreads have come in considerably. I'd say they're in another 25 to 35 basis points in the last four months since our last quarterly call.
However, we've been able to get a lot of economy scales on the borrowing side to offset that and maintain our spread. So, that's been quite positive for us and grow our book at the same time. So, we're pretty comfortable with where we are, although our coupons are tighter, our borrowers have offset that to a large degree. On the agency side, it is a fiercely competitive market.
And we've been able to maintain our volume levels and not be ambitious about growing too much and being overly aggressive in what we do and weighed up on our overhead. So, we've been pretty disciplined about trying to manage our business accordingly and doing a good job. I think that the market will continue to be competitive, but we have a good franchise, and we have a good customer base, and we've been able to maintain our business plans fairly effectively.
Stephen Laws -- Raymond James -- Analyst
Great. Thanks a lot for the comments, and for taking my questions.
Operator
Thank you. [Operator instructions] And I'm currently showing no questions at this time. I'd like to turn the call back over to Mr. Ivan Kaufman for closing comments.
Actually, I'm sorry, I have a question. Jade Rahmani with KBW. Your line is open.
Jade Rahmani -- KBW -- Analyst
Thanks very much. I was wondering if you would be interested in property management as an additional business line to add. It would seem complementary to the company's increasing focus on the residential market. We know in the single-family rental space, there's definitely a need for institutional property management because of the scale requirements and economics in that business.
And also, I know you've made investments in technology and technology has been the theme as well. So, could you comment on that?
Ivan Kaufman -- President, and Chief Executive Officer
We've evaluated that in the past, and we've declined in going into that area for a number of reasons. It's very people-intensive, requiring a lot of management and a lot of infrastructure with the margins being very, very low. We're also afraid of some of the headline risk that might come along with that because the property management and some of the negative things that can occur when you're managing properties. There is some headline risk from time to time whether it's justified or not that we felt was probably not where we want it to be as a public company and affect the rest of our businesses.
The only real issue for us is whether the synergies from managing properties and creating financing opportunities would offset all that and create additional revenue streams. And you know, we're not sure it does. So, we think there are better places to put our capital and management at the present time.
Jade Rahmani -- KBW -- Analyst
Thanks very much for that. Turning to the overall commercial real estate business. It seems like you have a very positive view toward multi-family, as well as, single-family rental and lower-risk dynamics in residential housing in general, particularly affordable focus. What's your view toward the rest of the commercial real estate market? And do you expect to continue to originate bridge loans and other property types such as office or net lease?
Ivan Kaufman -- President, and Chief Executive Officer
So, we've probably have about 20% to 25% of our originations in portfolio and other asset classes, and we pick our spots. We'll do some hospitality, some retail, some office, certainly some healthcare. So, we're not major players in that area, we're more opportunistic, we're either servicing our borrowers or seeing a unique opportunity. But historically, we love the multi-family market.
It's been the best performer in and outside of all other markets that we've engaged in. So, that will probably be the balance in our book.
Jade Rahmani -- KBW -- Analyst
And in the commercial real estate asset classes, you mentioned away from residential, would you expect an uptick in marketwide loan delinquencies next year?
Ivan Kaufman -- President, and Chief Executive Officer
Our feeling is that we're at a certain point in time in the cycle, there's a lot of liquidity, there are a lot of new players, there's a lot of syndicated capital, and you have a lot of new entrants into the market. And with that becomes a level of risk. And I think that what we'll do is proceed with a lot of caution with the sponsors we do business with and be very cautious in this point in time in the cycle. So, we do expect there to be a little bit of an uptick in delinquencies in the industry in general.
And a lot will do with interest rates, as well as, rent increases. So, you've had a historical run of over 10 years of 3% to 5% rental increases, which has been very, very positive for the multi-family asset performance, and a very attractive interest rate environment. Those are two variables that nobody can control right now, but we're very conservative in the way we underwrite our loans for rent growth, as well as, exit cap rates and exit interest rates on our loans, but now would be the period of time to be cautious.
Jade Rahmani -- KBW -- Analyst
And touching on the dividend, what drove the decision to again raise the dividend just with the factors you mentioned, rate spreads being an uncertainty, why not choose instead to be more defensive, and then, paying some additional capital?
Ivan Kaufman -- President, and Chief Executive Officer
Well, number one, we feel we are very conservative. We have a lot of room within our dividend and our core earnings just continue to grow at tremendous levels. And I think what's worth noting is when our core earnings grow, our baseline grows, it doesn't go down. Our servicing revenues, our escrow balances, our balance sheet, it shows a tremendous baseline from year-to-year.
And we have to -- we're still at a very low payout ratio. We feel there's a lot of room, and we're very comfortable with it, and it would almost be inappropriate for us to have a lower payout ratio with our core earnings growing at such a rapid rate.
Jade Rahmani -- KBW -- Analyst
Thanks for taking the questions.
Operator
Thank you. And our next question comes from Rick Shane of JP Morgan. Your line is open.
Rick Shane -- J.P. Morgan -- Analyst
Hey, guys. Thanks for taking my questions this morning. Ivan, I appreciate the commentary on the private label in response to Steve's question. I'd love to talk about it a little bit tactically, obviously, it's a business that's meant to sort of provide stability when there are fluctuations in the other parts of the market.
But obviously, you can't just sort of be in and out of that based on where the thresholds are. I'm curious, it sounds like the plan is to run this on a steady-state basis, how do you look at the economics versus the agency business? How do you decide in periods where there is capacity on the agency side whether or not to do private label loans?
Ivan Kaufman -- President, and Chief Executive Officer
I think what will happen is depending on where the agencies are and how aggressive they are, both on pricing and in markets. I think that footprint will shrink dramatically or grow in a nice way. There may be periods of time where we're just not an effective originator of that product because the agencies are too aggressive. So currently, the pipeline we generated is significant and we'll -- should lead to really, really good execution.
I think now that the agencies are tightening up every week, there may not be space for us to originate that product in the market. So, the market will dictate to a large degree with the agencies being a leader in the market for how much room there is. And the agencies continue week by week to tighten their spreads about 3 basis points, five, 10. They went from being $250 million to $275 million over.
And now, they're actively quoting from $190 million to $210 million or $215 million over, which is right around we're quoting, and if they get inside of that, there won't be sufficient of product. But if they widen, it will be. So right now, it's kind of borderline with the agencies probably going to dominate that market again. So, we'll have to wait and see how it works.
Rick Shane -- J.P. Morgan -- Analyst
Great. That's very helpful. And I'm not sure I heard if you answer to Steve's question or not. But how do the economics compare versus the agency business on a gain-on-sale basis?
Ivan Kaufman -- President, and Chief Executive Officer
So, we think that it lies somewhere between the two agencies, between Fannie and Freddie, the economics. So, the economics on the Fannie Mae business are stronger than on the Freddie Mac business. And we think it lies right in between.
Rick Shane -- J.P. Morgan -- Analyst
OK, great. So, it probably will impact gain on sale margin at the margin.
Ivan Kaufman -- President, and Chief Executive Officer
Paul, what's your feeling on that?
Paul Elenio -- Executive Vice President, Chief Financial Officer
Yeah, I think that's right. I think it will depend on how, as Ivan laid out, Rick, how active we are in that private label business. I think the economics, as Ivan laid out, fall in between the two agencies. Obviously, Fannie being more robust on the servicing fee side and on the gain on sale side than Freddie.
So, if it falls in between those two, it likely doesn't move the margin in total significantly, unless it's a bigger part of our book, then the agencies regress. So, it will be hard for me to tell you that it won't affect the margin at all. But unless it's a real big part of our business, and that means the agencies are reducing their footprint, I don't think it moves the margin materially.
Ivan Kaufman -- President, and Chief Executive Officer
Yeah, there are some factors on that. The larger deal you do, you could absorb your fixed expenses, and that has a big impact on the market. We originally targeted doing a $350 million deal. We hope to come out somewhere between $600 million and $800 million, which will have a very positive impact on our margins, probably by at least 0.25% in absorbing those fixed expenses.
And the other item, which we don't know how much of an impact it will have, we're trying to build a brand given the way we're doing it, and we're hoping we can trade. We're pricing at the trade comparable to the CMBS market. We think with our brand, our expertise in the securitization market, us maintaining part of the B-piece and being in the servicing side of the business, perhaps there can be some pricing advantage, which hasn't been factored in. So, it's a little early to say exactly where we come out.
But right now, it's looking very favorable.
Rick Shane -- J.P. Morgan -- Analyst
OK. Thank you, guys, again for your time this morning.
Ivan Kaufman -- President, and Chief Executive Officer
Thanks, Rick.
Operator
Thank you. [Operator instructions] And I'm currently showing no questions at this time. I would like to turn the call back over to Mr. Ivan Kaufman.
Ivan Kaufman -- President, and Chief Executive Officer
Well, thank you, everybody, for participating on today's call. Sorry for the technical difficulty that occurred originally on the inception of the call. The third quarter was once again another outstanding quarter, and we're very optimistic to complete the rest of the year in a very positive way. Thank you again.
Take care, everybody.
Operator
[Operator sign-off]
Duration: 45 minutes
Call participants:
Paul Elenio -- Executive Vice President, Chief Financial Officer
Ivan Kaufman -- President, and Chief Executive Officer
Steve Delaney -- JMP Securities -- Analyst
Stephen Laws -- Raymond James -- Analyst
Jade Rahmani -- KBW -- Analyst
Rick Shane -- J.P. Morgan -- Analyst
More ABR analysis
All earnings call transcripts
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (NYSE: ABR) Q3 2019 Earnings Call Nov 01, 2019, 10:00 a.m. Operator [Operator sign-off] Duration: 45 minutes Call participants: Paul Elenio -- Executive Vice President, Chief Financial Officer Ivan Kaufman -- President, and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Rick Shane -- J.P. Morgan -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Additionally, the significant growth we experienced this year continues to increase our run rate of core earnings, making us very confident in our ability to comfortably maintain our current dividend, as well as, grow it in the future. | Operator [Operator sign-off] Duration: 45 minutes Call participants: Paul Elenio -- Executive Vice President, Chief Financial Officer Ivan Kaufman -- President, and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Rick Shane -- J.P. Morgan -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q3 2019 Earnings Call Nov 01, 2019, 10:00 a.m. This growth in our servicing portfolio also continues to increase the annuity of income from our escrow balances, which are currently earning $19 million annually for a combined annual run rate of servicing income and escrow earnings of $106 million. | Operator [Operator sign-off] Duration: 45 minutes Call participants: Paul Elenio -- Executive Vice President, Chief Financial Officer Ivan Kaufman -- President, and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Rick Shane -- J.P. Morgan -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q3 2019 Earnings Call Nov 01, 2019, 10:00 a.m. We also recorded $30 million of mortgage servicing rights income related to $1.5 billion of committed loans during the third quarter, representing an average MSR rate of around 2.02%, compared to a 1.44% rate for the second quarter, mostly due to some large deals that we closed in the second quarter, which generally have a lower servicing fee. | Operator [Operator sign-off] Duration: 45 minutes Call participants: Paul Elenio -- Executive Vice President, Chief Financial Officer Ivan Kaufman -- President, and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Stephen Laws -- Raymond James -- Analyst Jade Rahmani -- KBW -- Analyst Rick Shane -- J.P. Morgan -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q3 2019 Earnings Call Nov 01, 2019, 10:00 a.m. Ivan Kaufman -- President, and Chief Executive Officer I think, first off, the private label was created as a result of the agencies, at least our anticipation that the agencies would be cutting back because they were hitting against their cap. |
30085.0 | 2019-11-01 00:00:00 UTC | Wasatch Small Cap Value Holds Its Head Up | ABR | https://www.nasdaq.com/articles/wasatch-small-cap-value-holds-its-head-up-2019-11-01 | nan | nan | Small-company stocks have trailed large-company stocks for much of the bull market. But you wouldn't know that by looking at Wasatch Small Cap Value. The fund's 18.8% annualized gain since the stock market rally began in March 2009 beats the return of the Russell 2000 index, which tracks small-company stocks, as well as Standard & Poor's 500-stock index, a proxy for large-company shares.
See Also: 20 Large-Cap Dividend Stocks With More Cash Than Debt
The past 12 months have been particularly volatile for small-company stocks, in part because the period began with a 26.9% pullback in the Russell 2000 in late 2018. But Small Cap Value held up better than the index during the downdraft, and in 2019, it rebounded more strongly, too. In short, although the fund's one-year loss of 2.7% is disappointing on an absolute basis, it beat the 8.9% dent in the Russell 2000. "We're a good house in a bad neighborhood," says manager Jim Larkins. (Returns are through September 30.)
Larkins looks for growing companies that trade at value prices. "This is a growth-ier value fund," he says. The portfolio's 50-odd stocks generally fall into one of three buckets: undiscovered gems, or companies operating largely under the radar; fallen angels, or firms suffering a temporary setback; and what Larkins calls quality value, or cheap stocks in steadier, slower-growing firms. The mix of fast-growers and sturdier companies has helped the fund deliver above-average returns with below-average volatility.
One of the fund's hidden gems is LGI Homes (symbol, LGIH), an up-and-coming homebuilder that targets first-time buyers. The stock has climbed more than 75% over the past year. And then there's Lithia Motors (LAD). Larkins first bought shares in 2017. The company, which buys up failing car dealers and turns them around, stumbled in 2018 after a slew of acquisitions. Low interest rates have helped business this year, however, and shares have risen 64%.
But the fund's high-quality names give it stability. Arbor Realty Trust (ABR), a real estate finance company, has returned 25% over the past 12 months and sports an 8.9% yield. "We like income payers in our portfolio to offset our fallen-angel approach--that's the messier part of the portfolio," says Larkins.
Fidelity's zero-commission rollout included an announcement that the firm will automatically direct investor cash into its highest-yielding sweep accounts.
See Also: Special: The Kip 25
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (ABR), a real estate finance company, has returned 25% over the past 12 months and sports an 8.9% yield. One of the fund's hidden gems is LGI Homes (symbol, LGIH), an up-and-coming homebuilder that targets first-time buyers. Fidelity's zero-commission rollout included an announcement that the firm will automatically direct investor cash into its highest-yielding sweep accounts. | Arbor Realty Trust (ABR), a real estate finance company, has returned 25% over the past 12 months and sports an 8.9% yield. Small-company stocks have trailed large-company stocks for much of the bull market. The fund's 18.8% annualized gain since the stock market rally began in March 2009 beats the return of the Russell 2000 index, which tracks small-company stocks, as well as Standard & Poor's 500-stock index, a proxy for large-company shares. | Arbor Realty Trust (ABR), a real estate finance company, has returned 25% over the past 12 months and sports an 8.9% yield. The fund's 18.8% annualized gain since the stock market rally began in March 2009 beats the return of the Russell 2000 index, which tracks small-company stocks, as well as Standard & Poor's 500-stock index, a proxy for large-company shares. See Also: 20 Large-Cap Dividend Stocks With More Cash Than Debt The past 12 months have been particularly volatile for small-company stocks, in part because the period began with a 26.9% pullback in the Russell 2000 in late 2018. | Arbor Realty Trust (ABR), a real estate finance company, has returned 25% over the past 12 months and sports an 8.9% yield. Small-company stocks have trailed large-company stocks for much of the bull market. The fund's 18.8% annualized gain since the stock market rally began in March 2009 beats the return of the Russell 2000 index, which tracks small-company stocks, as well as Standard & Poor's 500-stock index, a proxy for large-company shares. |
30086.0 | 2019-11-01 00:00:00 UTC | This ETF Holds Companies With Heavy Insider Buying - MORT | ABR | https://www.nasdaq.com/articles/this-etf-holds-companies-with-heavy-insider-buying-mort-2019-11-01 | nan | nan | A look at the weighted underlying holdings of the Mortgage REIT Income ETF (MORT) shows an impressive 35.2% of holdings on a weighted basis have experienced insider buying within the past six months.
Arbor Realty Trust Inc (Symbol: ABR), which makes up 3.52% of the Mortgage REIT Income ETF (MORT), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The ETF holds a total of $7,100,198 worth of ABR, making it the #14 largest holding. The table below details the recent insider buying activity observed at ABR:
ABR — last trade: $13.66 — Recent Insider Buys:
10 ETFs With Stocks That Insiders Are Buying »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust Inc (Symbol: ABR), which makes up 3.52% of the Mortgage REIT Income ETF (MORT), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The table below details the recent insider buying activity observed at ABR: ABR — last trade: $13.66 — Recent Insider Buys: 10 ETFs With Stocks That Insiders Are Buying » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. The ETF holds a total of $7,100,198 worth of ABR, making it the #14 largest holding. | Arbor Realty Trust Inc (Symbol: ABR), which makes up 3.52% of the Mortgage REIT Income ETF (MORT), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The table below details the recent insider buying activity observed at ABR: ABR — last trade: $13.66 — Recent Insider Buys: 10 ETFs With Stocks That Insiders Are Buying » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. The ETF holds a total of $7,100,198 worth of ABR, making it the #14 largest holding. | Arbor Realty Trust Inc (Symbol: ABR), which makes up 3.52% of the Mortgage REIT Income ETF (MORT), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The table below details the recent insider buying activity observed at ABR: ABR — last trade: $13.66 — Recent Insider Buys: 10 ETFs With Stocks That Insiders Are Buying » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. The ETF holds a total of $7,100,198 worth of ABR, making it the #14 largest holding. | Arbor Realty Trust Inc (Symbol: ABR), which makes up 3.52% of the Mortgage REIT Income ETF (MORT), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The table below details the recent insider buying activity observed at ABR: ABR — last trade: $13.66 — Recent Insider Buys: 10 ETFs With Stocks That Insiders Are Buying » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. The ETF holds a total of $7,100,198 worth of ABR, making it the #14 largest holding. |
30087.0 | 2019-10-10 00:00:00 UTC | Arbor Realty Trust's Series A Preferred Stock Shares Cross 8% Yield Mark | ABR | https://www.nasdaq.com/articles/arbor-realty-trusts-series-a-preferred-stock-shares-cross-8-yield-mark-2019-10-10 | nan | nan | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.75 on the day. This compares to an average yield of 6.60% in the "Real Estate" preferred stock category, according to Preferred Stock Channel. As of last close, ABR.PRA was trading at a 4.68% premium to its liquidation preference amount, versus the average premium of 40.70% in the "Real Estate" category.
Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock:
In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently down about 1.6% on the day, while the common shares (Symbol: ABR) are up about 0.7%.
Click here to find out the 50 highest yielding preferreds »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.75 on the day. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently down about 1.6% on the day, while the common shares (Symbol: ABR) are up about 0.7%. As of last close, ABR.PRA was trading at a 4.68% premium to its liquidation preference amount, versus the average premium of 40.70% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.75 on the day. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently down about 1.6% on the day, while the common shares (Symbol: ABR) are up about 0.7%. As of last close, ABR.PRA was trading at a 4.68% premium to its liquidation preference amount, versus the average premium of 40.70% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.75 on the day. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently down about 1.6% on the day, while the common shares (Symbol: ABR) are up about 0.7%. As of last close, ABR.PRA was trading at a 4.68% premium to its liquidation preference amount, versus the average premium of 40.70% in the "Real Estate" category. | In trading on Thursday, shares of Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.0625), with shares changing hands as low as $25.75 on the day. As of last close, ABR.PRA was trading at a 4.68% premium to its liquidation preference amount, versus the average premium of 40.70% in the "Real Estate" category. Below is a dividend history chart for ABR.PRA, showing historical dividend payments on Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock: In Thursday trading, Arbor Realty Trust Inc's 8.250% Series A Cumulative Redeemable Preferred Stock (Symbol: ABR.PRA) is currently down about 1.6% on the day, while the common shares (Symbol: ABR) are up about 0.7%. |
30088.0 | 2019-09-19 00:00:00 UTC | Thursday 9/19 Insider Buying Report: SGMS, ABR | ABR | https://www.nasdaq.com/articles/thursday-9-19-insider-buying-report%3A-sgms-abr-2019-09-19 | nan | nan | Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Wednesday, Scientific Games Corp (SGMS)'s , Ronald O. Perelman, made a $2.24M buy of SGMS, purchasing 100,000 shares at a cost of $22.41 each. Perelman was up about 3.7% on the purchase at the high point of today's trading session, with SGMS trading as high as $23.23 at last check today. Scientific Games Corp is trading trading flat on the day Thursday. Before this latest buy, Perelman bought SGMS at 7 other times during the past year, for a total cost of $27.08M at an average of $16.87 per share.
And at Arbor Realty Trust (ABR), there was insider buying on Monday, by Director William C. Green who bought 20,000 shares for a cost of $12.83 each, for a trade totaling $256,599. This purchase marks the first one filed by Green in the past year. Arbor Realty Trust is trading up about 0.6% on the day Thursday. Green was up about 1.4% on the buy at the high point of today's trading session, with ABR trading as high as $13.01 at last check today.
VIDEO: Thursday 9/19 Insider Buying Report: SGMS, ABR
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | And at Arbor Realty Trust (ABR), there was insider buying on Monday, by Director William C. Green who bought 20,000 shares for a cost of $12.83 each, for a trade totaling $256,599. Green was up about 1.4% on the buy at the high point of today's trading session, with ABR trading as high as $13.01 at last check today. VIDEO: Thursday 9/19 Insider Buying Report: SGMS, ABR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Green was up about 1.4% on the buy at the high point of today's trading session, with ABR trading as high as $13.01 at last check today. And at Arbor Realty Trust (ABR), there was insider buying on Monday, by Director William C. Green who bought 20,000 shares for a cost of $12.83 each, for a trade totaling $256,599. VIDEO: Thursday 9/19 Insider Buying Report: SGMS, ABR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | And at Arbor Realty Trust (ABR), there was insider buying on Monday, by Director William C. Green who bought 20,000 shares for a cost of $12.83 each, for a trade totaling $256,599. Green was up about 1.4% on the buy at the high point of today's trading session, with ABR trading as high as $13.01 at last check today. VIDEO: Thursday 9/19 Insider Buying Report: SGMS, ABR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | And at Arbor Realty Trust (ABR), there was insider buying on Monday, by Director William C. Green who bought 20,000 shares for a cost of $12.83 each, for a trade totaling $256,599. Green was up about 1.4% on the buy at the high point of today's trading session, with ABR trading as high as $13.01 at last check today. VIDEO: Thursday 9/19 Insider Buying Report: SGMS, ABR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. |
30089.0 | 2019-09-09 00:00:00 UTC | Arbor Realty Trust Stock Is a Smart REIT Investment | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-stock-is-a-smart-reit-investment-2019-09-09 | nan | nan | Arbor Realty Trust (NYSE:) is a real estate investment trust that operates a bit differently than other REITs. Most REITs own properties and then manage those properties for their clients. For example, some firms own shopping malls and collect rent from the stores that operate in the malls. Some specialize in specific sectors like healthcare facilities or computer server farms.
Source: Pavel Kapysh / Shutterstock.com
But there are a handful that don’t own any properties at all yet structure themselves as REITs. These firms are more like traditional banks. They solely offer direct financing for properties. This is what ABR does.
It provides lending solutions to clients looking to finance multi-family properties, commercial buildings, healthcare facilities, elder care facilities and even single family rental properties.
One of the advantages to doing business this way is that there’s no property to manage. That means there’s no overhead on maintenance, either in personnel or materials costs.
Also, it allows ABR to be more flexible when it comes to its customer base. If one sector of the market is doing well, it can concentrate its efforts there, rather than being stuck in another sector’s misfortunes. And in the current economic cycle, REITs of all stripes are doing well because interest rates are low and likely heading lower before they head higher. That means REITs can borrow and refinance at great rates, which keeps their costs down.
Plus, the United States economy is doing well, especially compared to other countries. Job growth is plodding along and hourly income also marches upwards. In an economy where 70% of the engine is consumer spending, these are positives.
Arbor Realty Trust and an Aging Population
ABR stock also has something else in its arsenal. It works in two of the biggest long-term growth sectors out there — healthcare and elder care.
While they’re both closely linked, they are also not conjoined twins.
As the U.S. population gets older — millions of baby boomers will be hitting the 65-year-old benchmark every year for the next decade or more — elder care becomes an increasingly important issue, especially as the cost to maintain a home or rent an apartment continues to rise.
Along with that, in frequency and that means more visits to doctors, hospitals and outpatient clinics.
On the other end of the spectrum, as apartment rents continue to rise, renting single-family homes is actually becoming a viable option for younger couples or people looking for an alternative to multi-family housing.
The Bottom Line on ABR Stock
The point is, Arbor Realty Trust has some pretty solid long-term growth demographics covered. And that’s reflected in ABR stock. Year-to-date ABR stock is up nearly 25%. But the cherry on top — and it’s a pretty sizable cherry — is it delivers a 9.4% dividend on top of that kind of growth.
My Portfolio Grader gives ABR stock a “B” rating due to the lack of conviction in its economic numbers. But that still makes it a good buy for long-term growth.
is a renowned growth investor. He is the editor of four investing newsletters: Growth Investor, , Accelerated Profits and . His most popular service, Growth Investor, has a track record of beating the market 3:1 over the last 14 years. He uses a combination of quantitative and fundamental analysis to identify market-beating stocks. Mr. Navellier has made his proven formula accessible to investors via his free, online stock rating tool, PortfolioGrader.com. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Bottom Line on ABR Stock The point is, Arbor Realty Trust has some pretty solid long-term growth demographics covered. This is what ABR does. Also, it allows ABR to be more flexible when it comes to its customer base. | The Bottom Line on ABR Stock The point is, Arbor Realty Trust has some pretty solid long-term growth demographics covered. This is what ABR does. Also, it allows ABR to be more flexible when it comes to its customer base. | The Bottom Line on ABR Stock The point is, Arbor Realty Trust has some pretty solid long-term growth demographics covered. This is what ABR does. Also, it allows ABR to be more flexible when it comes to its customer base. | The Bottom Line on ABR Stock The point is, Arbor Realty Trust has some pretty solid long-term growth demographics covered. And that’s reflected in ABR stock. This is what ABR does. |
30090.0 | 2019-09-03 00:00:00 UTC | ABR Named Top 10 REIT at Dividend Channel With 9.24% Yield | ABR | https://www.nasdaq.com/articles/abr-named-top-10-reit-at-dividend-channel-with-9.24-yield-2019-09-03 | nan | nan | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $12.55 represents a price-to-book ratio of 1.3 and an annual dividend yield of 9.24% — by comparison, the average stock in Dividend Channel's coverage universe yields 3.9% and trades at a price-to-book ratio of 2.2. The report also cited the strong quarterly dividend history at Arbor Realty Trust Inc, and favorable long-term multi-year growth rates in key fundamental data points.
The report stated, ''Dividend investors approaching investing from a value standpoint are generally most interested in researching the strongest most profitable companies, that also happen to be trading at an attractive valuation. That's what we aim to find using our proprietary DividendRank formula, which ranks the coverage universe based upon our various criteria for both profitability and valuation, to generate a list of the top most 'interesting' stocks, meant for investors as a source of ideas that merit further research.''
REITs hold a special place in the hearts of dividend investors, because they must distribute at least 90% of their taxable income each year to shareholders as dividends. While this can make for a high dividend yield, it also introduces some volatility and uncertainty into the level of payments from year to year — huge dividend payouts are common when a REIT turns large profits, versus smaller payouts or even periods of no dividends in times of losses.
The current annualized dividend paid by Arbor Realty Trust Inc is $1.16/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 08/14/2019. Below is a long-term dividend history chart for ABR, which the report stressed as being of key importance. Indeed, studying a company's past dividend history can be of good help in judging whether the most recent dividend is likely to continue.
10 Top Ranked High Yield REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $12.55 represents a price-to-book ratio of 1.3 and an annual dividend yield of 9.24% — by comparison, the average stock in Dividend Channel's coverage universe yields 3.9% and trades at a price-to-book ratio of 2.2. | The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $12.55 represents a price-to-book ratio of 1.3 and an annual dividend yield of 9.24% — by comparison, the average stock in Dividend Channel's coverage universe yields 3.9% and trades at a price-to-book ratio of 2.2. Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. For example, the recent ABR share price of $12.55 represents a price-to-book ratio of 1.3 and an annual dividend yield of 9.24% — by comparison, the average stock in Dividend Channel's coverage universe yields 3.9% and trades at a price-to-book ratio of 2.2. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. | Arbor Realty Trust Inc (Symbol: ABR) has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among REITs, ABR shares displayed both attractive valuation metrics and strong profitability metrics. For example, the recent ABR share price of $12.55 represents a price-to-book ratio of 1.3 and an annual dividend yield of 9.24% — by comparison, the average stock in Dividend Channel's coverage universe yields 3.9% and trades at a price-to-book ratio of 2.2. |
30091.0 | 2019-08-26 00:00:00 UTC | These Brazen Insiders are Buying Their Own 9.7% Yields Like Crazy | ABR | https://www.nasdaq.com/articles/these-brazen-insiders-are-buying-their-own-9.7-yields-like-crazy-2019-08-26 | nan | nan | By Brett Owens
Insider buying can be a great indicator for us income investors to buy alongside management. After all, when the big bosses reach into their own pockets to purchase their own payout streams, itaEURtms a signal that they are confident in more than just the next dividend.
They believe their stock has upside, too. Often this results in total returns (including dividends) up to 214%. IaEURtmll show you some examples, and also break down some current aEURoebuyaEUR signals, in a moment.
First, let me make sure we are not mixing up insider buying with insider trading. They are two different things. Insider trading is when someone uses private information that you and I donaEURtmt have. ItaEURtms illegal.
But insider buying is perfectly legal. It occurs when an officer (think CEO or CIO), someone on the board of directors or another employee on the aEURoeinsideaEUR buys shares in his or her own company. They make those trades based on already public information, which is fine. And naturally, when they make big purchases, that vote of confidence means a lot more than the average investoraEURtms.
Let me show you a great example of how a big insider buy signaled 214% gains ahead for investors who were paying attention.
Ivan Kaufman is founder and long-time boss atA Arbor Capital (ABR), a REIT that makes loans for commercial and multifamily properties (and yields a gaudy 9.5%).
Three years ago, KaufmanaEUR"owner of 740,000 Arbor sharesaEUR"made a daring move for the then-tiny company, dishing out $250 million to buy a commercial-lending agency and its in-house technology platform.
Fast-forward to today, and the new and improved ABR is 3 times as valuable in terms of market cap!
aEURoeSkin in the GameaEUR Triples ABRaEURtms Value
Meanwhile long-term care specialist Omega Healthcare (OHI) had a mostly middling 2017 that turned wretched in the final quarter. But during that final quarter, insiders bought $5.8 million worth of stockaEUR"OmegaaEURtms highest three-month value of insider buying in the 14 years of insider transaction data I mined.
It was nice timing for the big wigs, who banked fast 59% total returns (including dividends):
OmegaaEURtms Higher-Ups Bought the Dip and Banked 59%
Of course big insider stakes like these are rare. But given the big return potential, they are always worth searching for.
Management involvement is something I look for in ourA Contrarian Income Report premium service. I love seeing insider involvement in REITs, given the long-term nature of their property holdings.
ItaEURtms one thing for an insider in a tech company to buy more stock in anticipation of a brand-new product lifting the stock for a year or two. But with REITs, insiders arenaEURtmt just looking for a quick popaEUR"theyaEURtmre making calculated buys of their own cash cows. Big dividends plus 50% to 100%+ price gains is how you get rich investing in REITs.
LetaEURtms review two more landlords, yielding 8% and 9.7%, with insiders buying hand over fist right now.
RLJ Lodging Trust
Dividend Yield: 8.0%
RLJ Lodging Trust (RLJ) is a hotel REIT that focuses on aEURoepremium-branded, focused service and compact full-service hotels.aEUR It leases out to a wide variety of blends, including:
Marriott International (MAR): Marriott, Residence Inn, Courtyard
Hilton (HLT): Hilton, Hilton Garden Inn, Hampton Inn, Homewood Suites
Choice Hotels (CHH): Sleep Inn
Recently, two insiders decided that now is the time to buy their own shares. A week ago, Director Patricia Gibson bought 10,000 shares worth $163,700, bringing her total holdings to 58,619 shares. Director Robert La Forgia bought half as muchaEUR"5,000 shares worth $78,500aEUR"on Aug. 15, which comes after another 5,000-share buy on June 3 at a cost of about $85,250.
They see value in RLJaEURtms recent dip:
12% Off This Hotel REIT
The problem? This isnaEURtmt just some recent dip. The past three months is just a microcosm of the companyaEURtms longer-term trend.
When a Stock Splits the aEURoeWrong WayaEUR
Problem is, RLJaEURtms brands are largely in the middle and upper-middle areas of the economic spectrum. ThataEURtms not where you want to be. I recently wrote that, with few exceptions, the smart money is chasing premium customers. A couple REITs are making hay in the middle and even carving out a down-market niche. But nothing really sets RLJ apart, and it shows.
I have other issues, too. SunTrust analysts recently downgraded RLJ from Hold to Sell on general worries about burgeoning labor costs weighing on hotel REIT margins. RLJaEURtms dividend hasnaEURtmt budged since 2015, which is another black mark. So is roughly $700 million in cash versus $2.2 billion in debt.
RLJaEURtms insiders might indeed get some long-term value out of their recent buys, but IaEURtmm not ready to step in just yet.
Tanger Factory Outlet Centers (SKT)
Dividend Yield: 9.7%
Stop me if youaEURtmve heard this already, but the retail business is a little difficult right now.
Gymboree. Charlotte Russe. Things Remembered. Payless ShoeSource. Diesel. Barneys New York. These are just a few of the major retail bankruptcies announced in 2019aEUR"and we still have several months to go. Retail REITs are unsurprisingly taking it on the chin, with Simon Property Group (SPG) and Taubman Centers (TCO) off about 12%-13% during a rocky but still booming year for the broader markets.
But Tanger Factory Outlet Centers (SKT)aEUR"off 29% year-to-dateaEUR"is perhaps the biggest disappointment in the group.
The Market Has Left Retail REITs Behind
It wasnaEURtmt supposed to be this way.
Tanger isnaEURtmt a traditional mall REIT. It specializes (as the name indicates) in outlet malls, which are open and not nearly as expensive to operate and maintain as regular malls. They typically donaEURtmt have gigantic aEURoeanchoraEUR stores a la MacyaEURtms (M) and JCPenney (JCP) that are difficult to fill when the tenant moves out. TheyaEURtmre a destination. People go out of their way to shop there, making them seemingly more resistant to Amazon.com (AMZN) and the march of e-commerce.
Two insiders seem to be buying a hopeful bottom. Steven TangeraEUR"CEO and son of founder Stanley TangeraEUR"recently bought 10,000 shares worth $144,760 to bring his stake up to 1,188,888. Director Thomas Reddin made a six-digit purchase as well, snapping up 7,000 shares worth $102,340. And itaEURtms hard to fault them: They bought in at a nearly 10% yield and just 6 times adjusted funds from operations (AFFO).
But those cash flows are shrinking. Trailing 12-month AFFO is off 3% year-over-year. The company is guiding for an 8% decline in full-year AFFO. Portfolio occupancy actually grew in Q2, from 95.4% to 96.0%, but at the midpoint of full-year guidance, Tanger expects that to shrink to 95%.
Tanger isnaEURtmt necessarily disaster in waiting. AFFO easily takes care of the dividend, interest coverage is much higher than necessary. SKT could be a sneaky bargain waiting in the wings. But it has to show investors clearer signs of a longer-term recovery before I can consider this struggling outlet chain a dependable retirement buy.
Urgent REIT Alert: 2 Picks for 100%+ Gains and 8.9% Yields
Real estate investment trusts (REITs) are such a powerful dividend tool that they can make the difference between just getting by in retirement aEUR
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Ivan Kaufman is founder and long-time boss atA Arbor Capital (ABR), a REIT that makes loans for commercial and multifamily properties (and yields a gaudy 9.5%). Fast-forward to today, and the new and improved ABR is 3 times as valuable in terms of market cap! aEURoeSkin in the GameaEUR Triples ABRaEURtms Value | Ivan Kaufman is founder and long-time boss atA Arbor Capital (ABR), a REIT that makes loans for commercial and multifamily properties (and yields a gaudy 9.5%). Fast-forward to today, and the new and improved ABR is 3 times as valuable in terms of market cap! aEURoeSkin in the GameaEUR Triples ABRaEURtms Value | Ivan Kaufman is founder and long-time boss atA Arbor Capital (ABR), a REIT that makes loans for commercial and multifamily properties (and yields a gaudy 9.5%). Fast-forward to today, and the new and improved ABR is 3 times as valuable in terms of market cap! aEURoeSkin in the GameaEUR Triples ABRaEURtms Value | Ivan Kaufman is founder and long-time boss atA Arbor Capital (ABR), a REIT that makes loans for commercial and multifamily properties (and yields a gaudy 9.5%). Fast-forward to today, and the new and improved ABR is 3 times as valuable in terms of market cap! aEURoeSkin in the GameaEUR Triples ABRaEURtms Value |
30092.0 | 2019-08-13 00:00:00 UTC | Arbor Realty Trust (ABR) Ex-Dividend Date Scheduled for August 14, 2019 | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-ex-dividend-date-scheduled-for-august-14-2019-2019-08-13 | nan | nan | Arbor Realty Trust (ABR) will begin trading ex-dividend on August 14, 2019. A cash dividend payment of $0.29 per share is scheduled to be paid on September 03, 2019. Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. This represents an 3.57% increase over prior dividend payment. At the current stock price of $12.63, the dividend yield is 9.18%.
The previous trading day's last sale of ABR was $12.63, representing a -9.4% decrease from the 52 week high of $13.94 and a 31.23% increase over the 52 week low of $9.62.
ABR is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Crown Castle International Corporation (CCI). ABR's current earnings per share, an indicator of a company's profitability, is $1.4. Zacks Investment Research reports ABR's forecasted earnings growth in 2019 as -4.96%, compared to an industry average of -.8%.
For more information on the declaration, record and payment dates, visit the ABR Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
Interested in gaining exposure to ABR through an Exchange Traded Fund [ETF]?
The following ETF(s) have ABR as a top-10 holding:
First Trust DJ Select MicroCap ETF (FDM).
The top-performing ETF of this group is FDM with an decrease of -2.56% over the last 100 days. It also has the highest percent weighting of ABR at 1.33%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. Zacks Investment Research reports ABR's forecasted earnings growth in 2019 as -4.96%, compared to an industry average of -.8%. For more information on the declaration, record and payment dates, visit the ABR Dividend History page. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. ABR's current earnings per share, an indicator of a company's profitability, is $1.4. Arbor Realty Trust (ABR) will begin trading ex-dividend on August 14, 2019. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. The previous trading day's last sale of ABR was $12.63, representing a -9.4% decrease from the 52 week high of $13.94 and a 31.23% increase over the 52 week low of $9.62. For more information on the declaration, record and payment dates, visit the ABR Dividend History page. | Shareholders who purchased ABR prior to the ex-dividend date are eligible for the cash dividend payment. ABR's current earnings per share, an indicator of a company's profitability, is $1.4. The following ETF(s) have ABR as a top-10 holding: First Trust DJ Select MicroCap ETF (FDM). |
30093.0 | 2019-08-03 00:00:00 UTC | Arbor Realty Trust (ABR) Q2 2019 Earnings Call Transcript | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-abr-q2-2019-earnings-call-transcript-2019-08-03 | nan | nan | Image source: The Motley Fool.
Arbor Realty Trust (NYSE: ABR)
Q2 2019 Earnings Call
Aug 02, 2019, 10:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good day, ladies and gentlemen, and welcome to the second-quarter 2019 Arbor Realty Trustearnings conference call [Operator instructions] As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference, Paul Elenio, chief financial officer. Please begin, sir.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Norma. And good morning, everyone, and welcome to the quarterlyearnings callfor Arbor Realty Trust. This morning, we will discuss the results for the quarter ended June 30, 2019.
With me on the call today is Ivan Kaufman, our president and chief executive officer. Before we begin, I need to inform you that statements made in thisearnings callmay be deemed forward-looking statements that are subject to a risk and uncertainties, including information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. These statements are based on our beliefs, assumptions and expectations of our future performance, taking into account the information currently available to us. Factors that could cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports.
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Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today. Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrences of unanticipated events. I'll now turn the call over to Arbor's President and CEO, Ivan Kaufman.
Ivan Kaufman -- President and Chief Executive Officer
Thank you, Paul, and thanks to everyone for joining us on today's call. As you can see from this morning's press release, we had another outstanding quarter, which continues to demonstrate the diversity of our operating platform and the value of our franchise. We are very pleased with the growth in our business, which has consistently increased our baseline of predictable and stable earnings allowing us to once again increase our quarterly dividend to $0.29 a share, which represents our second increase this year and reflects an annual run rate of $1.16 per share, up from $1.08 per share. Additionally, the significant growth we experienced in the second quarter continues to increase our run rate of core earnings, making us very confident in our ability to comfortably maintain our current dividend as well as grow it in the future.
And based on our new dividend and yesterday's closing price, we are trading at a dividend yield of approximately 9.5%, which we believe is not merely reflective of our true value. The quality and diversity of our income streams along with the consistency of our earnings clearly differentiates us from our peers, which is why we believe we should consistently trade at or lower dividend yield than our peer group. To highlight our success further, I would like to talk about the growth we experienced in both our business platforms. In our Agency Business, we grew our servicing portfolio another 3% in the second quarter and 14% over last year and is now at $19.5 billion.
This portfolio generates a servicing fee of 44 basis points and has an average remaining life of 9 years, which reflects an 11% increase in duration over the last two years. As a result, we have created a very significant predictable annuity of income of $85 million gross annually and growing, the majority of which is prepayment protected. And this growth in our servicing portfolio also continues to increase the annuity of income from our escrow balances further contributing our growing annual run rate of core earnings. We also had a very strong originations quarter closing $1.3 billion in agency loans, and our pipeline remains strong, providing us with confidence in our ability to produce significant origination volumes for the balance of the year.
We are also very pleased in our ability to continue to generate strong margins on our loan sales despite the extremely competitive landscape. And these income streams from our agency platform continues to create significant diversity and a high level of certainty in our income sources. With respect to our balance sheet business, we've experienced tremendous growth in our loan book. We grew this portfolio 24% in 2018 and another 20% already for the first six months of this year on record second-quarter originations of $1 billion.
Our balance sheet portfolio is now at $3.9 billion, and significant growth we experienced in the second quarter will continue to increase our run rate of net interest income going forward. It is also significant to note almost 80% of our portfolio is in multifamily assets, which is clearly one of the safest and best asset classes. We also have a very robust pipeline, which will allow us to continue to grow our loan book for the balance of this year. And as a result of this strong pipeline, we elected to raise $105 million of fresh capital in the second quarter from a common stock issuance, which will be immediately accretive to our core earnings as this capital will be used to fund our growth.
And again, the income generated from our loan book is a significant component of our earnings, and we remain very confident in our ability to continue to grow this income stream. In the second quarter, we closed our 11th and largest nonrecourse CLO securitization vehicle with $650 million of assets and significantly improved terms including reduced pricing, increased leverage and a three-year replenishment feature. The tremendous success we continue to experience in the securitization arena combined with our ability to substantially reduce our debt cost in all of our borrowing facilities has allowed us to achieve significant economies of scale and maintain our margins in a very competitive market. Updating you now on the single-family rental business.
We continue to make tremendous progress in developing our platform and building out the appropriate infrastructure as we remain committed to becoming a leader in this space. We are very pleased with the talent we have been able to attract and with the continued growth we have seen in our pipeline of opportunities by leveraging off of our existing originations capacity and capabilities. We believe this is a phenomenal business with an enormous opportunities in both the bridge and permanent lending products, and we are confident that we will build this out to be a significant driver of yet another income stream and further diversify our lending platform. Over the past few years, we have outperformed our peers delivering consistent annual shareholder returns of approximately 30%.
We have a complete operating platform with a significant diversified income streams, most of which are long dated, including income from our servicing portfolio, escrow balances, balance sheet business and single-family rental investments. We are also leaders in the CLO securitization arena and continue to generate significant efficiencies from the right side of our balance sheet. We feel we are significantly undervalued given the stability and diversity of our income streams, and that we should be trading substantially higher than our current market price. And we believe there is a significant opportunity for additional appreciation in our stock price to our shareholders.
I'll now turn the call over to Paul to take you through the financial results.
Paul Elenio -- Chief Financial Officer
OK. Thank you, Ivan. As our press release this morning indicated, we had a very strong second quarter generating adjusted AFFO of $39 million or $0.34 per share. These results reflect an annualized return on average common equity of 15%, which continues to demonstrate the earnings power of our capital-light Agency Business as well as a significant growth in cost efficiencies we are experiencing as we continue to scale our balance sheet business.
And as Ivan mentioned, we are very pleased with our ability to once again increase our quarterly dividend to $0.29 a share, reflecting a 16% increase from a year ago, and remain confident in our ability to increase our dividend in the future as our annual run rate of core earnings continues to grow. Looking at our results from our Agency Business, we generated approximately $20 million of pre-tax income in the second quarter and approximately $1.3 billion in originations and $923 million in loan sales. The margin on our second-quarter sales was 1.54%, including miscellaneous fees up from 1.49% of an all-in margin on our first quarter sales. We also recorded $19 million of mortgage servicing rights, income related to $1.3 billion of committed loans during the second quarter, representing an average MSR rate of around 1.44% compared to a 1.68% rate for the first quarter, mostly due to some large deals that we closed in the second quarter, which generally have a lower servicing fee.
Our servicing portfolio grew another 3% during the quarter to $19.5 billion at June 30, with a weighted average servicing fee of 43.6 basis points and an estimated remaining life of nine years. This portfolio will continue to generate a predictable annuity of income going forward of around $85 million gross annually, which is up approximately $5 million on an annual basis from the same time last year. Additionally, early runoff in our servicing book continues to produce prepayment fees related to certain loans that have yield maintenance provisions. This accounted for $3.5 million in prepayment fees in the second quarter, which was down from $5 million in the first quarter.
The earnings associated with our escrow balances also continued to grow and contributed meaningfully to our recurring income streams. We currently have approximately $885 million of escrow balances, which are earning approximately 2%, and the earnings associated with these balances are up approximately $7 million on an annual run rate as compared to this time last year. In our balance sheet lending operation, we grew our portfolio another 15% in the second quarter to $3.9 billion. And based on our current pipeline, we remain extremely confident in our ability to continue to grow our balance sheet investment portfolio in the future.
Our $3.9 billion investment portfolio had an all-in yield of approximately 7.34% at June 30 compared to 7.71% at March 31. The average balance in our core investments was up from $3.3 billion last quarter to $3.6 million this quarter due to our first and second quarter significant growth. And the average yield on these investments was up to 8.24% for the second quarter compared to 7.84% for the first quarter, mainly due to default interest collected on the second-quarter loan payoff as well as more acceleration of fees from early runoff in the second quarter. Total debt on our core assets was approximately $3.6 billion at June 30, with an all-in debt cost of approximately 4.96% compared to a debt cost of around 5.22% at March 31, mainly due to lower cost debt from our new CLO that closed in the second quarter as well as from reduction in LIBOR.
The average balance on our debt facilities is up to approximately $3.4 billion for the second quarter from $3 billion for the first quarter, again, due to financing portfolio growth, and the average cost of funds in our debt facility increased to approximately 5.35% for the second quarter compared to 5.24% for the first quarter due to $1.2 million of noncash fees that were accelerated from the early unwind of CLO VI, which was replaced with our new CLO during the quarter with much lower borrowing cost. Overall, net interest spreads on our core assets were up significantly to 2.89% this quarter compared to 2.60% last quarter. Again, mainly due to interest and more acceleration of fees from early runoff in the second quarter and our overall spot net interest spread was down to 2.38% at June 30 compared to 2.49% at March 31, mainly due to higher interest rates on runoff as compared to originations during the quarter. The average leverage ratio on our core lending assets, including the trust preferred and perpetual preferred stock as equity was up slightly to 81% in the second quarter as compared to 79% for the first quarter due to the increased leverage we obtained in our new CLO.
And overall debt-to-equity ratio on a spot basis including the trust preferreds and preferred stock as equity was also up to 2.6 to one at June 30 from 2.4 to one at March 31, mainly due to the timing of the closing of our latest CLO vehicle. Lastly, we also had a very strong quarter from our residential banking joint venture. This investment generated $2.6 million of income to us in -- this quarter compared to $800,000 last quarter, mainly due to the success we continue to have in building out the retail branch network and from the current interest rate environment. And this success continues to demonstrate the diversity of our income streams and the value of our operating franchise.
That completes our prepared remarks for this morning, and I'll now turn it back to the operator to take any questions you may have at this time. Norma?
Questions & Answers:
Operator
Thank you. [Operator instructions] Our first question comes from Steve Delaney with JMP Securities. Your line is open.
Steve Delaney -- JMP Securities -- Analyst
Thank you. Good morning, guys, and congratulations on the strong quarter. I'd like to start with the bridge portfolio, that record of $1 billion, I mean, that's quite a move up from the last record, which looks like it was 780 -- $186 million in 4Q '17. So didn't just skip by a little bit, you nailed it.
What I'd like to know is we get an average loan size of about $25 million, is there anything -- some big lumpy loans, anything really large in there that caused the volume to be so much higher than it had been previously?
Ivan Kaufman -- President and Chief Executive Officer
So Steve, thanks for your comment. It's Ivan. We had one large loan in there. I think it was, what was it Paul, about $250 million?
Paul Elenio -- Chief Financial Officer
$265 million.
Ivan Kaufman -- President and Chief Executive Officer
$265 million, which was really a number of multiple properties. But what really happened overall was, with our execution and lowering our borrowing cost, we were able to drop our spreads and maintain our margins and be a little bit more competitive in the market. And we also made a little bit of an aggressive move because a lot of our loan book has LIBOR floors. And we thought that we'd pick up a lot of income in the future and have a real nice opportunity if we were a little aggressive in the last quarter.
And as LIBOR would drop, we'd be able to enhance our margins going forward. So there's a little bit of a strategic decision stimulated by the fact that we're able to have very good execution into the CLO market.
Steve Delaney -- JMP Securities -- Analyst
Got it. And was that -- is that the largest bridge loan that Arbor's ever made?
Ivan Kaufman -- President and Chief Executive Officer
I think it's the largest bridge loan that we've made, but it consists of multiple properties, I think, of financing portfolio. And for us, it was not just a bridge loan what was attractive, what's attractive is that we'll be executing that portfolio into either Fannie/Freddie or CMBS market over a 24-month period. So not only will we have the opportunity to have the spread income, but we'll be able to have a new potential servicing and gain on sale in the future. So it's another strategic move on our part.
Steve Delaney -- JMP Securities -- Analyst
And we noticed -- yes, Paul.
Paul Elenio -- Chief Financial Officer
OK, Steve, financing was our biggest bridge loan and it is collateralized by 56 properties in multiple states.
Steve Delaney -- JMP Securities -- Analyst
OK. Thank you. That's good color. And obviously, we noticed possibly because of the large loan, possibly just because of new loans versus old loans that the weighted average coupon fell by about 37 basis points down to 7.34%, about 4.94% over a LIBOR -- spot LIBOR at June 30.
Just curious if the trend in spreads, if you're continuing to see pressure and if you could comment sort of on what the general range of spreads over LIBOR that you're currently able to achieve on your new bridge loan production?
Ivan Kaufman -- President and Chief Executive Officer
Sure. I think spreads are generally in the 2.75% to 3.50% range. And that's down from maybe 3% to 3.75%. And that's offset by reduced borrowing costs.
But as I said, a lot of that is mitigated by having a higher LIBOR floor. I think that spread probably will maintain that level, but the LIBOR, as you know, is dropping. And our outlook is -- it's down to about 2.25% now. And I think it wouldn't be a surprise if it dropped to 2.00% to 1.75% over the next six months.
So I think that will keep spreads a little bit where they are. I don't see that much of a tightening maybe 25 basis points at best.
Steve Delaney -- JMP Securities -- Analyst
Got it. And then just one final thing for me. With -- Chris was looking at the credit risk rating table in the 10-Q, and we noted that the land bucket appeared to be moved up to special mention from a previous weighted average rating of substandard, and on the other hand, the self-storage sector was moved down to special mention from pass/watch. I was just curious if you could give us any color on kind of what's going on in those buckets? If there were any significant movements there on particular loans?
Ivan Kaufman -- President and Chief Executive Officer
I don't think -- on the self-storage, I can comment on -- I mean, what you're seeing, which is typical is anything that can be exited to more permanent financing is being exited. So you're perhaps seeing a movement on the self-storage where the best stuff is moving out. The stuff in the middle is still maturing and that will be moved out over time. And that probably is what the trend is on the stuff.
Paul Elenio -- Chief Financial Officer
And on the land side, Steve, it's just a product of -- that's a weighted average rating for all the land deals. And we did a land deal, I think, in the first quarter, which is brand new and performing well. So it just picked up the weighted average to a better rating for that bucket.
Steve Delaney -- JMP Securities -- Analyst
Got it. So just sort of a transitioning of stuff, and when you get weighted averages and something large moves, I get it, I get it. So -- but generally speaking, would you say that in the quarter that -- were there any material new credit problems that you identified that you have some concern about?
Ivan Kaufman -- President and Chief Executive Officer
No. We're quite comfortable.
Paul Elenio -- Chief Financial Officer
Yes. Not at all.
Steve Delaney -- JMP Securities -- Analyst
Thank you both for your comments. Appreciate thank you
Operator
And our next question comes from Jade Rahmani of KBW. Your line is open.
Ryan Tomasello -- KBW -- Analyst
Hi, everyone. This is actually Ryan on for Jade. Ivan, just given the strong half of the year, first half of the year for the GSEs, I was hoping you can give us your thoughts on just your outlook for the GSE market overall in the back half. Have you seen any -- either agency change pricing recently to manage the volumes and the caps? And do you think there is any chance that we see the caps adjusted considering the strong volumes year to date?
Ivan Kaufman -- President and Chief Executive Officer
I think that they are definitely widening the pricing step-by-step, and they'll continue to do it to slow the volume a little bit. That, in many ways, is beneficial to us because I think it will enhance our margins because as they compete on margins, that means we also have to compete. And I think they -- my prediction is there will not be a raise in the cap at all. A lot of our business is uncapped.
So we're not as affected as other people. But I don't predict there'll be any raise in cap whatsoever.
Ryan Tomasello -- KBW -- Analyst
OK. And then just on the overall multifamily environment fundamentals. Any changes with respect to your thoughts on the fundamental environment in underwriting and credit quality? I think, Ivan, in past quarters, you've alluded to an increasingly frothy environment and the need to continue sharpening your pencils.
Ivan Kaufman -- President and Chief Executive Officer
I think that my concern is the amount of liquidity in the market and the competition. And that's what would cause it to be frothy. With respect to the fundamentals of occupancy, they are still very solid. Rent growth seems to be continuing.
We're not that active in the luxury end of the market, which I feel is the most vulnerable part of the market. We are more workforce house and B&C type housing, and that market continues to be strong. And cap rates are still, especially with the drop in interest rates, still at very tight levels with maybe even a little tightening coming our way given the drop in the tenure.
Ryan Tomasello -- KBW -- Analyst
And with respect to the New York City rent control legislation, could you give us your thoughts on what you perhaps might think would be the longer-term impact in the market from there -- from that on cap rates and values? And Paul, maybe if you can let us know, if you -- if Arbor has any direct exposure there? And I'm wondering if you've seen any transactions yet in that space post the legislation?
Ivan Kaufman -- President and Chief Executive Officer
Sure. Well, if you're dealing with the rent-regulated side of the business, you're going to see some cap rate expansion since you're not going to be able to see significant increases in income. So the way we've been looking at it -- assets, we're trading in the cap rates around 3.5% to 4%, probably 3.5% more with the opportunity to raise rents, improve apartments and get to a stabilized 5% cap. That was the way people were buying.
I think that you'll see rent regulated apartments being more like in a 4.5% cap. So just if you do the math on an appraised value basis, you'll see diminution of value for rent. People who -- that were loaned to rent-regulated apartments are around 20%, that's the way we -- our outlook probably will give you the numbers. We have a very, very little exposure to this sector.
But Paul, do you have a little -- do you have some numbers?
Paul Elenio -- Chief Financial Officer
You're right, Ivan. We have -- Ryan, we've done this math, scrubbed our portfolio. We have a $3.9 billion balance sheet portfolio. As you know, we're an active multifamily lender in New York City.
We have very little exposure to rent control. Rents stabilized. In fact, right now, our exposure is probably under $140 million on that $3.9 billion. It's probably two or three deals.
Ryan Tomasello -- KBW -- Analyst
And anything in the servicing book?
Paul Elenio -- Chief Financial Officer
On the servicing book, we look at that as well. It would just be the Fannie book obviously. So on the Fannie book of $14.1 billion, we have less than $300 million of those type of assets as well.
Ryan Tomasello -- KBW -- Analyst
And on the balance sheet book, do you have the LTV on those $140 million of loans?
Paul Elenio -- Chief Financial Officer
I don't know if I have that with me currently.
Ivan Kaufman -- President and Chief Executive Officer
Actually, I'm looking at them. We don't see any significant impairment. With respect to the Fannie Mae book that we have, loans that are underwritten on our current cash flow are not a projected value. So cash flow that exists has not been impacted.
It's really the future growth, and I would be on the bridge portfolio. On our bridge portfolio, loans that we have, it's not a majority of the units, it's partial units in buildings. So the amount that we have is very negligible.
Paul Elenio -- Chief Financial Officer
Yes. And I'm seeing LTV is somewhere around 70%.
Ryan Tomasello -- KBW -- Analyst
Great. Thanks for all the color.
Operator
Thank you. [Operator instructions] Our next question comes from Lee Cooperman of Omega Advisors. Your line is open.
Lee Cooperman -- Omega Advisors -- Analyst
Thank you. You guys have done a masterful job of raising new capital, employing it intelligently. Ivan, you seem very enthusiastic about the outlook. You feel your stock is very mispriced.
But we continue to raise capital. So I'm just curious how you look at the cost of capital embedded in your stock price versus the prospective returns in capital you see? And obviously, part of that question is how do you feel about capital adequacy currently? If somebody wanted to buy $100 million of stock from you right now with the sale, would you do it? Can you put that capital to use?
Ivan Kaufman -- President and Chief Executive Officer
So raising capital is a complex matter for us, and in various ways, we've been able to raise capital. And we look at our loan book, we'll look at our other needs to grow the business. And we look at the economies of scale by the way we grow our business. And we look at what's in the pipeline.
So we do it very strategically. And we try and be very stingy about when we do it, and we make sure it's accretive. Right now, we put the capital to use. I think we put it to good use.
We think it's going to be extremely accretive. And depending on how the pipeline continues to come in and pay off and the plan needs to grow our business will dictate what our capital needs are. So if you put $100 million in my hand today, I'd have to evaluate our ability to deploy that, how accretive it would be to our dividend and what it would do to our business. And these are things that we're consistently evaluating.
Lee Cooperman -- Omega Advisors -- Analyst
So what you're saying is if you do raise capital, you would do it on a basis where you'll be accretive to the distribution looking out?
Ivan Kaufman -- President and Chief Executive Officer
We only do what we feel is accretive.
Operator
Thank you. And our next question comes from Rick Shane of JP Morgan. Your line is open.
Rick Shane -- J.P. Morgan -- Analyst
Hey, guys. Thanks for taking my questions. Two things, one is obviously we saw a nice pick up in gain on sale margin this quarter. I'm assuming some of that has to do with the move in rates during the quarter and the value goes on -- going up.
It is noteworthy though that in the quarter, your loan sales -- your commitment exceeded your loan sales by more than any other quarter we can track. That suggests that there is a lot of dry powder to sell in the third quarter. Should we continue to see the strength in the gain on sale margin on those incremental loan sales given the movement in the rates?
Paul Elenio -- Chief Financial Officer
Rick, it's Paul. So you're right in one aspect that if you look at the -- and the best measure for that is look at the held-for-sale balance. So you're right. We did have a significantly more committed loans in sales, which tells you that our June was a significant quarter.
We have $600 million sitting in held-for-sale. So we did have a very, very strong June agency month. So that will dictate that plus whatever we close in July and August will dictate what your sale volume is. As I said in my commentary, we've been unbelievably impressed with our ability to maintain our margins and actually have our margins grow considering how competitive it is.
It's all -- it's a product of many things, and Ivan will comment on the market, but it's also a product of size as well. And in the second quarter, at the end of the quarter, we did some larger deals and that's why you saw that my MSR rate had dropped quarter-over-quarter because we had done some larger portfolio deals in June. Those normally will come with a little lower margin, but they also come with a lower commission. So based on what I see of June, the margin may come in a little bit.
I don't know what July and August are going to show. But that's kind of the indicator that we see based on where margins will go. And I'll let Ivan comment on what he thinks the market is showing.
Ivan Kaufman -- President and Chief Executive Officer
Yes. So in prior calls, we spoke about our strategy to have similar volumes on our Agency Business as we did last year. And most of the market, it was going to be showing increases in volume. We could have shown increases in volume, but we elected to manage our margins, manage our volume and manage our staffing.
And I think that is a very good reason as to why we've been able to maintain our margins. Very often, people fight for late charge. And when you fight for late charge, you want to do business at less, and it doesn't affect your incremental business, it affects your entire business. And as a firm, we decided not to go after the late charge, not to worry about whether we're the eighth, seventh or sixth or fifth largest lender but to maintain the integrity of our margins, our staffing and not get sloppy.
And I think that has a lot to do why we were able to maintain it. And as Paul mentioned, in the loan sizes which we traffic, there's a little less sensitivity on the margin side. As you go to bigger loans, they become more competitive and people are willing to work for a lot less. So I put those two factors together and our ability to maintain our margins in a competitive environment.
Rick Shane -- J.P. Morgan -- Analyst
Got it. That's helpful. So what I'm hearing -- what I -- the way I'm understanding this is volume should be -- loans sold in the third quarter should be particularly strong given the strength of June volumes, but probably unfair to read through that you would see further margin increases likely given the larger loan sizes in the month of June, a little bit of compression from the good number, particularly high numbers you saw in -- on gain on sale in Q2.
Paul Elenio -- Chief Financial Officer
Yes. That's right, Rick. And as far as your first comment, June was the first month. So we wanted to leave our sales volume.
We would be very strong in with the third quarter, but we got to see what July and August come in. But we got off to a great start with June being as strong as it was.
Rick Shane -- J.P. Morgan -- Analyst
Great. Thank you for the clarity, guys. Appreciate it.
Operator
At this time, I'm showing no other questions in the queue. I'd like to turn the call back over to Mr. Ivan Kaufman for closing comments.
Ivan Kaufman -- President and Chief Executive Officer
OK. Well, thanks everybody for your participation today. It was another fantastic quarter. And as I mentioned in my scripted remarks, the pipeline is strong.
We have a lot of momentum, and we're very optimistic about the balance of the year. Everybody, have a great weekend and the rest of the nice summer. Take care.
Operator
[Operator signoff]
Duration: 33 minutes
Call participants:
Paul Elenio -- Chief Financial Officer
Ivan Kaufman -- President and Chief Executive Officer
Steve Delaney -- JMP Securities -- Analyst
Ryan Tomasello -- KBW -- Analyst
Lee Cooperman -- Omega Advisors -- Analyst
Rick Shane -- J.P. Morgan -- Analyst
More ABR analysis
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Arbor Realty Trust (NYSE: ABR) Q2 2019 Earnings Call Aug 02, 2019, 10:00 a.m. Operator [Operator signoff] Duration: 33 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Analyst Rick Shane -- J.P. Morgan -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Additionally, the significant growth we experienced in the second quarter continues to increase our run rate of core earnings, making us very confident in our ability to comfortably maintain our current dividend as well as grow it in the future. | Operator [Operator signoff] Duration: 33 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Analyst Rick Shane -- J.P. Morgan -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q2 2019 Earnings Call Aug 02, 2019, 10:00 a.m. And as Ivan mentioned, we are very pleased with our ability to once again increase our quarterly dividend to $0.29 a share, reflecting a 16% increase from a year ago, and remain confident in our ability to increase our dividend in the future as our annual run rate of core earnings continues to grow. | Operator [Operator signoff] Duration: 33 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Analyst Rick Shane -- J.P. Morgan -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q2 2019 Earnings Call Aug 02, 2019, 10:00 a.m. We also recorded $19 million of mortgage servicing rights, income related to $1.3 billion of committed loans during the second quarter, representing an average MSR rate of around 1.44% compared to a 1.68% rate for the first quarter, mostly due to some large deals that we closed in the second quarter, which generally have a lower servicing fee. | Operator [Operator signoff] Duration: 33 minutes Call participants: Paul Elenio -- Chief Financial Officer Ivan Kaufman -- President and Chief Executive Officer Steve Delaney -- JMP Securities -- Analyst Ryan Tomasello -- KBW -- Analyst Lee Cooperman -- Omega Advisors -- Analyst Rick Shane -- J.P. Morgan -- Analyst More ABR analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Arbor Realty Trust (NYSE: ABR) Q2 2019 Earnings Call Aug 02, 2019, 10:00 a.m. We also recorded $19 million of mortgage servicing rights, income related to $1.3 billion of committed loans during the second quarter, representing an average MSR rate of around 1.44% compared to a 1.68% rate for the first quarter, mostly due to some large deals that we closed in the second quarter, which generally have a lower servicing fee. |
30094.0 | 2019-07-30 00:00:00 UTC | Arbor Realty Trust Breaks Above 200-Day Moving Average - Bullish for ABR | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-breaks-above-200-day-moving-average-bullish-for-abr-2019-07-30 | nan | nan | In trading on Tuesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $12.28, changing hands as high as $12.35 per share. Arbor Realty Trust Inc shares are currently trading up about 0.8% on the day. The chart below shows the one year performance of ABR shares, versus its 200 day moving average:
Looking at the chart above, ABR's low point in its 52 week range is $9.624 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.29.
Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Tuesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $12.28, changing hands as high as $12.35 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.624 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.29. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Tuesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $12.28, changing hands as high as $12.35 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.624 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.29. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Tuesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $12.28, changing hands as high as $12.35 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.624 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.29. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Tuesday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $12.28, changing hands as high as $12.35 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.624 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.29. Arbor Realty Trust Inc shares are currently trading up about 0.8% on the day. |
30095.0 | 2019-07-01 00:00:00 UTC | Arbor Realty Trust Breaks Above 200-Day Moving Average - Bullish for ABR | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-breaks-above-200-day-moving-average-bullish-for-abr-2019-07-01 | nan | nan | In trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $12.22, changing hands as high as $12.30 per share. Arbor Realty Trust Inc shares are currently trading up about 0.8% on the day. The chart below shows the one year performance of ABR shares, versus its 200 day moving average:
Looking at the chart above, ABR's low point in its 52 week range is $9.624 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.22.
Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $12.22, changing hands as high as $12.30 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.624 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.22. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $12.22, changing hands as high as $12.30 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.624 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.22. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $12.22, changing hands as high as $12.30 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.624 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.22. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed above their 200 day moving average of $12.22, changing hands as high as $12.30 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.624 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.22. Arbor Realty Trust Inc shares are currently trading up about 0.8% on the day. |
30096.0 | 2019-07-01 00:00:00 UTC | ABR Crosses Above Average Analyst Target | ABR | https://www.nasdaq.com/articles/abr-crosses-above-average-analyst-target-2019-07-01 | nan | nan | In recent trading, shares of Arbor Realty Trust Inc (Symbol: ABR) have crossed above the average analyst 12-month target price of $12.00, changing hands for $12.12/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised.
There are 3 different analyst targets contributing to that average for Arbor Realty Trust Inc, but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $12.00. And then on the other side of the spectrum one analyst has a target as high as $12.00. The standard deviation is $0.0.
But the whole reason to look at the average ABR price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with ABR crossing above that average target price of $12.00/share, investors in ABR have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $12.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover Arbor Realty Trust Inc:
The average rating presented in the last row of the above table above is from 1 to 5 where 1 is Strong Buy and 5 is Strong Sell. This article used data provided by Zacks Investment Research via Quandl.com. Get the latest Zacks research report on ABR — FREE.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In recent trading, shares of Arbor Realty Trust Inc (Symbol: ABR) have crossed above the average analyst 12-month target price of $12.00, changing hands for $12.12/share. But the whole reason to look at the average ABR price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with ABR crossing above that average target price of $12.00/share, investors in ABR have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $12.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? | In recent trading, shares of Arbor Realty Trust Inc (Symbol: ABR) have crossed above the average analyst 12-month target price of $12.00, changing hands for $12.12/share. But the whole reason to look at the average ABR price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with ABR crossing above that average target price of $12.00/share, investors in ABR have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $12.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? | And so with ABR crossing above that average target price of $12.00/share, investors in ABR have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $12.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? In recent trading, shares of Arbor Realty Trust Inc (Symbol: ABR) have crossed above the average analyst 12-month target price of $12.00, changing hands for $12.12/share. But the whole reason to look at the average ABR price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. | In recent trading, shares of Arbor Realty Trust Inc (Symbol: ABR) have crossed above the average analyst 12-month target price of $12.00, changing hands for $12.12/share. But the whole reason to look at the average ABR price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with ABR crossing above that average target price of $12.00/share, investors in ABR have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $12.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? |
30097.0 | 2019-06-11 00:00:00 UTC | Arbor Realty Trust Becomes Oversold | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-becomes-oversold-2019-06-11 | nan | nan | The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.
But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of ABR entered into oversold territory, changing hands as low as $11.995 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Arbor Realty Trust Inc, the RSI reading has hit 29.9 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 52.5. A falling stock price — all else being equal — creates a better opportunity for dividend investors to capture a higher yield. Indeed, ABR's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 9.22% based upon the recent $12.15 share price.
A bullish investor could look at ABR's 29.9 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on ABR is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
Click here to find out what 9 other oversold dividend stocks you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A bullish investor could look at ABR's 29.9 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of ABR entered into oversold territory, changing hands as low as $11.995 per share. | Indeed, ABR's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 9.22% based upon the recent $12.15 share price. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of ABR entered into oversold territory, changing hands as low as $11.995 per share. | Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on ABR is its dividend history. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of ABR entered into oversold territory, changing hands as low as $11.995 per share. | But making Arbor Realty Trust Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of ABR entered into oversold territory, changing hands as low as $11.995 per share. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on ABR is its dividend history. Arbor Realty Trust Inc (Symbol: ABR) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. |
30098.0 | 2019-06-10 00:00:00 UTC | Arbor Realty Trust Breaks Below 200-Day Moving Average - Notable for ABR | ABR | https://www.nasdaq.com/articles/arbor-realty-trust-breaks-below-200-day-moving-average-notable-abr-2019-06-10 | nan | nan | In trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $12.21, changing hands as low as $12.12 per share. Arbor Realty Trust Inc shares are currently trading off about 2.5% on the day. The chart below shows the one year performance of ABR shares, versus its 200 day moving average:
Looking at the chart above, ABR's low point in its 52 week range is $9.57 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.18.
Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $12.21, changing hands as low as $12.12 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.57 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.18. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $12.21, changing hands as low as $12.12 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.57 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.18. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $12.21, changing hands as low as $12.12 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.57 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.18. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In trading on Monday, shares of Arbor Realty Trust Inc (Symbol: ABR) crossed below their 200 day moving average of $12.21, changing hands as low as $12.12 per share. The chart below shows the one year performance of ABR shares, versus its 200 day moving average: Looking at the chart above, ABR's low point in its 52 week range is $9.57 per share, with $13.94 as the 52 week high point — that compares with a last trade of $12.18. Arbor Realty Trust Inc shares are currently trading off about 2.5% on the day. |
30099.0 | 2019-05-17 00:00:00 UTC | 7 High-Yield REITs to Buy (Even When the Market Tanks) | ABR | https://www.nasdaq.com/articles/7-high-yield-reits-to-buy-even-when-the-market-tanks-2019-05-17 | nan | nan | One thing is certain. In volatile markets, income is a great alternative. And real estate investment trusts (REITs) are delivering some of the best returns in the space. What’s more, that outperformance should continue for a long time to come, with the perfect blend of slow growth and low interest rates in the US.
Because these REITs are U.S.-focused, it also means that they’re not vulnerable to external forces for their further successes. I did some digging and found seven high-yield REITs that will pay you inflation-beating yields while they also grow their asset values. These are some of the top names in the business that are in the best sectors for growth well into the future.
These picks are also smart, conservative ways to play sectors like tech, healthcare and the bond markets. And they all get top ranks from my Portfolio Grader for timeliness, as well as strength.
High-Yield REITs That Will Pay You: Arbor (ABR)
Arbor Realty Trust Inc (NYSE:) is a unique REIT in that it doesn’t own properties as much as it finances properties. Its specialty is multifamily and senior housing as well as healthcare and diverse commercial properties.
While it only has a $1 billion market cap, this is actually a great advantage for growth investors looking for a serious income kick. Because it’s relatively small, it’s leveraged to growth – and the REIT sector is growing fast.
For example, year to date, ABR stock is up nearly 30% and in the past 12 months it’s up over 40%. But the kicker is, it’s still trading at a P/E of 9.
If that isn’t enough for you, it’s delivering a whopping 8.2% dividend, even after all that growth.
Realty Income (O)
Realty Income Corp (NYSE:) is one of the founding REITs in the market, established in 1969. Another unique aspect of this tried-and-true trust is the fact that it delivers its income monthly.
Usually, REITs and other dividend stocks pay out their dividends quarterly. If you’re an income investor, setting up a varied income stream from your holdings is a good way to keep income flowing regularly.
But beyond convenience, O is a rock-solid REIT that has some of the top names in the industry leasing its properties from coast to coast. That means its nearly 4% dividend is solid.
It also means, the O can build off its clients’ successes. O stock is up 33% in the past 12 months and is a good choice if you’re looking for a conservative consumer retail play.
Blackstone Group (BX)
Blackstone Group LP (NYSE:) isn’t technically a REIT. It’s an investment and fund management service that operates as a limited partnership.
The reason it’s in this list is because it’s an excellent firm that has significant investments in real estate around the world, as well as all the other investment services it provides.
What’s more, it also delivers a substantial – and reliable – 5.3% dividend.
BX is another firm that like the REITs, will benefit mightily from this Goldilocks economy. Up 35% year-to-date with a P/E of 16, there is still plenty of headroom and opportunity for BX to keep on running.
Digital Realty (DLR)
Digital Realty Trust Inc (NYSE:) specializes in owning and managing properties for data centers as well as co-location services.
The latter is a space where data centers are available for rental to retail customers. For example, if you’re a smaller company that is ready to launch your product but you don’t want to spend a ton of money on a data center until you know how much capacity you need, you use a co-location service so you can right-size your build.
DLR is the leader in this fast-growing sector and has been on a tear for a while, since it’s also a way to play the cloud computing trend without having to invest directly in volatile cloud stocks.
As 5G ramps up in the U.S, there will be another wave of demand for data centers and server space since 5G is almost 1,000x faster than current 4G networks. That means more streaming as well as AI-driven systems and internet of things (IoT) communication (e.g., smart houses, driverless cars, etc).
Because of its promise and sector leadership, DLR stock is very popular, so its dividend sits around 3.7% and its growth in the past 12 months is around 11%. It’s a solid, steady way to play tech growth.
WP Carey (WPC)
WP Carey Inc (NYSE:) is another REIT that has been around for a very long time, founded in 1973. Basically, it owns buildings and manages them for its clients. It also manages buildings for clients, as well as runs its own real estate investment business, including placements for other REITs.
What makes WPC unique is its ‘triple net lease’ model, where its clients pay for taxes, maintenance and insurance on the buildings the lease, in addition to rent and utilities. So, WPC just owns the buildings and manages the properties. That’s a pretty good deal and means WPC can run a much leaner operation since it isn’t dealing with all these other aspects.
And those improved margins get passed through to investors as its impressive 5.1% dividend. The stock is also up a solid 25% in the past year. This is a great choice if you’re looking for a conservative play in commercial real estate stronger corporate growth.
American Campus Communities (ACC)
American Campus Communities Inc (NYSE:) is a REIT that specializes in owning, developing and managing on- and off-campus housing for college students.
Gone are the days of the rough-and-ready college dorms. Nowadays, the dorms are like nice apartments. Granted, for the money it costs to go to college these days, that may not be too surprising.
But the fact is, housing is a big part of the competitive process for colleges. If a student is choosing one school over another, many times, all other things being equal, housing could be the tipping point.
ACC currently has 206 communities on or around 96 campuses, with 83 on-campus developments. Plus, this model is a great feature for many schools that don’t want to take on the massive efforts and costs to develop and manage these projects themselves.
ACC is up 26% in the past year and is still delivering a solid 4% dividend.
Medical Properties Trust (MPW)
Medical Properties Trust Inc (NYSE:) rounds off the group as the featured medical and healthcare facilities REIT.
Like WPC, MPW is a triple net lease company — the tenant pays taxes, maintenance and insurance on the property as well as rent and utilities — that also offers financing to its clients. It can provide 100% financing to companies looking to develop projects from $10 million to $1 billion. Most conventional lenders only offer 60-70% financing.
Given the fact that healthcare in the US is a significant long-term issue, especially as the population ages and baby boomers begin to retire in significant numbers, MPW is in the middle of a significant megatrend.
With scores of properties across the US, it also has expanded its business to Europe where it has facilities in the UK, Germany, Spain and Italy.
Up 40% in the past 12 months and still delivering a robust 5.5% dividend and a PE ratio of a mere 6.7, MPW is a compelling way to play the global healthcare trend in industrialized countries.
is a renowned growth investor. He is the editor of four investing newsletters: Growth Investor, , Accelerated Profits and . His most popular service, Growth Investor, has a track record of beating the market 3:1 over the last 14 years. He uses a combination of quantitative and fundamental analysis to identify market-beating stocks. Mr. Navellier has made his proven formula accessible to investors via his free, online stock rating tool, PortfolioGrader.com. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | High-Yield REITs That Will Pay You: Arbor (ABR) Arbor Realty Trust Inc (NYSE:) is a unique REIT in that it doesn’t own properties as much as it finances properties. For example, year to date, ABR stock is up nearly 30% and in the past 12 months it’s up over 40%. For example, if you’re a smaller company that is ready to launch your product but you don’t want to spend a ton of money on a data center until you know how much capacity you need, you use a co-location service so you can right-size your build. | High-Yield REITs That Will Pay You: Arbor (ABR) Arbor Realty Trust Inc (NYSE:) is a unique REIT in that it doesn’t own properties as much as it finances properties. For example, year to date, ABR stock is up nearly 30% and in the past 12 months it’s up over 40%. Digital Realty (DLR) Digital Realty Trust Inc (NYSE:) specializes in owning and managing properties for data centers as well as co-location services. | High-Yield REITs That Will Pay You: Arbor (ABR) Arbor Realty Trust Inc (NYSE:) is a unique REIT in that it doesn’t own properties as much as it finances properties. For example, year to date, ABR stock is up nearly 30% and in the past 12 months it’s up over 40%. American Campus Communities (ACC) American Campus Communities Inc (NYSE:) is a REIT that specializes in owning, developing and managing on- and off-campus housing for college students. | High-Yield REITs That Will Pay You: Arbor (ABR) Arbor Realty Trust Inc (NYSE:) is a unique REIT in that it doesn’t own properties as much as it finances properties. For example, year to date, ABR stock is up nearly 30% and in the past 12 months it’s up over 40%. These are some of the top names in the business that are in the best sectors for growth well into the future. |
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