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Invesco Mortgage Capital

NYSE:IVR
Snowflake Description

High growth potential unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IVR
NYSE
$2B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Invesco Mortgage Capital Inc. operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential and commercial mortgage-backed securities, and other mortgage-related assets. The last earnings update was 73 days ago. More info.


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IVR Share Price and Events
7 Day Returns
0.1%
NYSE:IVR
0.1%
US Mortgage REITs
-0.3%
US Market
1 Year Returns
2.1%
NYSE:IVR
-6.4%
US Mortgage REITs
3.9%
US Market
IVR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Invesco Mortgage Capital (IVR) 0.1% -0.8% 1.7% 2.1% 14.4% -4.8%
US Mortgage REITs 0.1% 0.8% -2.5% -6.4% -0.3% -11.4%
US Market -0.3% 2.3% 2.3% 3.9% 36.7% 41.8%
1 Year Return vs Industry and Market
  • IVR outperformed the Mortgage REITs industry which returned -6.4% over the past year.
  • IVR underperformed the Market in United States of America which returned 3.9% over the past year.
Price Volatility
IVR
Industry
5yr Volatility vs Market

Value

 Is Invesco Mortgage Capital undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Invesco Mortgage Capital to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Invesco Mortgage Capital.

NYSE:IVR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $16.28 * 10.9%
$1.78
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $16.28
Discount Rate (Cost of Equity) See below 13.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:IVR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Mortgage REITs Unlevered Beta Simply Wall St/ S&P Global 0.26
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.265 (1 + (1- 21%) (875.91%))
1.735
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.74
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.735 * 5.96%)
13.07%

Discounted Cash Flow Calculation for NYSE:IVR using Excess Returns Model Model

The calculations below outline how an intrinsic value for Invesco Mortgage Capital is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:IVR Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.9% – 13.07%) * $16.28)
$-0.35
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.35 / (13.07% - 2.73%)
$-3.39
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $16.28 + $-3.39
$12.88
NYSE:IVR Discount to Share Price
Calculation Result
Value per share (USD) From above. $12.88
Current discount Discount to share price of $16.41
= -1 x ($16.41 - $12.88) / $12.88
-27.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Invesco Mortgage Capital is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Invesco Mortgage Capital's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Invesco Mortgage Capital's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:IVR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-0.25
NYSE:IVR Share Price ** NYSE (2019-07-19) in USD $16.41
United States of America Mortgage REITs Industry PE Ratio Median Figure of 23 Publicly-Listed Mortgage REITs Companies 12.71x
United States of America Market PE Ratio Median Figure of 3,083 Publicly-Listed Companies 17.92x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Invesco Mortgage Capital.

NYSE:IVR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:IVR Share Price ÷ EPS (both in USD)

= 16.41 ÷ -0.25

-64.5x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Invesco Mortgage Capital is loss making, we can't compare its value to the US Mortgage REITs industry average.
  • Invesco Mortgage Capital is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Invesco Mortgage Capital's expected growth come at a high price?
Raw Data
NYSE:IVR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -64.5x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
37.5%per year
United States of America Mortgage REITs Industry PEG Ratio Median Figure of 21 Publicly-Listed Mortgage REITs Companies 1.18x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Invesco Mortgage Capital, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Invesco Mortgage Capital's assets?
Raw Data
NYSE:IVR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $16.44
NYSE:IVR Share Price * NYSE (2019-07-19) in USD $16.41
United States of America Mortgage REITs Industry PB Ratio Median Figure of 37 Publicly-Listed Mortgage REITs Companies 0.95x
United States of America Market PB Ratio Median Figure of 5,248 Publicly-Listed Companies 1.8x
NYSE:IVR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:IVR Share Price ÷ Book Value per Share (both in USD)

= 16.41 ÷ 16.44

1x

* Primary Listing of Invesco Mortgage Capital.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Invesco Mortgage Capital is overvalued based on assets compared to the US Mortgage REITs industry average.
X
Value checks
We assess Invesco Mortgage Capital's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Mortgage REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Mortgage REITs industry average (and greater than 0)? (1 check)
  5. Invesco Mortgage Capital has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Invesco Mortgage Capital expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
37.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Invesco Mortgage Capital expected to grow at an attractive rate?
  • Invesco Mortgage Capital's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Invesco Mortgage Capital's earnings growth is expected to exceed the United States of America market average.
  • Invesco Mortgage Capital's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:IVR Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:IVR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 37.5%
NYSE:IVR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 33.5%
United States of America Mortgage REITs Industry Earnings Growth Rate Market Cap Weighted Average 37.6%
United States of America Mortgage REITs Industry Revenue Growth Rate Market Cap Weighted Average 26.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:IVR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:IVR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 337 244 1
2020-12-31 318 240 1
2019-12-31 306 304 1
NYSE:IVR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 63 296 -29
2018-12-31 -23 304 -115
2018-09-30 281 335 194
2018-06-30 400 327 308
2018-03-31 360 305 275
2017-12-31 405 291 321
2017-09-30 540 282 453
2017-06-30 609 307 533
2017-03-31 550 314 475
2016-12-31 300 296 232
2016-09-30 136 334 67
2016-06-30 -135 333 -206

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Invesco Mortgage Capital's earnings are expected to grow significantly at over 20% yearly.
  • Invesco Mortgage Capital's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:IVR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Invesco Mortgage Capital Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:IVR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.90 1.90 1.90 1.00
2020-12-31 1.88 1.90 1.85 3.00
2019-12-31 2.41 2.42 2.41 3.00
NYSE:IVR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -0.25
2018-12-31 -1.03
2018-09-30 1.74
2018-06-30 2.76
2018-03-31 2.46
2017-12-31 2.87
2017-09-30 4.06
2017-06-30 4.78
2017-03-31 4.26
2016-12-31 2.07
2016-09-30 0.59
2016-06-30 -1.78

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Invesco Mortgage Capital is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Invesco Mortgage Capital's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Invesco Mortgage Capital has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Invesco Mortgage Capital performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Invesco Mortgage Capital's growth in the last year to its industry (Mortgage REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Invesco Mortgage Capital does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Invesco Mortgage Capital's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Invesco Mortgage Capital's 1-year growth to the US Mortgage REITs industry average as it is not currently profitable.
Earnings and Revenue History
Invesco Mortgage Capital's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Invesco Mortgage Capital Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:IVR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 62.61 -29.00 47.61
2018-12-31 -22.72 -115.22 47.79
2018-09-30 281.40 194.44 47.35
2018-06-30 399.76 308.04 46.83
2018-03-31 360.24 274.87 45.84
2017-12-31 404.62 320.53 44.75
2017-09-30 540.18 453.20 43.52
2017-06-30 609.31 533.29 43.12
2017-03-31 549.91 474.84 43.44
2016-12-31 299.50 231.55 44.11
2016-09-30 135.99 67.27 46.44
2016-06-30 -134.96 -206.46 50.28
2016-03-31 24.41 -52.53 52.87
2015-12-31 168.68 89.85 54.62
2015-09-30 -48.00 -126.10 55.52
2015-06-30 90.16 15.58 54.12
2015-03-31 -124.91 -192.51 53.63
2014-12-31 -164.67 -232.44 52.87
2014-09-30 -141.21 -202.22 53.08
2014-06-30 -146.47 -208.07 52.99
2014-03-31 61.15 -3.45 53.78
2013-12-31 212.97 147.30 53.14
2013-09-30 367.14 303.67 49.13
2013-06-30 456.76 395.43 45.94
2013-03-31 389.38 335.40 41.81
2012-12-31 382.47 333.28 39.68
2012-09-30 366.35 320.56 39.16

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Invesco Mortgage Capital has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • It is difficult to establish if Invesco Mortgage Capital has efficiently used its assets last year compared to the US Mortgage REITs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Invesco Mortgage Capital improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Invesco Mortgage Capital's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Mortgage REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Invesco Mortgage Capital has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Invesco Mortgage Capital's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Invesco Mortgage Capital's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Invesco Mortgage Capital's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Invesco Mortgage Capital's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Invesco Mortgage Capital's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Invesco Mortgage Capital Company Filings, last reported 3 months ago.

NYSE:IVR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,671.71 18,482.85 105.06
2018-12-31 2,286.70 15,275.87 150.71
2018-09-30 2,485.42 16,042.50 154.44
2018-06-30 2,511.72 15,358.39 117.76
2018-03-31 2,522.36 15,581.49 143.51
2017-12-31 2,656.88 15,906.80 95.28
2017-09-30 2,655.39 15,936.85 80.92
2017-06-30 2,360.09 14,030.90 75.07
2017-03-31 2,323.63 14,234.05 61.68
2016-12-31 2,270.18 13,341.94 164.97
2016-09-30 2,338.30 14,489.24 122.79
2016-06-30 2,225.45 14,262.19 302.29
2016-03-31 2,162.61 13,630.49 52.04
2015-12-31 2,266.91 14,408.77 61.86
2015-09-30 2,429.37 18,190.45 77.97
2015-06-30 2,614.70 18,320.58 107.51
2015-03-31 2,707.61 18,707.46 163.73
2014-12-31 2,638.85 18,456.52 188.32
2014-09-30 2,680.40 18,190.39 203.37
2014-06-30 2,605.61 18,033.75 196.32
2014-03-31 2,447.27 17,385.06 355.06
2013-12-31 2,403.24 17,758.62 472.67
2013-09-30 2,551.12 18,026.18 387.60
2013-06-30 2,583.50 20,015.19 426.89
2013-03-31 2,915.46 19,067.89 282.56
2012-12-31 2,589.52 16,156.90 292.94
2012-09-30 2,585.43 15,348.34 192.71
  • Invesco Mortgage Capital's level of debt (691.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (710.2% vs 691.8% today).
  • Debt is not well covered by operating cash flow (1.6%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Invesco Mortgage Capital's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Invesco Mortgage Capital's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Invesco Mortgage Capital has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Invesco Mortgage Capital's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
10.97%
Current annual income from Invesco Mortgage Capital dividends. Estimated to be 10.97% next year.
If you bought $2,000 of Invesco Mortgage Capital shares you are expected to receive $219 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Invesco Mortgage Capital's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Invesco Mortgage Capital's dividend is above the markets top 25% of dividend payers in United States of America (3.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:IVR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America Mortgage REITs Industry Average Dividend Yield Market Cap Weighted Average of 37 Stocks 10.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:IVR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.80 1.00
2020-12-31 1.80 3.00
2019-12-31 1.80 3.00
NYSE:IVR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-06-17 1.800 11.040
2019-03-18 1.800 11.204
2018-12-14 1.680 10.761
2018-09-14 1.680 10.952
2018-06-15 1.680 10.371
2018-03-15 1.680 10.343
2017-12-14 1.680 10.036
2017-09-15 1.640 9.381
2017-06-15 1.600 9.507
2017-03-15 1.600 10.086
2016-12-15 1.600 10.663
2016-09-14 1.600 10.712
2016-06-15 1.600 10.887
2016-03-15 1.600 12.243
2015-12-15 1.600 13.785
2015-09-15 1.600 12.525
2015-06-15 1.800 12.597
2015-03-17 1.800 11.448
2014-12-16 1.800 11.555
2014-09-16 2.000 12.320
2014-06-16 2.000 11.569
2014-03-18 2.000 11.764
2013-12-17 2.000 12.624
2013-09-16 2.000 13.052
2013-06-17 2.600 16.257
2013-03-20 2.600 12.827
2012-12-17 2.600 12.351
2012-09-13 2.600 12.590
2012-06-14 2.600 13.413
2012-03-14 2.600 14.687
2012-02-29 13.680 77.766
2012-02-22 3.420 20.131
2011-12-08 2.600 17.378
2011-06-09 3.880 22.768
2011-03-14 4.000 17.987
2010-12-14 3.880 17.068
2010-09-20 4.000 17.967
2010-06-21 2.960 14.322
2010-03-18 3.120 14.675
2009-12-17 4.200 18.506
2009-10-13 2.440 11.450

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Invesco Mortgage Capital's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Invesco Mortgage Capital's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Invesco Mortgage Capital afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Invesco Mortgage Capital has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Invesco Mortgage Capital's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
John Anzalone
COMPENSATION $0
AGE 54
TENURE AS CEO 2.3 years
CEO Bio

Mr. John M. Anzalone, CFA serves as Chief Investment Officer at Invesco Agency Securities Inc. Mr. Anzalone has been the Chief Executive Officer of Invesco Mortgage Capital Inc. since March 1, 2017. He serves as Portfolio Manager at Invesco Advisers, Inc., PowerShares Prime Non-Agency RMBS Opportunity Fund and PowerShares Alt-A Non-Agency RMBS Opportunity Fund. Mr. Anzalone serves as the Senior Director, Head of Research & Trading, Mortgage-Backed Securities of Invesco Agency Securities. He joined Invesco’s Fixed Income Division in 2002. He served as Chief Investment Officer of Invesco Mortgage Capital Inc. from June 25, 2009 to March 1, 2017. As the Head of the MBS group, he is responsible for the application of investment strategy across portfolios consistent with client investment objectives and guidelines. He is also responsible for analyzing and implementing investment actions in the residential and commercial mortgage-backed securities sectors. Mr. Anzalone began his investment career in 1992 at Union Trust. In 1994, he moved to AgriBank, FCB, where he served as a Senior Trader for six years. Mr. Anzalone was a former employee of Advantus Capital Management, where he served as a Senior Trader responsible for trading mortgage-backed, asset-backed and commercial mortgage securities. Mr. Anzalone earned a Bachelor of Arts degree in Economics from the Hobart College in 1986. Mr. Anzalone is a Chartered Financial Analyst. In 1992, he holds an Master of Business Administration from the Simon School at the University of Rochester.

CEO Compensation
  • Insufficient data for John to compare compensation growth.
  • Insufficient data for John to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Invesco Mortgage Capital management team in years:

1.8
Average Tenure
44
Average Age
  • The average tenure for the Invesco Mortgage Capital management team is less than 2 years, this suggests a new team.
Management Team

John Anzalone

TITLE
Chief Executive Officer
AGE
54
TENURE
2.3 yrs

Kevin Collins

TITLE
President
AGE
39
TENURE
1.8 yrs

Richard Phegley

TITLE
Chief Financial Officer
AGE
50
TENURE
5.2 yrs

David Lyle

TITLE
Chief Operating Officer
AGE
40
TENURE
1.8 yrs

Brian Norris

TITLE
Chief Investment Officer
AGE
43
TENURE
0.8 yrs

Roseann Perlis

TITLE
Chief Accounting Officer
AGE
63
TENURE
0.7 yrs

Brandon Burk

TITLE
Director of Investor Relations
TENURE
0.8 yrs

Jason Marshall

TITLE
Chief Investment Officer (Leave of Absence)
AGE
44

Robert Rigsby

TITLE
VP & Secretary
Board of Directors Tenure

Average tenure and age of the Invesco Mortgage Capital board of directors in years:

2.5
Average Tenure
70
Average Age
  • The average tenure for the Invesco Mortgage Capital board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jack Hardin

TITLE
Chairman of the Board
COMPENSATION
$183K
AGE
76
TENURE
2.5 yrs

John Day

TITLE
Non-Executive Director
COMPENSATION
$169K
AGE
70
TENURE
10 yrs

Jim Lientz

TITLE
Non-Executive Director
COMPENSATION
$159K
AGE
76
TENURE
7.2 yrs

Carolyn Handlon

TITLE
Non-Executive Director
COMPENSATION
$155K
AGE
61
TENURE
2.2 yrs

Greg McGreevey

TITLE
Director
AGE
56
TENURE
3.2 yrs

Dennis Lockhart

TITLE
Non-Executive director
COMPENSATION
$149K
AGE
72
TENURE
2.2 yrs

Colin Meadows

TITLE
Director
AGE
48
TENURE
1.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Invesco Mortgage Capital individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
14. May 19 Buy Brian Norris Individual 13. May 19 13. May 19 2,000 $16.01 $32,020
14. May 19 Buy Kevin Collins Individual 13. May 19 13. May 19 3,000 $16.05 $48,144
14. May 19 Buy David Lyle Individual 13. May 19 13. May 19 7,232 $16.04 $116,016
14. May 19 Sell John Day Individual 13. May 19 13. May 19 -12,172 $16.01 $-194,825
30. Apr 19 Buy Brian Norris Individual 26. Apr 19 26. Apr 19 556 $16.23 $9,021
30. Apr 19 Buy Richard Phegley Individual 24. Apr 19 26. Apr 19 324 $16.40 $5,310
13. Feb 19 Buy Richard Phegley Individual 24. Oct 18 26. Oct 18 315 $15.05 $4,697
04. Dec 18 Buy Brian Norris Individual 30. Nov 18 30. Nov 18 3,600 $15.59 $56,124
X
Management checks
We assess Invesco Mortgage Capital's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Invesco Mortgage Capital has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Take Comfort From Insider Transactions At Invesco Mortgage Capital Inc. (NYSE:IVR)?

As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for Invesco Mortgage Capital The Last 12 Months Of Insider Transactions At Invesco Mortgage Capital The Non-Executive Director, John Day, made the biggest insider sale in the last 12 months. … In the last twelve months there was more buying than selling by Invesco Mortgage Capital insiders. … NYSE:IVR Recent Insider Trading, July 5th 2019 Insiders at Invesco Mortgage Capital Have Bought Stock Recently There was some insider buying at Invesco Mortgage Capital over the last quarter.

Simply Wall St -

What Kind Of Shareholders Own Invesco Mortgage Capital Inc. (NYSE:IVR)?

View our latest analysis for Invesco Mortgage Capital NYSE:IVR Ownership Summary, June 7th 2019 What Does The Institutional Ownership Tell Us About Invesco Mortgage Capital? … As you can see, institutional investors own 71% of Invesco Mortgage Capital. … Insider Ownership Of Invesco Mortgage Capital The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

Introducing Invesco Mortgage Capital (NYSE:IVR), A Stock That Climbed 16% In The Last Three Years

See our latest analysis for Invesco Mortgage Capital Invesco Mortgage Capital isn't a profitable company, so it is unlikely we'll see a strong correlation between its share price and its earnings per share (EPS). … Over the last three years Invesco Mortgage Capital has grown its revenue at 8.1% annually. … As it happens, Invesco Mortgage Capital's TSR for the last 3 years was 58%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Should You Think About Buying Invesco Mortgage Capital Inc. (NYSE:IVR) Now?

Invesco Mortgage Capital Inc. … As a US$2.0b market cap stock, it seems odd Invesco Mortgage Capital is not more well-covered by analysts. … Today I will analyse the most recent data on Invesco Mortgage Capital’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

How Many Invesco Mortgage Capital Inc. (NYSE:IVR) Shares Do Institutions Own?

If you want to know who really controls Invesco Mortgage Capital Inc. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … With a market capitalization of US$2.0b, Invesco Mortgage Capital is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St -

How Does Investing In Invesco Mortgage Capital Inc. (NYSE:IVR) Impact The Volatility Of Your Portfolio?

(NYSE:IVR), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … The first thing to understand about beta is that the beta of the overall market is one.

Simply Wall St -

How Much Are Invesco Mortgage Capital Inc (NYSE:IVR) Insiders Spending On Buying Shares?

So before you buy or sell Invesco Mortgage Capital Inc (NYSE:IVR), you may well want to know whether insiders have been buying or selling. … In the last twelve months there was more buying than selling by Invesco Mortgage Capital insiders … These transactions suggest that insiders have considered the current price of US$15.35 attractive.

Simply Wall St -

Invesco Mortgage Capital Inc (NYSE:IVR): Are Analysts Right About The Drop In Earnings?

The most recent earnings release Invesco Mortgage Capital Inc's (NYSE:IVR) announced in December 2017 revealed that the business gained from a robust tailwind, leading to a double-digit earnings growth of 38.43%. … Below is a brief commentary on my key takeaways on how market analysts view Invesco Mortgage Capital's earnings growth outlook over the next couple of years and whether the future looks even brighter than the past. … See our latest analysis for Invesco Mortgage Capital Analysts' outlook for the upcoming year seems pessimistic, with earnings falling by a double-digit -37.00%.

Simply Wall St -

Should Invesco Mortgage Capital Inc (NYSE:IVR) Be Part Of Your Dividend Portfolio?

Invesco Mortgage Capital Inc (NYSE:IVR) has returned to shareholders over the past 8 years, an average dividend yield of 15.00% annually. … View our latest analysis for Invesco Mortgage Capital 5 questions to ask before buying a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is its annual yield among the top 25% of dividend-paying companies? … In terms of its peers, Invesco Mortgage Capital generates a yield of 10.28%, which is on the low-side for Mortgage REITs stocks.Next Steps: Whilst there are few things you may like about Invesco Mortgage Capital from a dividend stock perspective, the truth is that overall it probably is not the best choice for a dividend investor.

Simply Wall St -

Future Outlook Of The Real Estate Industry And Invesco Mortgage Capital Inc (IVR)

Real estate analysts are forecasting for the entire industry, negative growth in the upcoming year , and an overall negative growth rate in the next couple of years. … In this article, I’ll take you through the real estate sector growth expectations, and also determine whether IVR is a laggard or leader relative to its real estate sector peers. … Over the past year, the industry saw negative growth of -1.44%, underperforming the US market growth of 4.49%.

Simply Wall St -

Company Info

Description

Invesco Mortgage Capital Inc. operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential and commercial mortgage-backed securities, and other mortgage-related assets. It invests in residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) that are guaranteed by a U.S. government agency or federally chartered corporation; RMBS and CMBS that are not issued or guaranteed by a U.S. government agency or federally chartered corporation; credit risk transfer securities that are unsecured obligations issued by government-sponsored enterprises; residential and commercial mortgage loans; and other real estate-related financing arrangements. Invesco Mortgage Capital Inc. has elected to be taxed as a REIT and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formally known as Invesco Agency Securities Inc. and changed its name to Invesco Mortgage Capital Inc. in June 2008. Invesco Mortgage Capital Inc. was incorporated in 2008 and is headquartered in Atlanta, Georgia.

Details
Name: Invesco Mortgage Capital Inc.
IVR
Exchange: NYSE
Founded: 2008
$2,110,137,170
128,588,493
Website: http://www.invescomortgagecapital.com
Address: Invesco Mortgage Capital Inc.
Two Peachtree Pointe,
Suite 1800,
Atlanta,
Georgia, 30309,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE IVR Common Stock New York Stock Exchange US USD 26. Jun 2009
DB 7M2 Common Stock Deutsche Boerse AG DE EUR 26. Jun 2009
LSE 0JD3 Common Stock London Stock Exchange GB USD 26. Jun 2009
NYSE IVR.PRC 7.5% PFD SER C New York Stock Exchange US USD 11. Aug 2017
NYSE IVR.PRB PFD-B FX/FLT New York Stock Exchange US USD 09. Sep 2014
NYSE IVR.PRA PFD SER A 7.75% New York Stock Exchange US USD 24. Jul 2012
Number of employees
Current staff
Staff numbers
0
Invesco Mortgage Capital employees.
Industry
Mortgage REITs
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 00:18
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.