Intrinsic value of Anworth Mortgage Asset - ANH

Previous Close

$4.83

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$4.83

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as ANH.

We calculate the intrinsic value of ANH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  61
  63
  64
  66
  68
  70
  73
  75
  78
  81
  84
  88
  91
  95
  99
  104
  108
  113
  118
  124
  129
  135
  142
  148
  156
  163
  171
  179
  188
  197
Variable operating expenses, $m
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
Fixed operating expenses, $m
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  13
Total operating expenses, $m
  13
  13
  13
  15
  15
  15
  15
  15
  17
  17
  17
  17
  18
  18
  20
  20
  20
  21
  22
  23
  24
  24
  26
  26
  27
  28
  30
  30
  31
  32
Operating income, $m
  48
  49
  50
  52
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
  135
  142
  149
  156
  164
EBITDA, $m
  615
  630
  646
  664
  684
  706
  730
  757
  785
  815
  847
  882
  919
  958
  999
  1,043
  1,090
  1,139
  1,191
  1,246
  1,304
  1,366
  1,430
  1,498
  1,570
  1,645
  1,725
  1,808
  1,896
  1,989
Interest expense (income), $m
  59
  308
  308
  308
  308
  308
  308
  308
  308
  308
  308
  308
  308
  308
  308
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  306
  306
  306
  306
Earnings before tax, $m
  -260
  -259
  -258
  -256
  -254
  -253
  -251
  -248
  -246
  -243
  -241
  -238
  -234
  -231
  -228
  -224
  -220
  -216
  -211
  -206
  -201
  -196
  -190
  -184
  -178
  -172
  -165
  -157
  -150
  -142
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -260
  -259
  -258
  -256
  -254
  -253
  -251
  -248
  -246
  -243
  -241
  -238
  -234
  -231
  -228
  -224
  -220
  -216
  -211
  -206
  -201
  -196
  -190
  -184
  -178
  -172
  -165
  -157
  -150
  -142

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -422
  -432
  -443
  -455
  -469
  -484
  -501
  -519
  -538
  -559
  -581
  -604
  -629
  -656
  -684
  -714
  -746
  -779
  -815
  -852
  -892
  -934
  -977
  -1,024
  -1,073
  -1,124
  -1,178
  -1,235
  -1,294
  -1,357
Adjusted assets (=assets-cash), $m
  -422
  -432
  -443
  -455
  -469
  -484
  -501
  -519
  -538
  -559
  -581
  -604
  -629
  -656
  -684
  -714
  -746
  -779
  -815
  -852
  -892
  -934
  -977
  -1,024
  -1,073
  -1,124
  -1,178
  -1,235
  -1,294
  -1,357
Revenue / Adjusted assets
  -0.145
  -0.146
  -0.144
  -0.145
  -0.145
  -0.145
  -0.146
  -0.145
  -0.145
  -0.145
  -0.145
  -0.146
  -0.145
  -0.145
  -0.145
  -0.146
  -0.145
  -0.145
  -0.145
  -0.146
  -0.145
  -0.145
  -0.145
  -0.145
  -0.145
  -0.145
  -0.145
  -0.145
  -0.145
  -0.145
Average production assets, $m
  5,673
  5,803
  5,952
  6,120
  6,305
  6,509
  6,730
  6,970
  7,229
  7,506
  7,803
  8,120
  8,457
  8,815
  9,196
  9,599
  10,025
  10,476
  10,953
  11,456
  11,987
  12,547
  13,138
  13,759
  14,415
  15,104
  15,830
  16,594
  17,398
  18,243
Working capital, $m
  -5,150
  -5,268
  -5,404
  -5,556
  -5,724
  -5,909
  -6,110
  -6,328
  -6,563
  -6,814
  -7,084
  -7,371
  -7,678
  -8,003
  -8,348
  -8,714
  -9,101
  -9,511
  -9,943
  -10,400
  -10,882
  -11,391
  -11,927
  -12,491
  -13,086
  -13,712
  -14,371
  -15,065
  -15,794
  -16,562
Total debt, $m
  5,704
  5,703
  5,703
  5,702
  5,702
  5,701
  5,700
  5,700
  5,699
  5,698
  5,697
  5,696
  5,695
  5,694
  5,693
  5,692
  5,690
  5,689
  5,687
  5,686
  5,684
  5,683
  5,681
  5,679
  5,677
  5,675
  5,673
  5,670
  5,668
  5,665
Total liabilities, $m
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
Total equity, $m
  -405
  -414
  -425
  -437
  -450
  -464
  -480
  -497
  -516
  -536
  -557
  -579
  -603
  -629
  -656
  -685
  -715
  -748
  -782
  -817
  -855
  -895
  -937
  -982
  -1,029
  -1,078
  -1,130
  -1,184
  -1,241
  -1,302
Total liabilities and equity, $m
  -422
  -432
  -443
  -456
  -469
  -484
  -501
  -518
  -538
  -559
  -581
  -604
  -629
  -656
  -684
  -714
  -746
  -780
  -815
  -852
  -892
  -933
  -977
  -1,024
  -1,073
  -1,124
  -1,178
  -1,235
  -1,294
  -1,358
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -260
  -259
  -258
  -256
  -254
  -253
  -251
  -248
  -246
  -243
  -241
  -238
  -234
  -231
  -228
  -224
  -220
  -216
  -211
  -206
  -201
  -196
  -190
  -184
  -178
  -172
  -165
  -157
  -150
  -142
Depreciation, amort., depletion, $m
  567
  581
  595
  612
  631
  651
  673
  697
  723
  751
  780
  812
  846
  882
  920
  960
  1,003
  1,048
  1,095
  1,146
  1,199
  1,255
  1,314
  1,376
  1,441
  1,510
  1,583
  1,659
  1,740
  1,824
Funds from operations, $m
  307
  322
  338
  356
  376
  398
  423
  449
  477
  507
  540
  574
  611
  650
  692
  736
  783
  832
  884
  939
  997
  1,059
  1,123
  1,191
  1,263
  1,339
  1,418
  1,502
  1,590
  1,683
Change in working capital, $m
  -101
  -118
  -135
  -152
  -168
  -185
  -201
  -218
  -235
  -252
  -269
  -288
  -306
  -325
  -345
  -366
  -387
  -410
  -433
  -457
  -482
  -508
  -536
  -565
  -595
  -626
  -659
  -693
  -730
  -767
Cash from operations, $m
  408
  440
  473
  508
  545
  583
  624
  667
  712
  759
  809
  862
  917
  976
  1,037
  1,102
  1,170
  1,242
  1,317
  1,396
  1,480
  1,567
  1,659
  1,756
  1,858
  1,965
  2,077
  2,195
  2,320
  2,450
Maintenance CAPEX, $m
  -558
  -567
  -580
  -595
  -612
  -631
  -651
  -673
  -697
  -723
  -751
  -780
  -812
  -846
  -882
  -920
  -960
  -1,003
  -1,048
  -1,095
  -1,146
  -1,199
  -1,255
  -1,314
  -1,376
  -1,441
  -1,510
  -1,583
  -1,659
  -1,740
New CAPEX, $m
  -90
  -130
  -149
  -167
  -186
  -204
  -222
  -240
  -259
  -277
  -297
  -317
  -337
  -358
  -380
  -403
  -427
  -451
  -477
  -503
  -531
  -560
  -590
  -622
  -655
  -690
  -726
  -764
  -804
  -845
Cash from investing activities, $m
  -648
  -697
  -729
  -762
  -798
  -835
  -873
  -913
  -956
  -1,000
  -1,048
  -1,097
  -1,149
  -1,204
  -1,262
  -1,323
  -1,387
  -1,454
  -1,525
  -1,598
  -1,677
  -1,759
  -1,845
  -1,936
  -2,031
  -2,131
  -2,236
  -2,347
  -2,463
  -2,585
Free cash flow, $m
  -240
  -258
  -256
  -255
  -253
  -251
  -249
  -246
  -244
  -241
  -238
  -235
  -232
  -228
  -225
  -221
  -216
  -212
  -207
  -202
  -197
  -192
  -186
  -180
  -173
  -166
  -159
  -151
  -144
  -135
Issuance/(repayment) of debt, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
Issuance/(repurchase) of shares, $m
  -7
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -57
  -60
Cash from financing (excl. dividends), $m  
  -7
  -9
  -11
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -59
  -63
Total cash flow (excl. dividends), $m
  -247
  -267
  -267
  -267
  -267
  -266
  -265
  -264
  -263
  -262
  -260
  -259
  -257
  -255
  -253
  -251
  -248
  -246
  -243
  -240
  -237
  -233
  -230
  -226
  -222
  -218
  -213
  -208
  -203
  -198
Retained Cash Flow (-), $m
  -254
  -250
  -247
  -244
  -241
  -238
  -235
  -231
  -228
  -224
  -219
  -215
  -210
  -206
  -200
  -195
  -189
  -183
  -177
  -170
  -163
  -156
  -148
  -140
  -132
  -122
  -113
  -103
  -92
  -81
Prev. year cash balance distribution, $m
  398
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -102
  -250
  -247
  -244
  -241
  -238
  -235
  -231
  -228
  -224
  -219
  -215
  -210
  -206
  -200
  -195
  -189
  -183
  -177
  -170
  -163
  -156
  -148
  -140
  -132
  -122
  -113
  -103
  -92
  -81
Discount rate, %
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
  60.51
PV of cash for distribution, $m
  -89
  -187
  -157
  -130
  -106
  -85
  -67
  -51
  -39
  -29
  -21
  -15
  -10
  -7
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Anworth Mortgage Asset Corporation is a real estate investment trust (REIT). The Company's investment objective is to provide risk-adjusted total returns to its stockholders over the long-term primarily through dividends and secondarily through capital appreciation. Its strategy is to invest in residential mortgage-backed securities (MBS) (both Agency MBS and Non-Agency MBS), residential mortgage loans and residential rental properties. Its principal business objective is to generate net income for distribution to its stockholders primarily based upon the spread between the interest income on its mortgage assets and its borrowing costs to finance its acquisition of those assets. The Company finances residential mortgage loans through asset-backed securities, which are issued by the consolidated securitization trusts. The Company is engaged in investing in, financing and managing a portfolio of residential mortgage-backed securities and residential mortgage loans.

FINANCIAL RATIOS  of  Anworth Mortgage Asset (ANH)

Valuation Ratios
P/E Ratio 21
Price to Sales 3.2
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 5.7
Price to Free Cash Flow 5.7
Growth Rates
Sales Growth Rate -2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 5.6%
Total Debt to Equity 602.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.3%
Return On Equity 3.2%
Return On Equity - 3 Yr. Avg. 2.9%
Asset Turnover 0
Profitability Ratios
Gross Margin 50.3%
Gross Margin - 3 Yr. Avg. 56.5%
EBITDA Margin 56.6%
EBITDA Margin - 3 Yr. Avg. 69%
Operating Margin 16.1%
Oper. Margin - 3 Yr. Avg. 14.7%
Pre-Tax Margin 15.4%
Pre-Tax Margin - 3 Yr. Avg. 14.7%
Net Profit Margin 15.4%
Net Profit Margin - 3 Yr. Avg. 14.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 295.5%

ANH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANH stock intrinsic value calculation we used $60 million for the last fiscal year's total revenue generated by Anworth Mortgage Asset. The default revenue input number comes from 2017 income statement of Anworth Mortgage Asset. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ANH stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.7%, whose default value for ANH is calculated based on our internal credit rating of Anworth Mortgage Asset, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Anworth Mortgage Asset.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ANH stock the variable cost ratio is equal to 10%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for ANH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Anworth Mortgage Asset.

Corporate tax rate of 27% is the nominal tax rate for Anworth Mortgage Asset. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ANH stock is equal to 0.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ANH are equal to 9269%.

Life of production assets of 10 years is the average useful life of capital assets used in Anworth Mortgage Asset operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ANH is equal to -8414.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Anworth Mortgage Asset - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 97 million for Anworth Mortgage Asset is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Anworth Mortgage Asset at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
TWO Two Harbors In 15.57 3.57  str.sell
NYMT New York Mortg 6.28 4.92  hold

COMPANY NEWS

▶ Anworth Announces Preferred Stock Dividends   [Aug-06-18 04:05PM  Business Wire]
▶ Anworth: 2Q Earnings Snapshot   [Aug-02-18 06:31PM  Associated Press]
▶ Anworth Announces Annual Meeting Results   [May-18-18 04:05PM  Business Wire]
▶ Anworth Announces Preferred Stock Dividends   [May-07-18 04:05PM  Business Wire]
▶ Anworth: 1Q Earnings Snapshot   [May-02-18 06:01PM  Associated Press]
▶ Anworth Announces Preferred Stock Dividends   [Feb-28-18 04:05PM  Business Wire]
▶ Anworth posts 4Q profit   [Feb-14-18 05:17PM  Associated Press]
▶ Anworth Announces 2017 Dividend Tax Information   [Jan-30-18 03:51PM  Business Wire]
▶ How To Make Money From Other People's Mortgages   [Dec-24-17 12:08PM  Forbes]
▶ Anworth posts 3Q profit   [Nov-02-17 06:05PM  Associated Press]
▶ Anworth Announces Preferred Stock Dividends   [Oct-26-17 04:05PM  Business Wire]
▶ Anworth posts 2Q profit   [Aug-03-17 12:37AM  Associated Press]
▶ Anworth Reports Second Quarter 2017 Financial Results   [Aug-02-17 04:05PM  Business Wire]
▶ Anworth Announces Preferred Stock Dividends   [Jul-27-17 04:05PM  Business Wire]
▶ Anworth Announces Annual Meeting Results   [May-22-17 04:05PM  Business Wire]
▶ Anworth posts 1Q profit   [May-02-17 06:29PM  Associated Press]
▶ Anworth Announces Preferred Stock Dividends   [Apr-26-17 04:30PM  Business Wire]
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