Silke
12.01.2001, 07:46
und zwar um 1 11/16$ allerdings bei geringen Umsätzen.
Man ist äußerst zuversichtlich bei einen soliden Wachstum:
Fannie Mae Q4 operating profits up 12.1 pct
THURSDAY, JANUARY 11, 2001 7:04:00 PM EST
By Richard Leong
NEW YORK, Jan 11 (Reuters) - Fannie Mae FNM, the No. 1 U.S. mortgage finance company, on Thursday reported a 12.1 percent rise in fourth-quarter operating profit, propelled by strong growth in its loan portfolio.
The company, which buys mortgages from lenders and packages them into securities for investors, earned $1.164 billion, or $1.12 per share in the last three months of 2000, compared with $1.038 billion, or 99 cents per share, in the 1999 period.
Analysts on average expected an average $1.12 per share, according to Wall Street analysts tracked by First Call/Thomson Financial.
For 2000, Fannie Mae posted record earnings for the 14th straight year. Total 2000 income was $4.448 billion, or $4.29 a share, up from $3.912 billion, or $3.72 per share, for 1999.
Earnings per share (EPS) were 15.3 percent higher than 1999, keeping pace required for meeting Fannie Mae's goal of doubling EPS over the five years ending in 2003.
The company said it stood by its goal of EPS growth for 2001 of 13.6 and 14.9 percent.
"I stand by that guidance. Growth in that upper part of that range would seem achievable," Fannie Mae's Chief Financial Officer Timothy Howard said in teleconference with analysts. "It keeps us solidly on track for our five-year EPS goal."
The mortgage finance giant, based in Washington, D.C., makes money from its mortgage-backed securities (MBS) business and investments in mortgage assets. It is a so-called government-sponsored enterprise (GSE).
HIGHER MORTGAGE PORTFOLIO
The company reported that its mortgage portfolio grew 22.4 percent in December, compared with 25.1 percent in November. Fourth-quarter mortgage portfolio growth rate grew at 25 percent, the fastest quarterly rate in 2000.
"Heading into 2001, they have very good momentum," said Joel Houck, analyst at A.G. Edwards in St. Louis, Mo.
On the heels of fourth-quarter's robust growth, Howard said its portfolio growth rate for 2001 could run in the high teens based on the scenario that yield spreads between its own debt and mortgage holdings remain stable in the first months of 2001 and narrow over the rest of the year.
"Mortgage portfolio growth in the high teens would seem to be a reasonable expectation," Howard said.
Fannie Mae's 2001 growth will be driven by an expected refinancing boom, as homeowners rush to take advantage of falling mortgage rates, analysts said.
"They could do 20 percent growth in the first quarter. Fifteen percent in the first half is certainly achievable," said Houck, who has a $90 12-month price target for Fannie Mae shares.
On the New York Stock Exchange, Fannie Mae's common stock closed down $1-7/16 at $76-3/8 a share on Thursday.
Howard said that total U.S. mortgage originations could hit $1.4 billion this year, the second highest volume year ever for the mortgage industry, up from a little $1 trillion in 2000.
Mortgage Bankers Association of America reported on Wednesday that refinancing activity for last week soared to its highest level in nearly two years, as homeowners rushed to take advantage of the lowest U.S. mortgage rates since spring 1999.
The closely-watched 30-year fixed mortgage rates averaged below 7.0 percent for the first time since April 1999. For the week ended Jan. 13, the 30-year average rate stood at 6.89 percent, down from prior week's 7.07 percent, according to Freddie Mac.
Meanwhile, fourth-quarter credit-related expenses were $21.1 million versus $21.8 million in the third quarter of 2000. Foreclosed property expenses were $51.1 million in the fourth quarter against $51.8 million in the third quarter.
Wall Street closely watches these levels for signs that an economic slowdown may squeeze borrowers and force banks to set aside money to cover bad loans.
"It won't be a problem for Fannie Mae," Howard said.
Man ist äußerst zuversichtlich bei einen soliden Wachstum:
Fannie Mae Q4 operating profits up 12.1 pct
THURSDAY, JANUARY 11, 2001 7:04:00 PM EST
By Richard Leong
NEW YORK, Jan 11 (Reuters) - Fannie Mae FNM, the No. 1 U.S. mortgage finance company, on Thursday reported a 12.1 percent rise in fourth-quarter operating profit, propelled by strong growth in its loan portfolio.
The company, which buys mortgages from lenders and packages them into securities for investors, earned $1.164 billion, or $1.12 per share in the last three months of 2000, compared with $1.038 billion, or 99 cents per share, in the 1999 period.
Analysts on average expected an average $1.12 per share, according to Wall Street analysts tracked by First Call/Thomson Financial.
For 2000, Fannie Mae posted record earnings for the 14th straight year. Total 2000 income was $4.448 billion, or $4.29 a share, up from $3.912 billion, or $3.72 per share, for 1999.
Earnings per share (EPS) were 15.3 percent higher than 1999, keeping pace required for meeting Fannie Mae's goal of doubling EPS over the five years ending in 2003.
The company said it stood by its goal of EPS growth for 2001 of 13.6 and 14.9 percent.
"I stand by that guidance. Growth in that upper part of that range would seem achievable," Fannie Mae's Chief Financial Officer Timothy Howard said in teleconference with analysts. "It keeps us solidly on track for our five-year EPS goal."
The mortgage finance giant, based in Washington, D.C., makes money from its mortgage-backed securities (MBS) business and investments in mortgage assets. It is a so-called government-sponsored enterprise (GSE).
HIGHER MORTGAGE PORTFOLIO
The company reported that its mortgage portfolio grew 22.4 percent in December, compared with 25.1 percent in November. Fourth-quarter mortgage portfolio growth rate grew at 25 percent, the fastest quarterly rate in 2000.
"Heading into 2001, they have very good momentum," said Joel Houck, analyst at A.G. Edwards in St. Louis, Mo.
On the heels of fourth-quarter's robust growth, Howard said its portfolio growth rate for 2001 could run in the high teens based on the scenario that yield spreads between its own debt and mortgage holdings remain stable in the first months of 2001 and narrow over the rest of the year.
"Mortgage portfolio growth in the high teens would seem to be a reasonable expectation," Howard said.
Fannie Mae's 2001 growth will be driven by an expected refinancing boom, as homeowners rush to take advantage of falling mortgage rates, analysts said.
"They could do 20 percent growth in the first quarter. Fifteen percent in the first half is certainly achievable," said Houck, who has a $90 12-month price target for Fannie Mae shares.
On the New York Stock Exchange, Fannie Mae's common stock closed down $1-7/16 at $76-3/8 a share on Thursday.
Howard said that total U.S. mortgage originations could hit $1.4 billion this year, the second highest volume year ever for the mortgage industry, up from a little $1 trillion in 2000.
Mortgage Bankers Association of America reported on Wednesday that refinancing activity for last week soared to its highest level in nearly two years, as homeowners rushed to take advantage of the lowest U.S. mortgage rates since spring 1999.
The closely-watched 30-year fixed mortgage rates averaged below 7.0 percent for the first time since April 1999. For the week ended Jan. 13, the 30-year average rate stood at 6.89 percent, down from prior week's 7.07 percent, according to Freddie Mac.
Meanwhile, fourth-quarter credit-related expenses were $21.1 million versus $21.8 million in the third quarter of 2000. Foreclosed property expenses were $51.1 million in the fourth quarter against $51.8 million in the third quarter.
Wall Street closely watches these levels for signs that an economic slowdown may squeeze borrowers and force banks to set aside money to cover bad loans.
"It won't be a problem for Fannie Mae," Howard said.