Home Equities Score Why Invesco Mortgage Capital Inc (IVR) stock could not continue its positive...

Why Invesco Mortgage Capital Inc (IVR) stock could not continue its positive momentum in the after-market on Wednesday?

Invesco Mortgage Capital Inc. (IVR) stock started that Wednesday trading session by gaining 2.14% and closed at $3.58 per share but in the after-hours, IVR share lost 4.19% and closed at $3.43 per share. IVR shares have risen 20.95% over the last 12 months, and they have moved up 0.85% in the past week. Over the past three months, the stock has lost 6.77%, while over the past six months, it has added 7.19%.

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Let’s try to find out is there any reason behind its loss in the after-market on Wednesday?

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Public offering of common stock

OnMay 26, 2021, Invesco Mortgage Capital Inc announced a public offering of 37.5 million shares of its common stock. The company will grant the underwriters a 30-day option to purchase up to an additional 5.625 million shares of common stock.

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Redemption of 7.75% Series A Cumulative Redeemable Preferred Stock

On May 17, 2021, Invesco Mortgage Capital Inc announced the redemption of all 5,600,000 of the outstanding shares of the company’s 7.75% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per on June 16, 2021.

Recent financial results

OnMay 5, 2021, Invesco Mortgage Capital Inc released its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Invesco Mortgage Capital suffered a net loss of $9.2 million in Q1 2021 compared to a net income of $1.6 billion in Q1 2020.
  • Net loss per common share of $0.09 in Q1 2021 compared to net income per common share of $10.38 in Q1 2020.
  • Net income attributable to common stockholders was a loss of $ 20.4 million in Q1 2021 compared to net income of $1.6 billion in Q1 2020.
  • In Q1 2021, total operating expenses were $6.9 million compared to $14.0 million in Q12021.

2021 Annual Stockholders Meeting

The 2021 Annual Meeting of Invesco Mortgage Capital Stockholders was held on Tuesday, May 4, 2021, at 2:00 p.m. ET. Due to the Covid-19 pandemic, the Annual Meeting was held over the Internet in a virtual meeting format.

Quarterly common dividend

On March 26, 2021, the Board of Directors of Invesco Mortgage Capital Inc, declared a quarterly dividend on shares of its common stock.

A cash dividend of $0.09 per share of common stock was declared for the first quarter of 2021 and it will be paid on April 27, 2021, to stockholders of record on April 9, 2021.

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Conclusion

The IVR stock lost its positive momentum in the after-hours on Wednesday after the company announced a public offering of common stock. It is hard to predict how IVR stock will perform in the coming days.

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