Short interest in AGNC rose 16.7% over the past month to 8.7% of float, while options sentiment flipped bearish with put/call ratio plunging to 0.66 — a 52-week low. Cost to borrow fell 16.4% over 30 days to 0.54%, and utilisation jumped to 48.9%, approaching mid-March highs. Analysts remain cautious after multiple downgrades earlier this year.
AGNC closed at $11.02 on April 24, up 1.5% on the day and 1.1% for the week. The stock gained 10.9% over the past month, trading near its recent highs. The mortgage REIT operates without a disclosed market cap in this snapshot.
Short interest stood at 93.7 million shares as of April 23, representing 8.7% of free float. The position climbed 16.7% over the past month, though it dipped 1.3% in the past week. Short shares touched a 30-day high of 100.0 million on March 31 before pulling back. Days to cover held at 6.88 based on the latest FINRA data from April 15.
Cost to borrow registered 0.54% APR on April 23, down from 0.64% a month earlier. The rate spiked to 0.91% on March 31 — the highest reading in the past 30 days — before retreating. Utilisation surged to 48.9%, up from 42.7% the prior day and well above the 43.4% level seen on March 13. The 52-week high of 63.8% was last visited in late March.
The put/call ratio collapsed to 0.66 on April 24, marking a 52-week low and a sharp departure from the 20-day mean of 0.97. The z-score of -1.45 indicates extreme bearish positioning — the lowest reading in the trailing year. PCR hovered above 1.0 through mid-April before plummeting this week. The 52-week high of 1.96 was recorded in early 2026.
The average price target sits at $11.44, implying minimal upside from the current $11.02 close. Recent activity has been mixed. UBS's Marissa Lobo raised her target from $10.50 to $11.00 on April 24 while maintaining a Neutral rating. JP Morgan's Richard Shane cut his target from $12.00 to $11.00 on April 16, keeping an Overweight stance. Piper Sandler's Crispin Love lowered his target from $12.50 to $10.50 on April 2, also staying Overweight.
Two analysts downgraded AGNC earlier this year. Keefe, Bruyette & Woods moved from Outperform to Market Perform on January 29, while Jones Trading shifted from Buy to Hold on January 22. Wells Fargo, RBC Capital, and Piper Sandler lifted targets in late January before the April cuts.
Bulls cite tangible book value per share of $8.28 — up 6% quarter-over-quarter — driven by tightening mortgage spreads and a $785 million fair value boost. Bears highlight a declining net spread (1.78% from 2.01%), below-forecast EPS from swap expirations, and rising leverage.
The price-to-book ratio rose to 1.15 from 1.04 a month ago, reflecting the stock's 10.9% gain. The P/E ratio of 7.03 climbed from 6.57 over the same period. Dividend yield sat at 13.3%, down slightly from 14.2% 30 days earlier.
AGNC's dividend score ranked in the 69th percentile, while the sector score hit the 83rd percentile. Short score rank placed in the 8th percentile, and days-to-cover rank in the 13th. Utilisation ranked in the 14th percentile. EPS surprise scored in the 7th percentile, and analyst recommendation differential landed at the 49th.
BlackRock added 4.9 million shares as of March 31, boosting its stake to 61.0 million shares (5.3% of outstanding). Vanguard increased its position by 1.6 million shares to 97.7 million (8.5%). Geode Capital added 1.6 million shares to reach 29.1 million (2.5%), and State Street lifted its holding by 1.1 million shares to 18.2 million (1.6%).
Bank of America increased its position by 4.0 million shares to 4.9 million, while Morgan Stanley added 1.1 million shares. Renaissance Technologies raised its stake by 593,000 shares to 6.9 million. UBS Asset Management added 891,000 shares.
Insiders sold a net 1.8 million shares over the past 90 days, totaling $20.8 million in transaction value. President and CEO Peter Federico unloaded 300,000 shares at $11.30 on February 17 for $3.4 million, then sold another 89,873 shares at $10.33 on March 16 for $928,000. Executive Chairman Gary Kain sold 252,000 shares on February 17 for $2.8 million and 58,512 shares on March 16 for $604,000.
CFO Bernice Bell sold 49,000 shares on March 16 for $506,000 and 15,000 shares on February 19 for $170,000. Executive Vice President Sean Reid sold 53,370 shares on February 17 for $603,000 and 35,030 shares on March 16 for $362,000. Chief Compliance Officer Kenneth Pollack sold 46,566 shares on February 17 for $526,000 and 29,093 shares on March 16 for $301,000.
No upcoming earnings date is disclosed in the snapshot. The most recent earnings event occurred on April 20–21. Dividend history in the snapshot is stale, dating back to mid-2022. Monitor further analyst actions after the April target cuts, and track whether short interest continues climbing or stabilizes near current levels.
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