A $20 AGNC Share Bought at Its 2008 IPO Has Paid $51 in Dividends. The Stock Trades Near $9.

AGNC Investment Corp., a mortgage REIT that went public at $20 in 2008, now trades near $9 per share. However, investors who reinvested dividends have earned approximately 520% total return, with $51.16 paid per share since IPO. Despite a 16.4% dividend yield and sustainable earnings coverage, AGNC's constant share dilution has caused it to underperform the S&P 500 (669% return) over the long term.