AGNC Has a New $1 Billion Buyback. It Only Kicks In If the Stock Falls to Book Value.

AGNC announced a $1 billion share buyback program through December 2028, but the plan only activates if the stock falls to or below its tangible book value. Currently trading near $9, well above its $7.13 book value per share, the buyback is unlikely to execute soon. Meanwhile, AGNC continues issuing new shares through its ATM program when trading above book value, offsetting any buyback benefits. The mREIT's 16.4% dividend yield masks underlying challenges from recent rate hikes and a 45% stock decline over five years.