AGNC Investment Corp. (NASDAQ: AGNCL - Get Free Report) was the recipient of a significant drop in short interest during the month of April. As of April 15th, there was short interest totaling 10,326 shares, a drop of 81.0% from the March 31st total of 54,384 shares. Based on an average trading volume of 20,684 shares,
AGNC preferreds have rallied in 2024 alongside the broader income market due to a strong macro backdrop and Fed rate cuts. Within the preferred suite, we like AGNCL and floating-rate AGNCO, trading at yields of 7.7% and 9.8% respectively. We see a yield upside for AGNCL and a downside for AGNCO. Redemption risk for floating-rate preferreds is mitigated by high yields and modest price impact.