Piper Sandler Reaffirms Overweight on AGNC as Agency MBS Spreads Tighten

Overview

• Piper Sandler maintained an Overweight rating and a $11 price target for AGNC on Jan. 15, citing tighter agency MBS spreads.
• AGNC declared a $0.12 per-share cash dividend for January 2026, continuing its high monthly payout.
• The company reinstated economist Dr. Morris Davis to its board as an independent director on the Compensation and Corporate Governance Committee.
• AGNC finished 2025 with a recovery in tangible book value to $8.88 and a total return near 35% with dividends reinvested, according to prior coverage.
• Analysts and company watchers note the mREIT remains highly sensitive to interest-rate moves, mortgage spread volatility, and leverage.