Annaly Capital Management Inc. (NLY) Upgraded by Zacks Investment Research to Buy
Annaly Capital Management Inc. (NYSE:NLY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $11.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 9.89% from the stock’s previous close.
According to Zacks, “In July Annaly closed the acquisition of Winston Salem, NC–based mREIT, Hatteras Financial Corp. for $1.5 billion. This has diversified the investment and financing options for the company. Further, prudent selection of assets, exposure to high-quality MBS, expansion of commercial real estate investments and solid financial position keep its growth momentum going. However, competition with several other players, adverse macro-economic conditions and interest rate issues add to the company’s problems.”
NLY has been the topic of several other research reports. Compass Point cut Annaly Capital Management from a “neutral” rating to a “sell” rating and set a $10.50 price objective on the stock. in a research note on Wednesday, June 15th. Deutsche Bank AG increased their price objective on Annaly Capital Management from $10.50 to $11.00 and gave the stock a “hold” rating in a research note on Friday, August 12th. Credit Suisse Group AG reissued a “hold” rating and issued a $11.50 price objective on shares of Annaly Capital Management in a research note on Friday, September 9th. JPMorgan Chase & Co. restated a “hold” rating and set a $11.00 target price on shares of Annaly Capital Management in a report on Friday, August 5th. Finally, Keefe, Bruyette & Woods upped their target price on Annaly Capital Management from $11.00 to $11.50 and gave the stock a “market perform” rating in a report on Monday, August 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $11.00.
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Annaly Capital Management (NYSE:NLY) traded up 1.279% during mid-day trading on Wednesday, hitting $10.138. The company’s stock had a trading volume of 3,090,713 shares. Annaly Capital Management has a 12-month low of $8.25 and a 12-month high of $11.29. The company’s market cap is $10.09 billion. The firm’s 50-day moving average is $10.58 and its 200-day moving average is $10.69.
Annaly Capital Management (NYSE:NLY) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.01. Annaly Capital Management had a positive return on equity of 10.85% and a negative net margin of 68.57%. During the same period in the previous year, the company earned $0.41 EPS. Analysts predict that Annaly Capital Management will post $1.18 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be issued a dividend of $0.2641 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.06 annualized dividend and a dividend yield of 10.55%. Annaly Capital Management’s dividend payout ratio is presently -83.46%.
Hedge funds have recently modified their holdings of the stock. BlackRock Fund Advisors raised its stake in shares of Annaly Capital Management by 17.1% in the second quarter. BlackRock Fund Advisors now owns 45,889,718 shares of the company’s stock valued at $507,999,000 after buying an additional 6,714,139 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Annaly Capital Management by 89.9% in the first quarter. Renaissance Technologies LLC now owns 13,768,700 shares of the company’s stock valued at $141,267,000 after buying an additional 6,519,800 shares in the last quarter. Artemis Investment Management LLP acquired a new stake in shares of Annaly Capital Management during the second quarter valued at approximately $55,079,000. Bank of Montreal Can acquired a new stake in shares of Annaly Capital Management during the second quarter valued at approximately $47,372,000. Finally, Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Annaly Capital Management by 563.9% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 4,997,396 shares of the company’s stock valued at $55,321,000 after buying an additional 4,244,697 shares in the last quarter. Hedge funds and other institutional investors own 54.19% of the company’s stock.
About Annaly Capital Management
Annaly Capital Management, Inc (Annaly) is a mortgage real estate investment trust (REIT). The Company’s principal business objectives are to generate net income for distribution to its stockholders from its investments and capital preservation. Its portfolio also includes residential credit investments, such as credit risk transfer securities and non-agency mortgage-backed securities.
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