Annaly Capital Management Inc (NLY) Cut to Sell at Zacks Investment Research
Annaly Capital Management Inc (NYSE:NLY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Shares of Annaly have outperformed the industry year to date. However, the stock has seen the Zacks Consensus Estimate for 2017 earnings being revised downward in a month’s time. Although, the company is making efforts to diversify its investment and funding options, any adversity in the macro-economic condition is likely to result in a widespread de-leveraging of the financial markets, forcing Annaly to sell its mortgage assets at unattractive prices. Further, Annaly’s performance also depends on the broader financial market environment. This makes it susceptible to economic downturns and geopolitical doldrums. In addition, stiff competition from financial institutions and other market players adversely affects the pricing of its securities. Any rise in rate of interest may add to the company’s woes.”
NLY has been the topic of several other reports. ValuEngine raised Annaly Capital Management from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. BidaskClub raised Annaly Capital Management from a “buy” rating to a “strong-buy” rating in a report on Friday, August 4th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $11.25 price target on shares of Annaly Capital Management in a report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $11.69.
Annaly Capital Management (NLY) traded up 0.449% during mid-day trading on Tuesday, reaching $12.315. The company’s stock had a trading volume of 4,840,081 shares. The company has a 50-day moving average price of $12.32 and a 200-day moving average price of $12.02. The firm has a market cap of $13.40 billion, a PE ratio of 4.257 and a beta of 0.28. Annaly Capital Management has a 12-month low of $9.83 and a 12-month high of $12.73.
Annaly Capital Management (NYSE:NLY) last released its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $315.15 million for the quarter, compared to analysts’ expectations of $424.18 million. Annaly Capital Management had a return on equity of 11.33% and a net margin of 121.84%. During the same period in the prior year, the firm earned $0.29 EPS. On average, equities research analysts expect that Annaly Capital Management will post $1.20 earnings per share for the current year.
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In related news, insider David L. Finkelstein bought 100,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were bought at an average cost of $12.49 per share, with a total value of $1,249,000.00. Following the acquisition, the insider now owns 300,000 shares in the company, valued at $3,747,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Donnell Segalas bought 8,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was bought at an average cost of $12.09 per share, for a total transaction of $96,720.00. Following the completion of the acquisition, the director now owns 84,150 shares in the company, valued at approximately $1,017,373.50. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 139,200 shares of company stock worth $1,726,513. 0.43% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the business. Sheets Smith Wealth Management increased its stake in Annaly Capital Management by 0.6% in the 2nd quarter. Sheets Smith Wealth Management now owns 11,119 shares of the real estate investment trust’s stock worth $134,000 after buying an additional 67 shares in the last quarter. C M Bidwell & Associates Ltd. increased its stake in Annaly Capital Management by 0.5% in the 2nd quarter. C M Bidwell & Associates Ltd. now owns 21,800 shares of the real estate investment trust’s stock worth $263,000 after buying an additional 115 shares in the last quarter. Brown Advisory Securities LLC increased its stake in Annaly Capital Management by 1.3% in the 1st quarter. Brown Advisory Securities LLC now owns 11,171 shares of the real estate investment trust’s stock worth $125,000 after buying an additional 144 shares in the last quarter. Laurel Wealth Advisors Inc. increased its stake in Annaly Capital Management by 1.0% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 16,472 shares of the real estate investment trust’s stock worth $198,000 after buying an additional 156 shares in the last quarter. Finally, Capstone Asset Management Co. increased its stake in Annaly Capital Management by 1.2% in the 2nd quarter. Capstone Asset Management Co. now owns 24,126 shares of the real estate investment trust’s stock worth $291,000 after buying an additional 280 shares in the last quarter. Institutional investors and hedge funds own 48.37% of the company’s stock.
About Annaly Capital Management
Annaly Capital Management, Inc is a mortgage real estate investment trust (REIT). The Company owns a portfolio of real estate related investments. Its investment groups primarily consist of Agency, which invests primarily in various types of Agency mortgage-backed securities and related derivatives to hedge these investments; Residential credit, which invests primarily in non-Agency mortgage-backed assets within securitized products and residential mortgage loan markets; Commercial real estate, which originates and invests in commercial mortgage loans, securities, and other commercial real estate investments, and Middle market, which provides customized debt financing to middle-market businesses.
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