Annaly Capital Management Inc. (NLY) Rating Lowered to Hold at Zacks Investment Research
Annaly Capital Management Inc. (NYSE:NLY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Shares of Annaly Capital have underperformed the Zacks categorized REIT Mortgage Trust industry year to date. In addition, over the past seven days, estimates have remained unchanged for the current quarter and full-year 2016. Notably, the company reported third-quarter 2016 core earnings of $0.29 per share, beating the Zacks Consensus Estimate by a penny. However, it came in lower than $0.30 earned in the year-ago quarter. The company’s prudent selection of assets, diversified investment and financing options, exposure to high-quality MBS, expansion of commercial real estate investments and solid financial position keep its growth momentum going. However, competition from several other players, adverse macro-economic conditions and interest rate issues add to the company’s problems.”
A number of other research analysts have also recently issued reports on the company. Credit Suisse Group AG set a $12.00 price objective on Annaly Capital Management and gave the company a “hold” rating in a report on Friday, November 11th. Bank of America Corp. restated a “hold” rating and issued a $11.00 target price on shares of Annaly Capital Management in a research note on Tuesday, November 8th. Deutsche Bank AG raised their target price on Annaly Capital Management from $10.50 to $11.00 and gave the company a “hold” rating in a research note on Friday, August 12th. Keefe, Bruyette & Woods raised their target price on Annaly Capital Management from $11.00 to $11.50 and gave the company a “market perform” rating in a research note on Monday, August 8th. Finally, JPMorgan Chase & Co. restated a “hold” rating and issued a $11.00 target price on shares of Annaly Capital Management in a research note on Friday, August 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Annaly Capital Management currently has a consensus rating of “Hold” and an average price target of $11.06.
Shares of Annaly Capital Management (NYSE:NLY) traded up 0.832% during trading on Tuesday, reaching $10.305. 1,906,682 shares of the company were exchanged. The stock has a market capitalization of $10.50 billion, a P/E ratio of 55.403 and a beta of 0.23. The stock has a 50-day moving average of $10.16 and a 200 day moving average of $10.62. Annaly Capital Management has a 52-week low of $8.25 and a 52-week high of $11.29.
Annaly Capital Management (NYSE:NLY) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $0.29 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.29. Annaly Capital Management had a return on equity of 10.78% and a net margin of 15.41%. During the same quarter in the previous year, the firm earned $0.21 earnings per share. On average, equities analysts anticipate that Annaly Capital Management will post $1.17 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 31st. Shareholders of record on Friday, September 30th were paid a $0.2641 dividend. This represents a $1.06 annualized dividend and a yield of 10.34%. The ex-dividend date was Wednesday, September 28th. Annaly Capital Management’s payout ratio is 963.64%.
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In related news, insider David L. Finkelstein acquired 100,000 shares of the company’s stock in a transaction dated Friday, November 4th. The shares were bought at an average price of $10.30 per share, for a total transaction of $1,030,000.00. Following the purchase, the insider now directly owns 200,000 shares in the company, valued at approximately $2,060,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Timothy P. Coffey acquired 30,000 shares of the company’s stock in a transaction dated Wednesday, November 9th. The shares were bought at an average price of $10.15 per share, for a total transaction of $304,500.00. Following the purchase, the insider now owns 38,000 shares in the company, valued at $385,700. The disclosure for this purchase can be found here. 0.47% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in the company. Capstone Asset Management Co. boosted its stake in shares of Annaly Capital Management by 0.7% in the third quarter. Capstone Asset Management Co. now owns 19,826 shares of the company’s stock worth $208,000 after buying an additional 142 shares in the last quarter. Ingalls & Snyder LLC raised its position in Annaly Capital Management by 0.3% in the third quarter. Ingalls & Snyder LLC now owns 62,808 shares of the company’s stock worth $659,000 after buying an additional 188 shares during the last quarter. Penserra Capital Management LLC raised its position in Annaly Capital Management by 1.9% in the second quarter. Penserra Capital Management LLC now owns 10,074 shares of the company’s stock worth $112,000 after buying an additional 189 shares during the last quarter. Park National Corp OH raised its position in Annaly Capital Management by 1.2% in the second quarter. Park National Corp OH now owns 20,315 shares of the company’s stock worth $225,000 after buying an additional 250 shares during the last quarter. Finally, Financial Counselors Inc. raised its position in Annaly Capital Management by 2.0% in the second quarter. Financial Counselors Inc. now owns 13,491 shares of the company’s stock worth $149,000 after buying an additional 259 shares during the last quarter. Institutional investors own 54.67% of the company’s stock.
Annaly Capital Management Company Profile
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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