Dynex Capital (NYSE:DX) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Dynex Capital (NYSE:DX) from a hold rating to a sell rating in a research report released on Saturday morning.

Several other brokerages have also recently issued reports on DX. UBS Group reiterated a “neutral” rating and set a $14.50 price target (up from $14.00) on shares of Dynex Capital in a research report on Friday, April 24th. JonesTrading boosted their price target on shares of Dynex Capital from $14.00 to $15.25 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Dynex Capital in a research report on Friday, March 27th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Dynex Capital in a research report on Thursday, January 29th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.75.

Dynex Capital Trading Up 0.6%

Shares of NYSE:DX opened at $13.40 on Friday. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 7.93 and a beta of 0.97. The company has a 50-day moving average price of $13.25 and a 200-day moving average price of $13.65. Dynex Capital has a 12 month low of $11.70 and a 12 month high of $14.93.

Dynex Capital (NYSE:DX) last issued its quarterly earnings data on Monday, April 20th. The real estate investment trust reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). Dynex Capital had a net margin of 34.75% and a return on equity of 7.86%. The firm had revenue of ($59.11) million for the quarter, compared to the consensus estimate of $67.37 million.

Dynex Capital Announces Dividend

The business also recently announced a monthly dividend, which was paid on Friday, May 1st. Stockholders of record on Thursday, April 23rd were paid a $0.17 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 15.2%. The ex-dividend date of this dividend was Thursday, April 23rd. Dynex Capital’s dividend payout ratio is currently 120.71%.

Hedge Funds Weigh In On Dynex Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Dynex Capital by 11.7% in the 4th quarter. Vanguard Group Inc. now owns 8,390,780 shares of the real estate investment trust’s stock valued at $117,555,000 after acquiring an additional 876,931 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Dynex Capital by 8.0% in the fourth quarter. Geode Capital Management LLC now owns 3,489,121 shares of the real estate investment trust’s stock worth $48,892,000 after purchasing an additional 257,719 shares during the last quarter. State Street Corp boosted its stake in shares of Dynex Capital by 11.5% during the 4th quarter. State Street Corp now owns 3,032,436 shares of the real estate investment trust’s stock worth $42,484,000 after acquiring an additional 313,319 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Dynex Capital by 79.8% during the 3rd quarter. Millennium Management LLC now owns 2,235,018 shares of the real estate investment trust’s stock worth $27,468,000 after acquiring an additional 992,269 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its stake in shares of Dynex Capital by 87.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,136,636 shares of the real estate investment trust’s stock worth $29,934,000 after acquiring an additional 998,736 shares during the last quarter. 38.34% of the stock is owned by institutional investors.

About Dynex Capital

Dynex Capital, Inc is a mortgage real estate investment trust (REIT) that specializes in acquiring and managing mortgage-related assets. The company’s primary business involves investing in residential mortgage-backed securities (RMBS), including agency-backed pools issued or guaranteed by government-sponsored entities such as Fannie Mae, Freddie Mac and Ginnie Mae, as well as selected non-agency RMBS. Dynex Capital seeks to generate net interest income by earning interest on its portfolio while employing leverage through secured repurchase agreements and other debt facilities.

In pursuing its investment objectives, Dynex Capital manages portfolio duration and interest rate exposures, with a focus on preserving capital and optimizing yield over the economic cycle.