Dynex Capital (NYSE:DX) Reaches New 12-Month Low – Here’s Why

Dynex Capital, Inc. (NYSE:DX)’s stock price hit a new 52-week low on Wednesday. The company traded as low as $11.87 and last traded at $11.8450, with a volume of 1716529 shares traded. The stock had previously closed at $12.10.

Analyst Ratings Changes

DX has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Dynex Capital in a research note on Monday. JonesTrading restated a “buy” rating and issued a $14.75 target price on shares of Dynex Capital in a research report on Tuesday, July 21st. BTIG Research set a $14.50 price target on Dynex Capital in a research note on Wednesday, June 17th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Dynex Capital in a research report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $14.56.

Dynex Capital Stock Performance

The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 4.31 and a beta of 0.96. The company’s 50-day simple moving average is $12.75 and its 200-day simple moving average is $12.97. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.01.

Dynex Capital (NYSE:DX) last released its quarterly earnings data on Monday, July 20th. The real estate investment trust reported $0.36 earnings per share for the quarter, hitting the consensus estimate of $0.36. The business had revenue of $302.75 million during the quarter, compared to analyst estimates of $103.62 million. Dynex Capital had a return on equity of 8.85% and a net margin of 49.18%.

Dynex Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 21st will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, September 21st. This represents a $2.04 dividend on an annualized basis and a yield of 18.0%. Dynex Capital’s dividend payout ratio is currently 77.57%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in Dynex Capital by 14.6% during the 2nd quarter. BlackRock Inc. now owns 18,437,985 shares of the real estate investment trust’s stock worth $241,722,000 after acquiring an additional 2,355,906 shares during the period. Callodine Capital Management LP acquired a new position in shares of Dynex Capital in the 1st quarter valued at about $21,320,000. Segall Bryant & Hamill LLC purchased a new stake in shares of Dynex Capital in the first quarter worth approximately $19,581,000. Royal Bank of Canada lifted its position in shares of Dynex Capital by 2,358.9% in the first quarter. Royal Bank of Canada now owns 1,531,103 shares of the real estate investment trust’s stock worth $19,537,000 after purchasing an additional 1,468,836 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Dynex Capital by 142.9% in the second quarter. Wellington Management Group LLP now owns 2,221,800 shares of the real estate investment trust’s stock worth $29,128,000 after purchasing an additional 1,307,100 shares in the last quarter. 38.34% of the stock is currently owned by institutional investors and hedge funds.

Dynex Capital Company Profile

Dynex Capital, Inc is a mortgage real estate investment trust (REIT) that invests primarily in residential and commercial mortgage-backed securities. Its portfolio generally focuses on agency securities, which are issued or guaranteed by U.S. government-sponsored entities such as Fannie Mae, Freddie Mac and Ginnie Mae.

The company finances its investments through repurchase agreements and other forms of secured borrowing and uses hedging strategies to manage interest-rate and financing risks.