Annaly Capital Management Inc (NYSE:NLY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm currently has a $14.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price target suggests a potential upside of 15.51% from the company’s previous close.
According to Zacks, “Shares of Annaly have outperformed the industry year to date. Notably, the company is making efforts to diversify its investment and funding options. Recently, the company announced a common stock offering of 65 million shares. Moreover, a strong financial position has enabled the company to pay a constant dividend for 15 consecutive quarters. Moving ahead, its prudent selection of assets, diversified investment and financing options, as well as exposure to high-quality mortgage-backed securities (MBSs) are anticipated to support bottom-line growth. However, stiff competition, adverse macro-economic conditions and any rise in rate of interest may add to the company’s woes.”
Several other equities analysts also recently commented on the company. Keefe, Bruyette & Woods restated a “hold” rating and set a $11.25 target price on shares of Annaly Capital Management in a research report on Thursday, August 3rd. BidaskClub upgraded Annaly Capital Management from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 4th. Finally, ValuEngine upgraded Annaly Capital Management from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $11.69.
Annaly Capital Management (NYSE NLY) opened at 12.12 on Friday. Annaly Capital Management has a 52 week low of $9.83 and a 52 week high of $12.73. The company has a market capitalization of $13.19 billion, a P/E ratio of 4.19 and a beta of 0.28. The company’s 50-day moving average price is $12.37 and its 200-day moving average price is $11.97.
Annaly Capital Management (NYSE:NLY) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.30 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.30. Annaly Capital Management had a return on equity of 11.33% and a net margin of 121.84%. The company had revenue of $315.15 million during the quarter, compared to the consensus estimate of $424.18 million. During the same quarter last year, the company earned $0.29 EPS. On average, equities analysts forecast that Annaly Capital Management will post $1.20 EPS for the current fiscal year.
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In other Annaly Capital Management news, insider David L. Finkelstein purchased 100,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was purchased at an average cost of $12.49 per share, with a total value of $1,249,000.00. Following the acquisition, the insider now directly owns 300,000 shares of the company’s stock, valued at approximately $3,747,000. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Donnell Segalas purchased 17,700 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were acquired at an average cost of $12.14 per share, with a total value of $214,878.00. Following the completion of the acquisition, the director now directly owns 84,150 shares in the company, valued at $1,021,581. The disclosure for this purchase can be found here. Insiders have purchased a total of 139,200 shares of company stock valued at $1,726,513 in the last 90 days. 0.43% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Sheets Smith Wealth Management increased its holdings in Annaly Capital Management by 0.6% during the 2nd quarter. Sheets Smith Wealth Management now owns 11,119 shares of the real estate investment trust’s stock valued at $134,000 after purchasing an additional 67 shares in the last quarter. C M Bidwell & Associates Ltd. increased its holdings in Annaly Capital Management by 0.5% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 21,800 shares of the real estate investment trust’s stock valued at $263,000 after purchasing an additional 115 shares in the last quarter. Brown Advisory Securities LLC increased its holdings in Annaly Capital Management by 1.3% during the 1st quarter. Brown Advisory Securities LLC now owns 11,171 shares of the real estate investment trust’s stock valued at $125,000 after purchasing an additional 144 shares in the last quarter. Laurel Wealth Advisors Inc. increased its holdings in Annaly Capital Management by 1.0% during the 2nd quarter. Laurel Wealth Advisors Inc. now owns 16,472 shares of the real estate investment trust’s stock valued at $198,000 after purchasing an additional 156 shares in the last quarter. Finally, Capstone Asset Management Co. increased its holdings in Annaly Capital Management by 1.2% during the 2nd quarter. Capstone Asset Management Co. now owns 24,126 shares of the real estate investment trust’s stock valued at $291,000 after purchasing an additional 280 shares in the last quarter. 51.34% of the stock is owned by hedge funds and other institutional investors.
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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