Zacks Investment Research lowered shares of Annaly Capital Management Inc (NYSE:NLY) from a hold rating to a sell rating in a research report sent to investors on Thursday.

According to Zacks, “Shares of Annaly underperformed the industry it belongs to in the past three months. The company’s second quarter estimates have remained unchanged ahead of its earnings results. Notably, the company has a mixed record of surprises in the recent quarters. Meanwhile, the company has recently announced the pricing of a public offering of 60 million shares of common stock for expected gross proceeds of $710 million. Its worth mentioning that it has to compete with other financial institutions, institutional investors, lenders, government bodies and mortgage REITs to acquire assets in target markets, which adversely affect the pricing of securities. Moreover, adverse macro-economic conditions and a rise in rate of interest may add to woes. However, the company’s prudent selection of assets, diversified investment and financing options, as well as exposure to high-quality MBS has the capability to support long-term growth.”

Several other research firms have also recently weighed in on NLY. BidaskClub upgraded Annaly Capital Management from a buy rating to a strong-buy rating in a report on Wednesday, July 12th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $11.25 price objective on shares of Annaly Capital Management in a report on Friday, June 30th. Finally, Vetr cut Annaly Capital Management from a buy rating to a hold rating and set a $11.60 price objective for the company. in a report on Tuesday, April 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $11.32.

Annaly Capital Management (NYSE:NLY) last released its quarterly earnings data on Wednesday, May 3rd. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by $0.01. Annaly Capital Management had a return on equity of 11.08% and a net margin of 113.76%. The business had revenue of $389.30 million during the quarter, compared to analysts’ expectations of $424.77 million. During the same quarter last year, the business posted $0.30 EPS.

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The company also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Friday, June 30th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 10.06%. The ex-dividend date is Wednesday, June 28th. Annaly Capital Management’s dividend payout ratio is currently 46.51%.

Several hedge funds and other institutional investors have recently made changes to their positions in NLY. Tompkins Financial Corp purchased a new position in shares of Annaly Capital Management during the first quarter valued at about $102,000. North Star Investment Management Corp. raised its position in shares of Annaly Capital Management by 12.5% in the second quarter. North Star Investment Management Corp. now owns 9,235 shares of the real estate investment trust’s stock valued at $111,000 after buying an additional 1,028 shares in the last quarter. MCF Advisors LLC raised its position in shares of Annaly Capital Management by 2,903.2% in the second quarter. MCF Advisors LLC now owns 9,310 shares of the real estate investment trust’s stock valued at $112,000 after buying an additional 9,000 shares in the last quarter. Cutter & CO Brokerage Inc. purchased a new position in shares of Annaly Capital Management during the first quarter valued at about $113,000. Finally, Fisher Asset Management LLC raised its position in shares of Annaly Capital Management by 0.8% in the first quarter. Fisher Asset Management LLC now owns 10,315 shares of the real estate investment trust’s stock valued at $115,000 after buying an additional 85 shares in the last quarter. 52.47% 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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Analyst Recommendations for Annaly Capital Management (NYSE:NLY)

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