JPMorgan Chase & Co. Cuts Annaly Capital Management (NYSE:NLY) Price Target to $21.00

Annaly Capital Management (NYSE:NLY) had its target price lowered by JPMorgan Chase & Co. from $22.00 to $21.00 in a report released on Friday, Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

NLY has been the subject of several other reports. Compass Point raised their price objective on Annaly Capital Management from $22.00 to $23.50 and gave the company a “buy” rating in a research note on Friday, July 26th. StockNews.com lowered Annaly Capital Management from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Wells Fargo & Company raised Annaly Capital Management from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 20th. Finally, JMP Securities reissued a “market perform” rating on shares of Annaly Capital Management in a research note on Wednesday, August 28th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.38.

Annaly Capital Management Stock Performance

Shares of NYSE NLY opened at $19.49 on Friday. The company’s fifty day moving average is $20.09 and its two-hundred day moving average is $19.75. The firm has a market capitalization of $10.49 billion, a P/E ratio of -14.65 and a beta of 1.51. Annaly Capital Management has a one year low of $14.52 and a one year high of $21.11.

Annaly Capital Management (NYSE:NLY) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). Annaly Capital Management had a positive return on equity of 15.24% and a negative net margin of 12.02%. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $212.00 million. During the same period in the prior year, the firm posted $0.66 EPS. On average, sell-side analysts forecast that Annaly Capital Management will post 2.67 earnings per share for the current fiscal year.

Annaly Capital Management Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 13.34%. The ex-dividend date of this dividend is Monday, September 30th. Annaly Capital Management’s payout ratio is -195.49%.

Insider Buying and Selling at Annaly Capital Management

In other news, CEO David L. Finkelstein sold 50,000 shares of Annaly Capital Management stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $20.05, for a total transaction of $1,002,500.00. Following the completion of the sale, the chief executive officer now directly owns 612,469 shares in the company, valued at $12,280,003.45. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.21% of the stock is owned by insiders.

Institutional Trading of Annaly Capital Management

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Annaly Capital Management by 8.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 17,990,064 shares of the real estate investment trust’s stock worth $361,061,000 after purchasing an additional 1,342,056 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Annaly Capital Management by 1.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,092,118 shares of the real estate investment trust’s stock valued at $77,996,000 after buying an additional 41,069 shares during the period. Algebris UK Ltd grew its holdings in Annaly Capital Management by 195.9% in the 1st quarter. Algebris UK Ltd now owns 4,034,821 shares of the real estate investment trust’s stock valued at $87,532,000 after buying an additional 2,671,236 shares during the period. Van ECK Associates Corp increased its stake in shares of Annaly Capital Management by 9.4% during the 1st quarter. Van ECK Associates Corp now owns 1,953,594 shares of the real estate investment trust’s stock valued at $38,466,000 after acquiring an additional 168,068 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Annaly Capital Management by 2.6% during the 2nd quarter. Victory Capital Management Inc. now owns 1,864,655 shares of the real estate investment trust’s stock worth $35,540,000 after acquiring an additional 47,116 shares during the period. 51.56% of the stock is owned by hedge funds and other institutional investors.

About Annaly Capital Management

Annaly Capital Management, Inc, a diversified capital manager, engages in mortgage finance. The company invests in agency mortgage-backed securities collateralized by residential mortgages; non-agency residential whole loans and securitized products within the residential and commercial markets; mortgage servicing rights; agency commercial mortgage-backed securities; to-be-announced forward contracts; residential mortgage loans; and agency or private label credit risk transfer securities.