Annaly Capital Management (NYSE:NLY) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded Annaly Capital Management from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $24.33.
• Annaly shares opened at $22.66, down 1.1%, compared with a 52-week range of $20.00 to $24.52. Several analysts maintain “overweight” or “outperform” ratings, but some recently lowered their price targets to $24.
• The mortgage REIT exceeded quarterly earnings expectations, reporting $0.79 EPS versus the $0.75 consensus and $1.82 billion in revenue. Institutional investors own approximately 51.56% of the company’s stock.

Annaly Capital Management (NYSE:NLY - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Monday, Zacks reports.

A number of other equities analysts also recently commented on NLY. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Annaly Capital Management in a research note on Friday, July 10th. Royal Bank Of Canada reissued an "outperform" rating and issued a $25.00 price target on shares of Annaly Capital Management in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. cut their price target on shares of Annaly Capital Management from $26.00 to $24.00 and set an "overweight" rating for the company in a report on Friday, July 24th. Piper Sandler lifted their price target on shares of Annaly Capital Management from $24.50 to $25.00 and gave the company an "overweight" rating in a research report on Thursday, July 2nd. Finally, Wells Fargo & Company decreased their price objective on Annaly Capital Management from $25.00 to $24.00 and set an "overweight" rating on the stock in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $24.33.

Annaly Capital Management Stock Down 1.1%

Shares of NYSE:NLY opened at $22.66 on Monday. The business has a fifty day moving average of $22.89 and a two-hundred day moving average of $22.39. The stock has a market cap of $17.08 billion, a P/E ratio of 5.68, a PEG ratio of 5.99 and a beta of 1.16. Annaly Capital Management has a 52-week low of $20.00 and a 52-week high of $24.52.

Annaly Capital Management (NYSE:NLY - Get Free Report) last issued its earnings results on Tuesday, July 21st. The real estate investment trust reported $0.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.75 by $0.04. Annaly Capital Management had a return on equity of 16.00% and a net margin of 43.66%.The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $639.80 million. On average, equities analysts anticipate that Annaly Capital Management will post 3.09 earnings per share for the current year.

Institutional Investors Weigh In On Annaly Capital Management

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. HUB Investment Partners LLC boosted its position in shares of Annaly Capital Management by 3.3% during the 2nd quarter. HUB Investment Partners LLC now owns 14,668 shares of the real estate investment trust's stock worth $328,000 after purchasing an additional 462 shares during the period. Koshinski Asset Management Inc. raised its position in Annaly Capital Management by 1.9% in the fourth quarter. Koshinski Asset Management Inc. now owns 24,513 shares of the real estate investment trust's stock valued at $548,000 after purchasing an additional 463 shares during the period. Quadcap Wealth Management LLC raised its position in Annaly Capital Management by 2.3% in the first quarter. Quadcap Wealth Management LLC now owns 21,889 shares of the real estate investment trust's stock valued at $463,000 after purchasing an additional 495 shares during the period. Fourth Dimension Wealth LLC lifted its stake in Annaly Capital Management by 76.9% during the fourth quarter. Fourth Dimension Wealth LLC now owns 1,150 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 500 shares in the last quarter. Finally, GWN Securities Inc. lifted its stake in Annaly Capital Management by 5.0% during the fourth quarter. GWN Securities Inc. now owns 10,811 shares of the real estate investment trust's stock worth $242,000 after purchasing an additional 514 shares in the last quarter. 51.56% of the stock is owned by hedge funds and other institutional investors.

About Annaly Capital Management

Annaly Capital Management, Inc is a publicly traded real estate investment trust (REIT) that specializes in generating income through investment in mortgage-related assets. The company's core business activities include the acquisition, financing, and management of a diversified portfolio of agency and non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and other real estate debt instruments. Annaly seeks to profit from the spread between the interest earned on its mortgage investments and its cost of funds, as well as from capital gains realized through active portfolio management.

Founded in 1997 and headquartered in New York City, Annaly has grown to become one of the largest mortgage REITs in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source