Dynex Capital, Inc. Announces Monthly Dividend of $0.17 (NYSE:DX)

Key Points

• Dynex Capital declared a monthly dividend of $0.17 per share, payable October 1 to shareholders of record on September 21. The dividend carries an annualized yield of approximately 16.3%, with September 21 listed as the ex-dividend date.
• The dividend has been increased for five consecutive years, but Dynex Capital’s 133.3% payout ratio indicates that earnings alone currently do not cover the distribution.
• Dynex Capital reported quarterly earnings of $0.36 per share, in line with analyst estimates, while institutional investors—including BlackRock and Bank of America—expanded their positions; institutions collectively own 38.34% of the stock.

Dynex Capital, Inc. (NYSE:DX - Get Free Report) announced a monthly dividend on Friday, September 11th. Stockholders of record on Monday, September 21st will be paid a dividend of 0.17 per share by the real estate investment trust on Thursday, October 1st. This represents a c) dividend on an annualized basis and a dividend yield of 16.3%. The ex-dividend date of this dividend is Monday, September 21st.

Dynex Capital has raised its dividend payment by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Dynex Capital has a payout ratio of 133.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Dynex Capital Stock Performance

Dynex Capital stock traded down $0.02 during mid-day trading on Friday, hitting $12.54. The company had a trading volume of 6,901,798 shares, compared to its average volume of 4,358,609. The company's fifty day moving average is $12.96 and its 200-day moving average is $13.09. Dynex Capital has a 12-month low of $11.82 and a 12-month high of $14.93. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 4.77 and a beta of 0.96. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.01.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE grew its position in shares of Dynex Capital by 321.0% during the first quarter. Bank of America Corp DE now owns 763,452 shares of the real estate investment trust's stock worth $9,742,000 after buying an additional 582,129 shares in the last quarter. BlackRock Inc. lifted its position in shares of 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 purchasing an additional 2,355,906 shares during the last quarter. Odyssean LLC lifted its stake in Dynex Capital by 328.6% during the second quarter. Odyssean LLC now owns 183,328 shares of the real estate investment trust's stock worth $2,403,000 after purchasing an additional 140,553 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Dynex Capital by 13.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 783,988 shares of the real estate investment trust's stock worth $10,278,000 after buying an additional 94,948 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Dynex Capital in the second quarter valued at $1,228,000. Hedge funds and other institutional investors own 38.34% of the company's stock.

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.

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