Bank of New York Mellon Corp Acquires 139,083 Shares of Dynex Capital, Inc. $DX

Key Points

• Bank of New York Mellon increased its Dynex Capital stake by 25.3% in the first quarter, acquiring 139,083 additional shares for a total holding of 689,040 shares worth approximately $8.8 million.
• Analyst sentiment is mixed but leans positive: Dynex Capital has a consensus “Moderate Buy” rating and an average price target of $14.56, compared with a recent share price of $12.71.
• Dynex Capital reported quarterly earnings of $0.36 per share, in line with estimates, and announced a monthly dividend of $0.17 per share, implying an annualized yield of about 16.1%.

Bank of New York Mellon Corp raised its holdings in Dynex Capital, Inc. (NYSE:DX - Free Report) by 25.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 689,040 shares of the real estate investment trust's stock after buying an additional 139,083 shares during the period. Bank of New York Mellon Corp owned about 0.32% of Dynex Capital worth $8,792,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in DX. Manning & Napier Advisors LLC bought a new position in Dynex Capital in the 1st quarter valued at about $2,552,000. M&T Bank Corp bought a new stake in shares of Dynex Capital during the fourth quarter worth approximately $741,000. GraniteShares Advisors LLC bought a new stake in shares of Dynex Capital during the fourth quarter worth approximately $2,720,000. Jennison Associates LLC acquired a new position in shares of Dynex Capital in the fourth quarter valued at approximately $987,000. Finally, Simplify Asset Management Inc. acquired a new position in shares of Dynex Capital in the fourth quarter valued at approximately $1,463,000. 38.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on DX. JonesTrading reiterated a "buy" rating and set a $14.75 target price on shares of Dynex Capital in a research note on Tuesday, July 21st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Dynex Capital in a report on Wednesday, June 24th. UBS Group reiterated a "neutral" rating and set a $14.50 price objective (up from $14.00) on shares of Dynex Capital in a research report on Friday, April 24th. Wall Street Zen cut Dynex Capital from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating on shares of Dynex Capital in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $14.56.

Dynex Capital Stock Performance

Shares of NYSE:DX opened at $12.71 on Monday. Dynex Capital, Inc. has a 1 year low of $11.82 and a 1 year high of $14.93. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of 4.83 and a beta of 0.96. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.16 and a quick ratio of 1.16. The company's 50 day simple moving average is $13.00 and its 200 day simple moving average is $13.35.

Dynex Capital (NYSE:DX - Get Free Report) last issued its earnings results 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 return on equity of 8.85% and a net margin of 49.18%.The firm had revenue of $302.75 million for the quarter, compared to the consensus estimate of $103.62 million.

Dynex Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Thursday, July 23rd will be given a $0.17 dividend. This represents a c) dividend on an annualized basis and a yield of 16.1%. The ex-dividend date is Thursday, July 23rd. Dynex Capital's payout ratio is currently 77.57%.

Dynex Capital Company Profile

Dynex Capital, Inc is a mortgage real estate investment trust (REIT) that specializes in acquiring and managing mortgage-related assets. The company's primary business involves investing in residential mortgage-backed securities (RMBS), including agency-backed pools issued or guaranteed by government-sponsored entities such as Fannie Mae, Freddie Mac and Ginnie Mae, as well as selected non-agency RMBS. Dynex Capital seeks to generate net interest income by earning interest on its portfolio while employing leverage through secured repurchase agreements and other debt facilities.

In pursuing its investment objectives, Dynex Capital manages portfolio duration and interest rate exposures, with a focus on preserving capital and optimizing yield over the economic cycle.

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