Dynex Capital, Inc. $DX Stock Acquired by State Street Corp

Key Points

• State Street increased its Dynex Capital holdings by 12.8% in the second quarter, purchasing 579,022 shares and bringing its stake to 5.11 million shares, or 2.07% of the company.
• Dynex Capital shares fell 3.4% to $11.34, near their 52-week low, despite reporting quarterly earnings of $0.36 per share in line with estimates and $302.75 million in revenue.
• The mortgage REIT declared a monthly dividend of $0.17 per share, equal to a projected annual yield of 18.0%; analysts maintain a “Moderate Buy” consensus with an average price target of $14.56.

State Street Corp grew its holdings in shares of Dynex Capital, Inc. (NYSE:DX - Free Report) by 12.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,113,743 shares of the real estate investment trust's stock after buying an additional 579,022 shares during the period. State Street Corp owned 2.07% of Dynex Capital worth $67,862,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Huntington National Bank lifted its position in Dynex Capital by 22.3% during the 4th quarter. Huntington National Bank now owns 5,856 shares of the real estate investment trust's stock valued at $82,000 after acquiring an additional 1,066 shares during the period. Integrity Alliance LLC. grew its holdings in Dynex Capital by 6.9% in the second quarter. Integrity Alliance LLC. now owns 16,683 shares of the real estate investment trust's stock worth $219,000 after purchasing an additional 1,081 shares during the period. IMG Wealth Management Inc. grew its holdings in Dynex Capital by 55.9% in the first quarter. IMG Wealth Management Inc. now owns 3,410 shares of the real estate investment trust's stock worth $44,000 after purchasing an additional 1,222 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of Dynex Capital by 10.4% during the second quarter. Pictet Asset Management Holding SA now owns 23,872 shares of the real estate investment trust's stock valued at $313,000 after purchasing an additional 2,245 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Dynex Capital by 891.8% during the second quarter. Versant Capital Management Inc now owns 2,896 shares of the real estate investment trust's stock valued at $38,000 after purchasing an additional 2,604 shares in the last quarter. 38.34% of the stock is owned by hedge funds and other institutional investors.

Dynex Capital Trading Down 3.4%

Dynex Capital stock opened at $11.34 on Friday. Dynex Capital, Inc. has a one year low of $11.33 and a one year high of $14.93. The business's fifty day moving average is $12.75 and its 200 day moving average is $12.97. The stock has a market capitalization of $2.80 billion, a PE ratio of 4.31 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.

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, hitting analysts' consensus estimates of $0.36. The business had revenue of $302.75 million during the quarter, compared to analyst estimates of $103.62 million. Dynex Capital had a return on equity of 8.85% and a net margin of 49.18%.

Dynex Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 21st will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, September 21st. This represents a $2.04 dividend on an annualized basis and a yield of 18.0%. Dynex Capital's dividend payout ratio is currently 77.57%.

Analyst Upgrades and Downgrades

DX has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reissued an "outperform" rating on shares of Dynex Capital in a research report on Tuesday, July 21st. JonesTrading reiterated a "buy" rating and set a $14.75 price objective on shares of Dynex Capital in a research note on Tuesday, July 21st. BTIG Research set a $14.50 target price on Dynex Capital in a report on Wednesday, June 17th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Dynex Capital in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $14.56.

About Dynex Capital

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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