JPMorgan Chase & Co. Trims Position in Dynex Capital, Inc. $DX

Key Points

• JPMorgan Chase & Co. trimmed its position by 63.2%, selling 115,815 shares in the third quarter and now holds 67,432 Dynex Capital shares valued at about $829,000.
• Dynex pays a monthly dividend of $0.17 per share (paid Apr 1), implying a 15.5% annual yield and a 100% payout ratio.
• Dynex reported quarterly EPS of $0.22 versus $0.48 expected (a miss); the stock trades near $13.16 and carries a consensus analyst rating of "Moderate Buy" with a $14.33 target.

JPMorgan Chase & Co. trimmed its holdings in Dynex Capital, Inc. (NYSE:DX - Free Report) by 63.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 67,432 shares of the real estate investment trust's stock after selling 115,815 shares during the period. JPMorgan Chase & Co.'s holdings in Dynex Capital were worth $829,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in DX. AQR Capital Management LLC raised its holdings in shares of Dynex Capital by 54.6% in the first quarter. AQR Capital Management LLC now owns 103,183 shares of the real estate investment trust's stock valued at $1,343,000 after buying an additional 36,455 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Dynex Capital by 86.7% in the first quarter. Goldman Sachs Group Inc. now owns 804,419 shares of the real estate investment trust's stock valued at $10,474,000 after buying an additional 373,610 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of Dynex Capital by 51.5% in the second quarter. Cetera Investment Advisers now owns 25,149 shares of the real estate investment trust's stock valued at $307,000 after buying an additional 8,549 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Dynex Capital by 36.0% in the second quarter. New York State Common Retirement Fund now owns 34,774 shares of the real estate investment trust's stock valued at $425,000 after buying an additional 9,200 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Dynex Capital by 10.6% in the second quarter. Invesco Ltd. now owns 1,486,693 shares of the real estate investment trust's stock valued at $18,167,000 after buying an additional 142,360 shares during the last quarter. 38.34% of the stock is owned by hedge funds and other institutional investors.

Dynex Capital Stock Down 0.4%

Shares of Dynex Capital stock opened at $13.16 on Friday. Dynex Capital, Inc. has a 52-week low of $10.92 and a 52-week high of $14.93. The company's 50-day simple moving average is $13.42 and its 200-day simple moving average is $13.55. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 6.45 and a beta of 0.99.

Dynex Capital (NYSE:DX - Get Free Report) last issued its quarterly earnings results on Monday, January 26th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.48 by ($0.26). Dynex Capital had a return on equity of 6.83% and a net margin of 59.80%.The firm had revenue of $202.00 million for the quarter, compared to analyst estimates of $59.41 million. Equities research analysts anticipate that Dynex Capital, Inc. will post 1.94 EPS for the current year.

Dynex Capital Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Monday, March 23rd were paid a dividend of $0.17 per share. This represents a c) dividend on an annualized basis and a dividend yield of 15.5%. The ex-dividend date was Monday, March 23rd. Dynex Capital's payout ratio is 100.00%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on DX. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Dynex Capital in a report on Friday, March 27th. JonesTrading upped their target price on shares of Dynex Capital from $14.00 to $15.25 and gave the company a "buy" rating in a report on Tuesday, January 27th. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of Dynex Capital in a report on Thursday, January 29th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $14.33.

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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