Manning & Napier Advisors LLC Makes New Investment in Dynex Capital, Inc. $DX

Key Points

• Manning & Napier Advisors disclosed a new position in Dynex Capital, buying 200,000 shares worth about $2.55 million in the first quarter.
• Institutional interest in the mortgage REIT appears broad, with firms like AQR Capital, Goldman Sachs, JPMorgan, and others increasing their stakes; hedge funds and institutions now own about 38.34% of the stock.
• Dynex Capital reported Q1 EPS of $0.31, narrowly missing estimates, while the stock traded around $13.14. The company also paid a monthly dividend of $0.17 per share, implying a high annualized yield of about 15.5%.

Manning & Napier Advisors LLC acquired a new stake in shares of Dynex Capital, Inc. (NYSE:DX - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 200,000 shares of the real estate investment trust's stock, valued at approximately $2,552,000. Manning & Napier Advisors LLC owned 0.09% of Dynex Capital at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. AQR Capital Management LLC boosted its holdings in shares of Dynex Capital by 54.6% in the 1st quarter. AQR Capital Management LLC now owns 103,183 shares of the real estate investment trust's stock valued at $1,343,000 after acquiring an additional 36,455 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Dynex Capital by 86.7% during the first quarter. Goldman Sachs Group Inc. now owns 804,419 shares of the real estate investment trust's stock worth $10,474,000 after purchasing an additional 373,610 shares during the last quarter. Cetera Investment Advisers lifted its position in Dynex Capital by 51.5% during the second quarter. Cetera Investment Advisers now owns 25,149 shares of the real estate investment trust's stock valued at $307,000 after purchasing an additional 8,549 shares during the period. JPMorgan Chase & Co. lifted its position in Dynex Capital by 241.6% during the second quarter. JPMorgan Chase & Co. now owns 183,247 shares of the real estate investment trust's stock valued at $2,239,000 after purchasing an additional 129,601 shares during the period. Finally, New York State Common Retirement Fund boosted its holdings in 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 purchasing an additional 9,200 shares during the last quarter. 38.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on DX shares. BTIG Research set a $14.50 price target on Dynex Capital in a research report on Wednesday, June 17th. Weiss Ratings reissued a "hold (c)" rating on shares of Dynex Capital in a report on Wednesday, June 24th. UBS Group restated a "neutral" rating and issued a $14.50 target price (up from $14.00) on shares of Dynex Capital in a research note on Friday, April 24th. Finally, Wall Street Zen lowered Dynex Capital from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Dynex Capital currently has an average rating of "Moderate Buy" and an average target price of $14.69.

Dynex Capital Trading Down 0.0%

DX traded down $0.01 on Friday, reaching $13.14. The stock had a trading volume of 2,362,697 shares, compared to its average volume of 4,848,937. Dynex Capital, Inc. has a 12-month low of $11.82 and a 12-month high of $14.93. The business's 50-day moving average price is $13.05 and its two-hundred day moving average price is $13.46. The company has a market cap of $2.83 billion, a P/E ratio of 7.78 and a beta of 0.95.

Dynex Capital (NYSE:DX - Get Free Report) last posted its earnings results on Monday, April 20th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.01). Dynex Capital had a return on equity of 7.86% and a net margin of 34.75%.The firm had revenue of ($59.11) million for the quarter, compared to analysts' expectations of $67.37 million.

Dynex Capital Announces Dividend

The firm also recently declared a monthly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 22nd were given a dividend of $0.17 per share. The ex-dividend date was Monday, June 22nd. This represents a c) dividend on an annualized basis and a yield of 15.5%. Dynex Capital's dividend payout ratio is currently 120.71%.

Dynex Capital 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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