Dynex Capital, Inc. (NYSE:DX) Position Trimmed by New York State Common Retirement Fund

Key Points

• The New York State Common Retirement Fund has cut its stake in Dynex Capital, Inc. by 58.8%, leaving it with a total of 25,574 shares valued at $333,000.
• Despite the reduction by New York State, other institutional investors like the Arizona State Retirement System and Envestnet Asset Management have increased their stakes in Dynex Capital.
• Dynex Capital recently announced a monthly dividend of $0.17 per share, translating to an annualized yield of 16.01%, with a high dividend payout ratio of 261.54%.

New York State Common Retirement Fund decreased its position in shares of Dynex Capital, Inc. (NYSE:DX - Free Report) by 58.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,574 shares of the real estate investment trust's stock after selling 36,523 shares during the quarter. New York State Common Retirement Fund's holdings in Dynex Capital were worth $333,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Sterling Capital Management LLC grew its holdings in Dynex Capital by 838.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,488 shares of the real estate investment trust's stock worth $31,000 after acquiring an additional 2,223 shares during the period. Amalgamated Bank boosted its holdings in Dynex Capital by 50.5% during the first quarter. Amalgamated Bank now owns 2,900 shares of the real estate investment trust's stock worth $38,000 after buying an additional 973 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in Dynex Capital in the fourth quarter valued at about $43,000. Tower Research Capital LLC TRC grew its holdings in shares of Dynex Capital by 452.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,204 shares of the real estate investment trust's stock worth $91,000 after acquiring an additional 5,901 shares during the period. Finally, Westbourne Investments Inc. purchased a new position in Dynex Capital in the 4th quarter valued at approximately $133,000. 38.34% of the stock is owned by institutional investors and hedge funds.

Dynex Capital Stock Down 1.8%

Dynex Capital stock traded down $0.23 during trading on Wednesday, reaching $12.54. 2,644,793 shares of the company's stock were exchanged, compared to its average volume of 3,859,798. The company's 50-day moving average is $12.35 and its two-hundred day moving average is $12.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.24 and a current ratio of 1.30. Dynex Capital, Inc. has a 52-week low of $10.79 and a 52-week high of $14.52. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 16.08 and a beta of 0.92.

Dynex Capital (NYSE:DX - Get Free Report) last posted its earnings results on Monday, July 21st. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts' consensus estimates of $0.49 by ($0.27). Dynex Capital had a return on equity of 4.19% and a net margin of 17.27%. The firm had revenue of $23.13 million for the quarter, compared to analyst estimates of $21.20 million. On average, analysts predict that Dynex Capital, Inc. will post 1.94 earnings per share for the current year.

Dynex Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, August 1st. Shareholders of record on Wednesday, July 23rd will be paid a dividend of $0.17 per share. The ex-dividend date is Wednesday, July 23rd. This represents a $2.04 dividend on an annualized basis and a yield of 16.27%. Dynex Capital's dividend payout ratio (DPR) is presently 261.54%.

Analysts Set New Price Targets

Several equities analysts have weighed in on DX shares. Keefe, Bruyette & Woods raised their target price on shares of Dynex Capital from $12.50 to $13.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. UBS Group upped their price objective on shares of Dynex Capital from $11.00 to $12.50 and gave the company a "neutral" rating in a research note on Thursday, July 10th. Jones Trading raised their price objective on Dynex Capital from $12.50 to $13.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Finally, Wall Street Zen cut shares of Dynex Capital from a "hold" rating to a "sell" rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Dynex Capital has a consensus rating of "Hold" and an average target price of $12.83.

Dynex Capital Profile

Dynex Capital, Inc, a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non-agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest-only securities. Agency MBS have a guaranty of principal payment by an agency of the U.S.