JPMorgan Chase & Co. Lowers Annaly Capital Management (NYSE:NLY) Price Target to $24.00

Key Points

• JPMorgan Chase & Co. cut its price target on Annaly Capital Management from $26.00 to $24.00, while keeping an overweight rating on the stock.
• Other analysts are broadly positive on NLY, with the consensus rating at Moderate Buy and an average target price of $24.33.
• Annaly recently reported strong quarterly results, posting EPS of $0.79 versus estimates of $0.75 and revenue of $892.86 million above expectations.

Annaly Capital Management (NYSE:NLY - Get Free Report) had its price target reduced by investment analysts at JPMorgan Chase & Co. from $26.00 to $24.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 6.83% from the company's previous close.

Several other research firms have also recently issued reports on NLY. BTIG Research set a $24.00 price target on Annaly Capital Management in a report on Wednesday, June 17th. Royal Bank Of Canada restated an "outperform" rating and issued a $25.00 target price on shares of Annaly Capital Management in a report on Wednesday, June 3rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Annaly Capital Management in a research report on Friday, July 10th. Wall Street Zen raised Annaly Capital Management from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, Wells Fargo & Company decreased their price target on Annaly Capital Management from $25.00 to $24.00 and set an "overweight" rating for the company in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $24.33.

Annaly Capital Management Trading Up 0.7%

NLY traded up $0.15 on Friday, reaching $22.46. The company had a trading volume of 3,378,392 shares, compared to its average volume of 7,645,728. The company has a market capitalization of $16.46 billion, a P/E ratio of 5.63, a PEG ratio of 6.72 and a beta of 1.16. The company has a fifty day moving average of $22.15 and a 200-day moving average of $22.46. Annaly Capital Management has a one year low of $20.00 and a one year high of $24.52.

Annaly Capital Management (NYSE:NLY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The real estate investment trust reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.75 by $0.04. Annaly Capital Management had a return on equity of 16.00% and a net margin of 43.66%.The company had revenue of $892.86 million for the quarter, compared to the consensus estimate of $639.80 million. Research analysts predict that Annaly Capital Management will post 3.03 EPS for the current year.

Institutional Trading of Annaly Capital Management

A number of hedge funds have recently made changes to their positions in the stock. Accel Wealth Management increased its stake in Annaly Capital Management by 8.1% in the 2nd quarter. Accel Wealth Management now owns 22,086 shares of the real estate investment trust's stock valued at $494,000 after buying an additional 1,655 shares during the period. Handelsbanken Fonder AB boosted its stake in shares of Annaly Capital Management by 8.7% during the 2nd quarter. Handelsbanken Fonder AB now owns 226,400 shares of the real estate investment trust's stock valued at $5,062,000 after buying an additional 18,100 shares during the period. Wealthcare Advisory Partners LLC boosted its stake in shares of Annaly Capital Management by 17.4% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 14,407 shares of the real estate investment trust's stock valued at $322,000 after buying an additional 2,138 shares during the period. Key Client Fiduciary Advisors LLC grew its holdings in shares of Annaly Capital Management by 1.4% during the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 196,642 shares of the real estate investment trust's stock valued at $4,397,000 after acquiring an additional 2,726 shares in the last quarter. Finally, First Heartland Consultants Inc. grew its holdings in shares of Annaly Capital Management by 25.1% during the 2nd quarter. First Heartland Consultants Inc. now owns 11,980 shares of the real estate investment trust's stock valued at $268,000 after acquiring an additional 2,402 shares in the last quarter. 51.56% of the stock is owned by hedge funds and other institutional investors.

Annaly Capital Management Company Profile

Annaly Capital Management, Inc is a publicly traded real estate investment trust (REIT) that specializes in generating income through investment in mortgage-related assets. The company's core business activities include the acquisition, financing, and management of a diversified portfolio of agency and non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and other real estate debt instruments. Annaly seeks to profit from the spread between the interest earned on its mortgage investments and its cost of funds, as well as from capital gains realized through active portfolio management.

Founded in 1997 and headquartered in New York City, Annaly has grown to become one of the largest mortgage REITs in the United States.

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