Dynex Capital (NYSE:DX) Issues Earnings Results, Hits Estimates

Dynex Capital (NYSE:DX) released its earnings results on Monday. The real estate investment trust reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36, Zacks reports. Dynex Capital had a net margin of 34.75% and a return on equity of 7.86%.

Dynex Capital Trading Up 0.6%

DX stock opened at $13.41 on Monday. Dynex Capital has a 12 month low of $11.82 and a 12 month high of $14.93. The company has a 50-day moving average price of $13.04 and a 200 day moving average price of $13.44. The stock has a market cap of $2.89 billion, a PE ratio of 7.90 and a beta of 0.95.

Dynex Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Thursday, July 23rd will be paid a $0.17 dividend. The ex-dividend date of this dividend is Thursday, July 23rd. This represents a c) annualized dividend and a dividend yield of 15.2%. Dynex Capital’s dividend payout ratio is currently 120.71%.

Analyst Upgrades and Downgrades

Several research analysts have commented on DX shares. BTIG Research set a $14.50 price objective on shares of Dynex Capital in a report on Wednesday, June 17th. Wall Street Zen downgraded shares of Dynex Capital from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dynex Capital in a report on Wednesday, June 24th. Finally, UBS Group reiterated a “neutral” rating and set a $14.50 target price (up from $14.00) on shares of Dynex Capital in a research note on Friday, April 24th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Dynex Capital presently has an average rating of “Moderate Buy” and an average price target of $14.69.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its stake in shares of Dynex Capital by 54.6% during 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 buying an additional 36,455 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Dynex Capital by 86.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 804,419 shares of the real estate investment trust’s stock valued at $10,474,000 after acquiring an additional 373,610 shares during the period. Cetera Investment Advisers lifted its position 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 acquiring an additional 8,549 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Dynex Capital by 241.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 183,247 shares of the real estate investment trust’s stock valued at $2,239,000 after acquiring an additional 129,601 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position 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 worth $425,000 after acquiring an additional 9,200 shares during the period. Hedge funds and other institutional investors own 38.34% of the company’s stock.

About Dynex Capital

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.