Notes from Annaly earnings call; stock up 1.2%


You've got to take risk to earn money, says Annaly Capital (NLY +1.2%) management, pressed on the earnings call for its somewhat aggressive stance even as it believes short-term rates are set to rise.

There just aren't a lot of great values out there in fixed-income at the moment, says the team, and the mREITs may be one of the last cheap asset classes (Annaly trades at a 15% discount to book).

Earnings call presentation slides

Sterne Agee upgrades Annaly to a Buy following the earnings beat and big rise in book value. Compass Point reiterates its Neutral rating, saying the removal of hedges was behind the big Q2.

Previously: Annaly on sale after big gain in book value

Previously: Annaly Capital Management beats by $0.03

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Comments (2)
  • Capt Jack Daniels
    , contributor
    Comments (1466) | Send Message
     
    A 5 to 1 leverage ratio is hardly aggressive.
    7 Aug 2014, 10:59 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (11355) | Send Message
     
    The 10 Year is back down to 2.46%

     

    (NYSE:NLY) is truly in a sweet spot to mint cash right now.
    7 Aug 2014, 11:18 AM Reply Like
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