Dynex Capital Inc.NYSE
Downgraded For Higher Quality Accounting Practices: Dynex Capital
Wed, Sep. 14, 4:13 PM
Wed, Jul. 27, 8:05 AM
- Q2 core net operating income of $10.5M or $0.21 per share vs. $10.8M and $0.22 in Q1. Dividend is $0.21.
- Book value per share of $7.69 vs. $7.54 three months earlier.
- Economic return of $0.36 per share for the quarter, or 19% annualized (based on $7.54 book value at start of quarter).
- Adjusted net interest spread of 1.87% up 11 basis points.
- CC at 10 ET
- Previously: Dynex Capital reports Q2 results (July 27)
- DX flat premarket
Wed, Jul. 27, 7:59 AM
Tue, Jul. 26, 5:30 PM
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Wed, Jun. 15, 4:34 PM
Thu, Apr. 28, 7:23 AM
- Citing valuation, Ladenburg Thalman's David Walrod downgrades Dynex Capital (NYSE:DX) to Neutral from Buy.
- Though book value declined in Q1, a rise in the company stock price narrowed the discount to just 9.2% vs. 25% three months earlier. That discount widened a bit yesterday after the stock declined 2% following the earnings report.
- Now read: Dynex Capital's (DX) CEO Byron Boston on Q1 2016 Results - Earnings Call Transcript (April 27)
Wed, Apr. 27, 7:20 AM
- Q1 core net operating income of $10.8M or $0.22 per share vs. $12.7M and $0.25 in Q4. Dividend is $0.21.
- Book value per share of $7.54 slips from $7.71 three months ago. Last night's close of $6.85 is just a 9.2% discount to book.
- The dividend less the fall in book value yields a positive economic return for the quarter of $0.04, or about 2.1% annualized.
- Adjusted net interest spread of 1.76% down 20 basis points from last quarter, with an increase in the adjusted cost of funds of 24 bps.
- No buybacks during the quarter.
- Conference call at 9 ET
- Previously: Dynex Capital misses by $0.02 (April 27)
- DX flat premarket
Wed, Apr. 27, 7:07 AM
- Dynex Capital (NYSE:DX): Q1 EPS of $0.22 misses by $0.02.
- Net interest income of $18.78M (+0.3% Y/Y)
Tue, Apr. 26, 5:30 PM
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Mon, Apr. 11, 12:49 PM
- Annaly Capital (NLY -1.1%) is lower following its agreement to purchase Hatteras Financial (HTS +10.2%) for $1.5B in cash and stock. The other sector giant, American Capital Agency (AGNC -0.1%) is in the red as well - makes sense considering these two players are acquirers (or at least potentially so), not targets.
- With the deal, Annaly is adding a portfolio of variable rate mortgages to its books for about 85% of book value.
- The rest of the sector has market caps of about $2.5B down to sub-$250M, making them digestible as well.
- CYS Investments (CYS +1.3%), American Capital Mortgage (MTGE +1.9%), New York Mortgage (NYMT +2.5%), Anworth Mortgage (ANH +1.2%), Dynex Capital (DX +0.9%), AG Mortgage (MITT +1.2%), Ellington Residential (EARN +1.2%), PennyMac (PMT +1%), Five Oaks (OAKS +1.6%).
- ETFs: MORL, REM, MORT
- Now read: Annaly: Boom Goes The Dynamite (April 11)
Tue, Mar. 29, 2:56 PM
- A fast series of rate hikes wouldn't be good news for mortgage REITs, whose carry-trade business model breaks down with a flat or, worse, inverted yield curve.
- Any worries about hawkish Fed action were considerably diminished today after Janet Yellen said caution on rate hikes is "especially warranted," and suggested there's more slack in the labor market than what the trim 4.9% headline UE rate would suggest.
- Mostly lower earlier, the mREIT sector (REM +1.2%) has turned sharply higher.
- Annaly Capital (NLY +0.35), American Capital (AGNC +0.4%), Armour (ARR +1.2%), CYS Investments (CYS +2.3%), New York Mortgage (NYMT +3.2%), MFA Financial (MFA +1.4%), Western Asset (WMC +2.7%), Anworth (ANH +1.5%), Dynex (DX +2.1%), AG Mortgage (MITT +1.9%), Ellington Financial (EFC +1.2%).
Fri, Mar. 18, 4:06 PM
- Dynex Capital (NYSE:DX) declares $0.21/share quarterly dividend, -12.5% decrease from prior dividend of $0.24.
- Forward yield 12.14%
- Payable April 29; for shareholders of record April 1; ex-div March 30.
Thu, Mar. 17, 1:31 PM
- It's day two of advances for the mortgage REIT sector (REM +1.6%) after the Fed's dovish turn yesterday. The spread between two-year and ten-year U.S. Treasury yields is up to 102 basis points vs. an eight-year low of 95 bps just over a week ago. That spread, of course, is what mortgage REITs profit from, and bigger is better.
- American Capital Agency (AGNC +1.8%), Two Harbors (TWO +2%), CYS Investments (CYS +1.8%), New York Mortgage (NYMT +5.3%), MFA Financial (MFA +1.2%), Dynex (DX +2.4%), Ellington (EARN +1.7%), Five Oaks (OAKS +2.9%)
- ETFs: MORL, REM, MORT, LMBS
- Previously: Mortgage REITs in the green after dovish Fed (March 16)
Fri, Feb. 26, 10:07 AM
- The mREITs (REM +1.3%) are higher across the board after Apollo Residential Mortgage (AMTG +31.3%) agrees to a sale at a hefty premium to last night's close, but still at a discount to book value.
- The entire sector is trading at sizable discounts to book value, with some names at massive discounts. For its part, Apollo Residential yesterday could be purchased for about 60% of its end-of-year book value. And the assets on the books of these companies tend to be highly liquid and easily valued.
- Running an mREIT may not be a terribly efficient exercise at the small market caps most of the sector sports. The companies depend on being able to issue stock with which to fund growth, but can't do so (without being wildly dilutive) when the shares are trading at such wide discounts.
- Sector giants Annaly Capital (NLY +0.6%) and American Capital Agency (AGNC +1.2%) have market caps above $6B, and Two Harbors (TWO +0.8%), Chimera (CIM +1.1%), CYS Investments (CYS +1%), Invesco (IVR +3.5%), Hatteras (HTS +1.2%), MFA Financial (MFA +1%), and Capstead (CMO +1%) are all near or well over $1B.
- Players in Apollo's league (sub-$500M market cap) include New York Mortgage (NYMT +1%), Western Asset (WMC +0.6%), Anworth (ANH +1.3%), Dynex (DX +1.4%), Arlington Asset (AI +4.6%), AG Mortgage (MITT +8.7%), The Ellingtons (EFC +1.9%), (EARN +1.1%), Javelin (JMI +2.8%), Orchid Island (ORC +1.5%), Five Oaks (OAKS +0.7%), ZAIS Financial (ZFC +1.3%)
Wed, Feb. 17, 7:25 AM
- Q4 core net operating income of $12.7M or $0.25 per share vs. $12.5M and $0.24 in Q3. Dividend is $0.24.
- Book value per share falls to $7.71 from $8.19 three months earlier. Last night's close of $5.78 is a 25% discount to book. For the full year, book value fell 14.5%.
- The dividend less the decline in book value yields negative economic return of $0.24 for the quarter (nearly 12% annualized).
- Adjusted net interest spread of 1.96% up five basis points from Q3.
- 1.5M shares repurchased at average price of $6.63 each. 5.9M shares bought back for all 2015.
- Conference call at 9 ET
- Previously: Dynex Capital beats by $0.02, beats on revenue (Feb. 17)
- DX flat premarket
Wed, Feb. 17, 7:10 AM
- Dynex Capital (NYSE:DX): Q4 EPS of $0.25 beats by $0.02.
- Revenue of $19.69M (+5.7% Y/Y) beats by $0.63M.