Dynex Capital (NYSE:DX) Sets New 1-Year High – Here’s What Happened

Dynex Capital, Inc. (NYSE:DX)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $14.67 and last traded at $14.6050, with a volume of 5645932 shares changing hands. The stock had previously closed at $14.44.

Analyst Ratings Changes

A number of research firms have issued reports on DX. Keefe, Bruyette & Woods raised their price target on shares of Dynex Capital from $14.00 to $14.50 and gave the stock an “outperform” rating in a report on Thursday, December 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Dynex Capital in a research report on Monday, December 29th. Jones Trading reaffirmed a “buy” rating and set a $14.00 price target on shares of Dynex Capital in a research report on Monday, October 20th. Finally, UBS Group set a $13.25 price target on Dynex Capital and gave the company a “neutral” rating in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Dynex Capital currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.92.

Dynex Capital Price Performance

The stock has a market capitalization of $2.14 billion, a PE ratio of 9.87 and a beta of 0.98. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.19 and a quick ratio of 1.19. The stock’s fifty day moving average is $13.92 and its 200-day moving average is $13.18.

Dynex Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, February 2nd. Investors of record on Wednesday, January 21st will be issued a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, January 21st. This represents a c) dividend on an annualized basis and a yield of 14.0%. Dynex Capital’s dividend payout ratio is presently 137.84%.

Institutional Trading of Dynex Capital

A number of institutional investors and hedge funds have recently made changes to their positions in DX. Vanguard Group Inc. lifted its stake in Dynex Capital by 21.3% in the 3rd quarter. Vanguard Group Inc. now owns 7,513,849 shares of the real estate investment trust’s stock valued at $92,345,000 after buying an additional 1,318,236 shares in the last quarter. Millennium Management LLC increased its stake in Dynex Capital by 79.8% during the 3rd quarter. Millennium Management LLC now owns 2,235,018 shares of the real estate investment trust’s stock worth $27,468,000 after buying an additional 992,269 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Dynex Capital by 184.2% during the third quarter. Balyasny Asset Management L.P. now owns 1,137,900 shares of the real estate investment trust’s stock valued at $13,985,000 after acquiring an additional 737,561 shares during the last quarter. EMG Holdings L.P. acquired a new position in shares of Dynex Capital during the third quarter valued at approximately $8,550,000. Finally, Algebris UK Ltd. lifted its position in shares of Dynex Capital by 69.2% in the third quarter. Algebris UK Ltd. now owns 1,669,288 shares of the real estate investment trust’s stock valued at $20,500,000 after acquiring an additional 682,655 shares in the last quarter. 38.34% of the stock is currently owned by hedge funds and other institutional investors.

Dynex Capital Company Profile

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.