Annaly Capital Q2 net income falls
Overview
Annaly Capital Q2 GAAP net income per share at $0.03, down from $0.15
Earnings available for distribution per share at $0.73, slightly up from prior quarter
Book value per common share decreased to $18.45 from $19.02
Outlook
Company remains optimistic about opportunities across its investment strategies
Annaly expects diversified housing finance portfolio to generate strong returns
Company highlights strategic positioning amid market volatility
Result Drivers
AGENCY PORTFOLIO GROWTH - Annaly's Agency portfolio increased by 6%, with capital deployed into specified pools and TBAs, per CEO David Finkelstein
RESIDENTIAL CREDIT STABILITY - Residential Credit portfolio remained stable at $6.6 bln, driven by record securitization issuance
FINANCING EXPANSION - Increased financing capacity by $500 mln through new and expanded credit facilities
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $0.03 |
|
Q2 Net Income |
| $60.37 mln |
|
Q2 Net Interest Income |
| $273.20 mln |
|
Q2 Pretax Profit |
| $60.81 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the specialized reits peer group is "buy"
Wall Street's median 12-month price target for Annaly Capital Management Inc is $21.00, about 2.9% above its July 22 closing price of $20.40
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago
Press Release: ID:nBw6pJwlza
