JPMorgan Chase & Co. Increases Annaly Capital Management (NYSE:NLY) Price Target to $26.00

Annaly Capital Management (NYSE:NLY) had its target price raised by JPMorgan Chase & Co. from $24.00 to $26.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 11.05% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $25.00 price target on shares of Annaly Capital Management in a research report on Wednesday, June 3rd. UBS Group reissued a “neutral” rating and issued a $23.00 price objective (up from $22.50) on shares of Annaly Capital Management in a research report on Friday, April 24th. Wall Street Zen upgraded Annaly Capital Management from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Annaly Capital Management in a research report on Friday, July 10th. Finally, BTIG Research set a $24.00 price target on Annaly Capital Management in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Annaly Capital Management presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.67.

Annaly Capital Management Stock Up 1.1%

Shares of Annaly Capital Management stock opened at $23.41 on Friday. The firm’s 50 day moving average price is $22.11 and its 200-day moving average price is $22.46. Annaly Capital Management has a 52-week low of $19.53 and a 52-week high of $24.52. The company has a market cap of $17.16 billion, a P/E ratio of 7.91, a PEG ratio of 7.03 and a beta of 1.16.

Annaly Capital Management (NYSE:NLY) last posted its earnings results on Tuesday, April 21st. The real estate investment trust reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.02. Annaly Capital Management had a net margin of 34.33% and a return on equity of 15.92%. The company had revenue of $341.56 million during the quarter, compared to analysts’ expectations of $595.27 million. As a group, equities research analysts forecast that Annaly Capital Management will post 3 EPS for the current fiscal year.

Hedge Funds Weigh In On Annaly Capital Management

Several hedge funds have recently made changes to their positions in NLY. AQR Capital Management LLC grew its stake in Annaly Capital Management by 111.8% during the 1st quarter. AQR Capital Management LLC now owns 56,803 shares of the real estate investment trust’s stock valued at $1,154,000 after purchasing an additional 29,978 shares during the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of Annaly Capital Management by 39.4% during the first quarter. Integrated Wealth Concepts LLC now owns 14,874 shares of the real estate investment trust’s stock worth $302,000 after purchasing an additional 4,205 shares during the period. Millennium Management LLC lifted its holdings in shares of Annaly Capital Management by 17.4% during the first quarter. Millennium Management LLC now owns 541,733 shares of the real estate investment trust’s stock worth $11,003,000 after purchasing an additional 80,481 shares during the period. NewEdge Advisors LLC boosted its position in Annaly Capital Management by 20.8% in the first quarter. NewEdge Advisors LLC now owns 17,845 shares of the real estate investment trust’s stock valued at $362,000 after buying an additional 3,074 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Annaly Capital Management by 833.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,920,617 shares of the real estate investment trust’s stock valued at $59,318,000 after buying an additional 2,607,784 shares during the last quarter. 51.56% of the stock is owned by institutional investors and hedge funds.

Annaly Capital Management Company Profile

Annaly Capital Management, Inc is a publicly traded real estate investment trust (REIT) that specializes in generating income through investment in mortgage-related assets. The company’s core business activities include the acquisition, financing, and management of a diversified portfolio of agency and non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and other real estate debt instruments. Annaly seeks to profit from the spread between the interest earned on its mortgage investments and its cost of funds, as well as from capital gains realized through active portfolio management.

Founded in 1997 and headquartered in New York City, Annaly has grown to become one of the largest mortgage REITs in the United States.