Zacks Investment Research Upgrades Dynex Capital (NYSE:DX) to Strong-Buy

Dynex Capital (NYSE:DX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday, Zacks.com reports. The brokerage currently has a $22.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s target price suggests a potential upside of 14.64% from the company’s previous close.

According to Zacks, “Dynex Capital, Inc. and its Subsidiaries and Affiliates, is a mortgage and consumer finance company which uses its loan production operations to create investments for its portfolio. Currently, the Company’s primary production operations include the origination of mortgage loans secured by multi-family properties and the origination of loans secured by manufactured homes. The Company has recently expanded its production activities to include commercial real estate loans and may expand into other financial products in the future. “

Several other brokerages have also recently issued reports on DX. Keefe, Bruyette & Woods upgraded Dynex Capital from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $15.00 to $17.50 in a research note on Monday, November 25th. ValuEngine cut Dynex Capital from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $19.68.

Shares of DX stock opened at $19.19 on Thursday. The stock has a market cap of $437.58 million, a P/E ratio of 9.04 and a beta of 0.65. The stock has a 50 day simple moving average of $17.84 and a 200 day simple moving average of $16.21. Dynex Capital has a 1 year low of $13.84 and a 1 year high of $19.27.

Dynex Capital (NYSE:DX) last issued its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.20. The business had revenue of $16.20 million during the quarter. Dynex Capital had a positive return on equity of 11.92% and a negative net margin of 91.69%. On average, equities research analysts predict that Dynex Capital will post 2.04 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Swiss National Bank lifted its stake in Dynex Capital by 2.2% during the fourth quarter. Swiss National Bank now owns 47,133 shares of the real estate investment trust’s stock worth $798,000 after purchasing an additional 1,000 shares during the last quarter. Great West Life Assurance Co. Can bought a new stake in Dynex Capital during the fourth quarter worth $28,000. Metropolitan Life Insurance Co NY lifted its stake in Dynex Capital by 28.4% during the third quarter. Metropolitan Life Insurance Co NY now owns 8,265 shares of the real estate investment trust’s stock worth $122,000 after purchasing an additional 1,826 shares during the last quarter. Martingale Asset Management L P lifted its stake in Dynex Capital by 1.3% during the fourth quarter. Martingale Asset Management L P now owns 150,010 shares of the real estate investment trust’s stock worth $2,542,000 after purchasing an additional 1,900 shares during the last quarter. Finally, Virginia Retirement Systems ET AL lifted its stake in Dynex Capital by 12.0% during the third quarter. Virginia Retirement Systems ET AL now owns 25,133 shares of the real estate investment trust’s stock worth $371,000 after purchasing an additional 2,700 shares during the last quarter. Hedge funds and other institutional investors own 56.35% of the company’s stock.

Dynex Capital Company Profile

Dynex Capital, Inc, a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non-agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest-only securities. Agency MBS have a guaranty of principal payment by an agency of the U.S.

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