Sell only if you don't want any more fat dividends. But remember that the future value of a non-high-growth stock is dependent upon the dividends being reinvested. I'm reinvesting the dividends for more stock within an IRA account. The price of the stock will work out over time and the reinvested dividends will pay off by averaging into the stock position at lower prices if the price goes down. Instead of trading, you should have this stock on automatic pilot. Otherwise, go buy Google; someone is saying that it is still destined to go over $1000.
Regarding your dividend value premise.......no one can forecast now what the future dividend
income stream for NLY will be over the next 8 quarters.....or even the next quarter.....or which
direction the trend for that dividend stream will be
Combined increasing betas in both the dividend and the NLY stock price make this stock
something other than a dividend play. Look at the chart for the proof.
Negative convexity and increasing duration risk are 2 primary reasons, over the past 9 months,
that this security is much more than a dividend producer. Furture yield curve slope will impact
this stock, but no one knows how.
Be aware of aspects of this security that you don't understand and thus can not discount.