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Annaly Capital Management, Inc. Message Board

  • retspmed retspmed Feb 14, 2000 5:09 PM Flag

    NEW 52 WK LOW?

    If this company is doing so well with their growth and earnings, then why is their stock at a 52 week low? Any thoughts?

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    • I believe some big institutions are liquidating
      because of two worries: Annaly's dividend and NAV (book
      value). The NAV has declined from above $9.00 to the
      current $7.60 per share. Will it go lower if short term
      rates go higher? Probably a bit, but likely not much
      (my opinion, not the sellers). And the dividend: it's
      currently $1.40 per year, whereas earnings in '99 were only
      $1.41. If earnings deteriorate, the dividend will have
      to be cut. And many times when dividends are cut,
      it's not by 5% or 10%, but by as much as 50%! Of
      course this is not realistic with NLY, because of their
      REIT classification and SEC distribution requirements.
      I think the worries are overblown, so I'm buying at
      these levels.

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