Annaly Capital CEO sells $1m in company stock

David L. Finkelstein, CEO and CIO of Annaly Capital (NYSE:NLY) Management Inc. (NYSE:NLY), recently sold 50,000 shares of company stock, based on the latest SEC filings. The transaction, which took place on August 16, 2024, amounted to a total of $1,002,500.

The shares were sold at a weighted average price of $20.05, with individual sales occurring within a price range of $19.90 to $20.14. Following the sale, Finkelstein's ownership in Annaly Capital Management Inc . stands at 612,469 shares.

The sale was conducted under a Rule 10b5-1 trading plan, which Finkelstein had previously adopted on May 16, 2024, for tax and estate planning purposes. Rule 10b5-1 plans allow company insiders to set up predetermined trading arrangements for selling stocks at a future date, providing a defense against potential accusations of insider trading.

Investors often monitor insider transactions for insights into a company's health and the confidence level of its executives. Annaly Capital Management, a real estate investment trust, is headquartered in New York and specializes in mortgage-backed securities.

For any additional information regarding the transaction, including the specific prices at which the shares were sold, Finkelstein has agreed to provide full details upon request to the issuer, any security holder, or the SEC staff.

In other recent news, Annaly Capital Management's Q2 2024 report showed a 1% economic return for the quarter and a 5.7% return for the first half of the year. Earnings available for distribution surpassed the dividend by $0.03, attributed to strategic management of its agency portfolio and record growth in the residential credit sector. Despite a decrease in book value per share to $19.25, the company's net interest spread and net interest margin increased. The residential credit business saw record growth with $4.1 billion of expanded prime loans locked.

Piper Sandler maintained its Overweight rating on Annaly Capital, following virtual meetings with the company's top management. Citing macroeconomic and company-specific factors, Piper Sandler expressed a positive outlook on the stock and highlighted the company's potential for double-digit returns across various investment strategies. The firm also noted Annaly's capability to outperform even amidst economic downturns, based on strategic positioning and management expertise.

These recent developments indicate a robust performance and promising future for Annaly Capital Management.

InvestingPro Insights

As Annaly Capital Management Inc. (NYSE:NLY) navigates the market, recent data from InvestingPro provides insights into the company's financial health and future prospects. With a market capitalization of $10.15 billion, Annaly stands as a considerable player in the real estate investment trust sector. Despite a challenging period reflected by a negative P/E ratio of -15.36, analysts are forecasting a positive turn with expected net income growth this year, which is an encouraging sign for potential investors.

One of the noteworthy InvestingPro Tips for Annaly is the anticipation of sales growth in the current year, which could be a result of strategic initiatives or a favorable market environment. Another key point for investors is the company's significant dividend yield, which currently stands at 12.93%, offering an attractive return for shareholders. This is further supported by Annaly's impressive track record of maintaining dividend payments for 28 consecutive years, demonstrating a commitment to returning value to investors.

While the company has not been profitable over the last twelve months, analysts predict profitability in the upcoming year. This shift in performance is crucial for investor confidence and could potentially lead to a positive impact on the stock's price. Speaking of stock price, Annaly's shares are trading close to their 52-week high at 96.39% of the peak, indicating strong market sentiment. For those interested in further analysis and additional InvestingPro Tips, there are 6 more tips available, providing a comprehensive outlook on Annaly Capital Management's stock.

For a deeper dive into Annaly's financials and to access the full suite of InvestingPro Tips, visit https://www.investing.com/pro/NLY.

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