Banking, finance, and taxes
Fighting Low Stock Prices, Annaly Insiders Buy Shares
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Annaly Capital Management, Inc. (NYSE: NLY) is in the crazy world of mortgage-backed securities real estate investment trusts. These MBS REITs can be incredibly volatile, and they generally come with massive dividend yields to boot. Now we have seen some fresh insider buying of shares on the open market after shares have sold off.
This REIT is one which we just featured in the special report called Five Dangerous Dividends Yields Above 10%. While Annaly is a dangerous dividend, its management team is supposed to be among the best among of their peers when it comes to public MBS REITs. We have seen two key insiders buying shares, which means other employees may follow suit.
On a side-bar note, Citigroup maintained a Neutral rating, but we heard that the price target was downgraded to $10 from $12 for the stock.
Annaly shares closed up 1.25 at $10.51 on more than 24 million shares on Tuesday against a 52-week trading range of $10.30 to $16.18. Its dividend has proven to be dangerous as its direction has been a lower quarterly payment trend for about three years. That being said, investors love seeing insider buying trends as well.
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