Mortgage finance REIT Annaly Capital Management (NYSE: NLY) will be reporting results this Tuesday after market close. Here’s what investors should know.
Annaly Capital Management beat analysts’ revenue expectations last quarter, reporting revenues of $1.06 billion, up 101% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ revenue estimates but a significant miss of analysts’ net interest income estimates.
Is Annaly Capital Management a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Annaly Capital Management’s revenue to grow 283% year on year, a reversal from the 62.9% decrease it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Annaly Capital Management has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Annaly Capital Management’s peers in the banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. WaFd Bank delivered year-on-year revenue growth of 10.5%, beating analysts’ expectations by 4%, and Citigroup reported revenues up 14.1%, topping estimates by 5.1%. WaFd Bank traded up 7.7% following the results while Citigroup was also up 4.3%.
Read our full analysis of WaFd Bank’s results here and Citigroup’s results here.
There has been positive sentiment among investors in the banks segment, with share prices up 9.9% on average over the last month. Annaly Capital Management is up 7.1% during the same time and is heading into earnings with an average analyst price target of $24 (compared to the current share price of $22.72).
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