| Over a week ago | ||||
Virtual Meeting to be… Virtual Meeting to be held on May 23 hosted by BTIG. | ||||
Virtual Meeting to be… Virtual Meeting to be held on May 23 hosted by BTIG. | ||||
| Over a month ago | ||||
The deal range was… The deal range was $18.35-$18.55. JPMorgan and JMP Securities acted as joint book running managers for the offering. | ||||
JPMorgan and JMP… JPMorgan and JMP Securities are acting as joint book running managers for the offering. | ||||
Dynex Capital announced… Dynex Capital announced that it intends to make a public offering of 3.5M shares of its common stock. The company plans to use the net proceeds it receives from the offering to acquire additional investments, consistent with its investment policy, and for general corporate purposes, which may include, among other things, repayment of maturing obligations, capital expenditures and working capital. J.P. Morgan and JMP Securities are acting as joint book-running managers for the offering. | ||||
Reports Q4 comprehensive… Reports Q4 comprehensive income of $1.23 per common share and net income of $1.60 per common share "I am very proud to report that in 2020 we delivered a 15.2% total economic return and a 17.0% total shareholder return," commented Byron L. Boston, Chief Executive Officer. "I have been at Dynex for 13 years, and no other year has demanded as much active decision-making as 2020. We made money for our shareholders as our book value increased and we delivered a solid dividend. Our industry-leading performance stands in sharp contrast to many other investment alternatives for investors seeking income." Mr. Boston continued, "At Dynex Capital, we have a distinct philosophy of how we manage for the long-term and that same philosophy is guiding our investment approach today. We believe in risk management first followed by disciplined capital allocation. This philosophy, combined with our experience, gave us the edge to actively manage our portfolio in order to provide our shareholders strong returns. Our 2020 performance reflects years of experience in thoughtful planning by a skilled team of people ready to act, particularly in volatile times. As we look towards the rest of 2021, we believe the broader investment environment remains favorable with financing costs anchored well into 2022 and beyond. We believe there is significant upside in our balance sheet earnings power with flexibility to generate solid economic returns." | |
The deal priced inside… The deal priced inside the $17.75-$18.25 target range. JPMorgan is acting as sole book running manager for the offering. | |
JPMorgan is acting as… JPMorgan is acting as sole book running manager for the offering. | |
J.P. Morgan is acting as… J.P. Morgan is acting as the sole book-running manager for the offering. |
| Over a quarter ago | ||||
Keefe Bruyette analyst… Keefe Bruyette analyst Bose George downgraded Dynex Capital to Market Perform from Outperform with an $18 price target. The KBW "Economic Baseline" calls for a "fairly stable" interest rate environment and strengthening economy, and the most compelling returns in the mortgage sector in 2021 will continue to be in mortgage banking, albeit at more moderate levels than in 2020, George tells investors in a research note. The analyst has increased comfort with residential mortgage credit performance going into 2021. George cites valuation for the downgrade of Dynex. | ||||