NLY - This Nearly 13%-Yielding Dividend Looks Safe for 2024
2024-05-22 07:19:00 ET
Annaly Capital Management (NYSE: NLY) pays a whopping dividend. At its current payment rate, its forward dividend yield is approaching 13%. That's nearly 10 times higher than the S&P 500 's dividend yield of slightly more than 1.3% over the past 12 months.
The biggest question surrounding the mortgage REIT's dividend is how long it can sustain its payout. While Annaly's earnings suggest its dividend is at risk of another reduction , the company's management team believes it set the dividend at an appropriate level for this year.
Annaly's earnings available for distribution came in at $0.64 per share during the first quarter. That was just below its $0.65 dividend payment. It marked the continued deterioration in the company's earnings, which have fallen from $0.81 per share in the year-ago period to the mid-$0.60 range over the past few quarters.
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This Nearly 13%-Yielding Dividend Looks Safe for 2024