2023-04-27 08:28:00 ET
Rising interest rates have hammered the real estate market. They've weighed on asset values while making it more expensive to borrow money. That has put a lot of pressure on the sector.
While Annaly Capital Management (NYSE: NLY) hasn't been immune to the industry's issues, the mortgage real estate investment trust (REIT) has fared a bit better than feared. Meanwhile, with the current interest-rate hiking cycle likely nearing an end, it sees better days ahead. That begs the question of whether now might be a good time to buy the stock for its eye-popping 13.6%-yielding dividend.
Annaly reported $0.81 per share of earnings available for distribution in the first quarter. That was down from $1.11 per share in the year-ago quarter and from $0.89 per share in the fourth quarter. However, it was a lot better than expected, considering the analysts' consensus estimate was $0.75 per share.
For further details see:
The Outlook Is Improving for This Ultra-High-Yield Dividend Stock. Time to Buy?