Annaly Capital (NLY) Dividend Not Sustainable, Says Nomura

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Yesterday Annaly Capital Management (NYSE: NLY) reported Q4 results that topped estimates. The beat was in part driven by higher-than-expected realized gains. Despite positive results, analysts at Nomura question the sustainability of the company's dividend.

"Our analysis suggests that the dividend is not sustainable based on spread income alone," said analyst Bill Carcache. "We estimate that NLY's quarterly dividend capacity stands at ~$0.30 per share based on this quarter's results.

Nomura Securities has a Neutral rating on Annaly Capital Management with a price target of $15.00.

For an analyst ratings summary and ratings history on Annaly Capital Management (NYSE: NLY) click here. For more ratings news on Annaly Capital Management click here.

Shares of Annaly Capital Management closed at $14.92 yesterday, with a 52 week range of $13.72-$17.75.

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