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Dynex Capital

NYSE:DX.PRA
Snowflake Description

High growth potential unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DX.PRA
NYSE
$420M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Dynex Capital, Inc., a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. The last earnings update was 26 days ago. More info.


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DX.PRA Share Price and Events
7 Day Returns
-0.1%
NYSE:DX.PRA
-0.6%
US Mortgage REITs
-1.1%
US Market
1 Year Returns
-
NYSE:DX.PRA
0.9%
US Mortgage REITs
6.4%
US Market
DX.PRA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Dynex Capital (DX.PRA) -0.1% 0.9% - - - -
US Mortgage REITs -0.6% 0.1% 8.9% 0.9% 11.8% -5.6%
US Market -1.1% 0.3% 17.2% 6.4% 37.9% 42.1%
1 Year Return vs Industry and Market
  • No trading data on DX.PRA.
  • No trading data on DX.PRA.
Price Volatility
DX.PRA
Industry
5yr Volatility vs Market

Value

 Is Dynex Capital undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Dynex Capital to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Dynex Capital.

NYSE:DX.PRA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $6.04 * 8.7%
$0.52
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $6.04
Discount Rate (Cost of Equity) See below 13%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:DX.PRA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Mortgage REITs Unlevered Beta Simply Wall St/ S&P Global 0.29
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.29 (1 + (1- 21%) (778.93%))
1.719
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.72
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.719 * 5.96%)
12.97%

Discounted Cash Flow Calculation for NYSE:DX.PRA using Excess Returns Model Model

The calculations below outline how an intrinsic value for Dynex Capital is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:DX.PRA Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.7% – 12.97%) * $6.04)
$-0.26
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.26 / (12.97% - 2.73%)
$-2.54
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $6.04 + $-2.54
$3.5
NYSE:DX.PRA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:DX.PRA represents 4.35825x of NYSE:DX
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
4.35825x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 3.50 x 4.35825
$15.25
Value per share (USD) From above. $15.25
Current discount Discount to share price of $25.80
= -1 x ($25.80 - $15.25) / $15.25
-69.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Dynex Capital is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Dynex Capital's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Dynex Capital's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:DX.PRA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $-0.08
NYSE:DX Share Price ** NYSE (2019-03-22) in USD $5.92
United States of America Mortgage REITs Industry PE Ratio Median Figure of 22 Publicly-Listed Mortgage REITs Companies 11.42x
United States of America Market PE Ratio Median Figure of 3,062 Publicly-Listed Companies 17.16x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Dynex Capital.

NYSE:DX.PRA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:DX Share Price ÷ EPS (both in USD)

= 5.92 ÷ -0.08

-71.5x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dynex Capital is loss making, we can't compare its value to the US Mortgage REITs industry average.
  • Dynex Capital is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Dynex Capital's expected growth come at a high price?
Raw Data
NYSE:DX.PRA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -71.5x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
47.3%per year
United States of America Mortgage REITs Industry PEG Ratio Median Figure of 20 Publicly-Listed Mortgage REITs Companies 1.08x
United States of America Market PEG Ratio Median Figure of 2,105 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Dynex Capital, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Dynex Capital's assets?
Raw Data
NYSE:DX.PRA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $6.12
NYSE:DX Share Price * NYSE (2019-03-22) in USD $5.92
United States of America Mortgage REITs Industry PB Ratio Median Figure of 37 Publicly-Listed Mortgage REITs Companies 0.98x
United States of America Market PB Ratio Median Figure of 5,165 Publicly-Listed Companies 1.85x
NYSE:DX.PRA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:DX Share Price ÷ Book Value per Share (both in USD)

= 5.92 ÷ 6.12

0.97x

* Primary Listing of Dynex Capital.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dynex Capital is good value based on assets compared to the US Mortgage REITs industry average.
X
Value checks
We assess Dynex Capital's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Mortgage REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Mortgage REITs industry average (and greater than 0)? (1 check)
  5. Dynex Capital has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Dynex Capital expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
47.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Dynex Capital expected to grow at an attractive rate?
  • Dynex Capital's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Dynex Capital's earnings growth is expected to exceed the United States of America market average.
  • Dynex Capital's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:DX.PRA Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:DX.PRA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 47.3%
NYSE:DX.PRA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 29.7%
United States of America Mortgage REITs Industry Earnings Growth Rate Market Cap Weighted Average 30.7%
United States of America Mortgage REITs Industry Revenue Growth Rate Market Cap Weighted Average 25.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.2%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:DX.PRA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:DX.PRA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 81 52 1
2020-12-31 79 51 2
2019-12-31 80 51 2
NYSE:DX.PRA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 24 181 -5
2018-09-30 123 187 96
2018-06-30 107 194 81
2018-03-31 84 199 58
2017-12-31 50 204 23
2017-09-30 96 209 71
2017-06-30 101 207 76
2017-03-31 104 204 80
2016-12-31 57 211 34
2016-09-30 18 212 -3
2016-06-30 -22 215 -54
2016-03-31 10 220 -21

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Dynex Capital's earnings are expected to grow significantly at over 20% yearly.
  • Dynex Capital's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:DX.PRA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Dynex Capital Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DX.PRA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.75 0.75 0.75 1.00
2020-12-31 0.73 0.77 0.70 3.00
2019-12-31 0.74 0.76 0.70 3.00
NYSE:DX.PRA Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 -0.08
2018-09-30 1.71
2018-06-30 1.50
2018-03-31 1.11
2017-12-31 0.46
2017-09-30 1.43
2017-06-30 1.54
2017-03-31 1.63
2016-12-31 0.69
2016-09-30 -0.05
2016-06-30 -1.08
2016-03-31 -0.40

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Dynex Capital is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Dynex Capital's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Dynex Capital has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Dynex Capital performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Dynex Capital's growth in the last year to its industry (Mortgage REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Dynex Capital does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Dynex Capital's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Dynex Capital's 1-year growth to the US Mortgage REITs industry average as it is not currently profitable.
Earnings and Revenue History
Dynex Capital's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Dynex Capital Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DX.PRA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 23.70 -4.78 15.11
2018-09-30 122.88 95.76 15.46
2018-06-30 107.24 80.63 15.09
2018-03-31 84.25 57.85 15.18
2017-12-31 49.91 23.10 15.82
2017-09-30 96.43 70.80 15.57
2017-06-30 100.57 75.71 15.32
2017-03-31 104.35 80.26 14.90
2016-12-31 56.93 33.91 14.71
2016-09-30 17.81 -2.61 15.40
2016-06-30 -21.82 -54.28 16.42
2016-03-31 10.38 -20.59 17.50
2015-12-31 34.03 7.37 17.67
2015-09-30 45.79 -21.49 17.55
2015-06-30 98.28 46.35 17.08
2015-03-31 74.84 9.89 16.15
2014-12-31 71.36 18.63 16.01
2014-09-30 71.31 36.52 13.68
2014-06-30 39.39 1.02 13.39
2014-03-31 65.52 38.76 13.37
2013-12-31 100.52 60.17 13.06
2013-09-30 80.80 59.23 14.73
2013-06-30 104.05 84.51 14.20
2013-03-31 90.59 73.91 13.42
2012-12-31 86.78 72.01 12.74
2012-09-30 81.38 68.08 12.48
2012-06-30 73.20 51.26 11.73
2012-03-31 67.18 46.01 10.96

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Dynex Capital has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • It is difficult to establish if Dynex Capital has efficiently used its assets last year compared to the US Mortgage REITs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Dynex Capital improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Dynex Capital's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Mortgage REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Dynex Capital has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Dynex Capital's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Dynex Capital's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Dynex Capital's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Dynex Capital's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Dynex Capital's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Dynex Capital Company Filings, last reported 2 months ago.

NYSE:DX.PRA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 527.15 3,272.66 41.16
2018-09-30 546.75 2,696.61 57.86
2018-06-30 542.23 2,519.38 172.77
2018-03-31 543.62 2,619.18 32.83
2017-12-31 557.06 2,571.69 43.81
2017-09-30 524.10 2,525.07 118.07
2017-06-30 497.28 2,548.34 101.13
2017-03-31 492.52 2,832.08 66.22
2016-12-31 467.18 2,912.31 102.65
2016-09-30 494.92 2,832.33 86.39
2016-06-30 491.53 2,961.26 115.32
2016-03-31 483.80 3,083.65 97.79
2015-12-31 492.03 3,159.07 41.77
2015-09-30 527.76 3,382.36 22.69
2015-06-30 575.25 3,572.08 77.27
2015-03-31 605.46 3,449.68 46.58
2014-12-31 607.30 3,059.79 49.67
2014-09-30 614.05 3,179.51 63.94
2014-06-30 612.91 3,483.10 42.07
2014-03-31 599.02 3,525.16 73.23
2013-12-31 585.88 3,610.71 87.82
2013-09-30 581.04 3,716.84 52.52
2013-06-30 607.24 4,117.22 44.20
2013-03-31 633.30 3,972.47 44.13
2012-12-31 616.71 3,637.17 55.81
2012-09-30 617.93 3,748.76 34.72
2012-06-30 525.07 3,182.75 53.76
2012-03-31 522.90 2,746.10 41.81
  • Dynex Capital's level of debt (620.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (616% vs 620.8% today).
  • Debt is not well covered by operating cash flow (5.5%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Dynex Capital's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Dynex Capital's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Dynex Capital has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Dynex Capital's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
12.16%
Current annual income from Dynex Capital dividends. Estimated to be 12.16% next year.
If you bought $2,000 of Dynex Capital shares you are expected to receive $243 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Dynex Capital's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).
  • Dynex Capital's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Upcoming dividend payment

Purchase Dynex Capital on or before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:DX.PRA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America Mortgage REITs Industry Average Dividend Yield Market Cap Weighted Average of 36 Stocks 10.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.9%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:DX.PRA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.72 1.00
2020-12-31 0.72 3.00
2019-12-31 0.72 3.00
NYSE:DX.PRA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-12 0.720 12.009
2019-01-28 0.720 11.828
2019-01-07 0.720 11.602
2018-12-11 0.720 12.164
2018-09-11 0.720 11.867
2018-06-13 0.720 11.182
2018-03-05 0.720 11.111
2017-12-11 0.720 10.799
2017-09-12 0.720 10.074
2017-06-15 0.720 10.227
2017-03-22 0.720 10.399
2016-12-09 0.840 12.283
2016-09-14 0.840 12.083
2016-06-15 0.840 11.890
2016-03-18 0.840 12.521
2015-12-09 0.960 15.413
2015-09-25 0.960 14.367
2015-05-20 0.960 13.301
2015-03-16 0.960 11.823
2014-12-15 1.000 11.957
2014-09-17 1.000 11.985
2014-06-16 1.000 11.730
2014-03-18 1.000 11.601
2013-12-12 1.080 13.057
2013-06-13 1.160 13.238
2013-03-15 1.160 10.961
2012-12-10 1.160 11.492
2012-09-20 1.160 11.702
2012-06-21 1.160 11.224
2012-03-19 1.120 11.887
2011-12-08 1.120 12.050
2011-09-15 1.080 12.684
2011-06-09 1.080 11.623
2011-03-15 1.080 10.942
2010-12-16 1.080 10.124
2010-09-09 1.000 9.388
2010-06-16 0.920 9.503
2010-03-17 0.920 10.064
2009-12-09 0.920 10.299
2009-09-15 0.920 11.166
2009-06-16 0.920 11.096
2009-03-26 0.920 12.415

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Dynex Capital's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Dynex Capital's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Dynex Capital afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Dynex Capital has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Dynex Capital's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Byron Boston
COMPENSATION $1,751,298
AGE 59
TENURE AS CEO 5.2 years
CEO Bio

Mr. Byron L. Boston has been the Chief Executive Officer and Co-Chief Investment Officer of Dynex Capital, Inc. since January 01, 2014. Mr. Boston has been the President of Dynex Capital, Inc. since March 1, 2012 and served as its Chief Investment Officer from April 2008 to January 01, 2014. Mr. Boston served as an Executive Vice President of Dynex Capital, Inc. He served as a Vice Chairman, Chief Investment Officer and Executive Vice President of Sunset Financial Resources Inc., since February 5, 2004 to October 2006. He served as a Senior Vice President and Chief Investment Officer of Sunset Financial Resources since January 22, 2004, but he did not assume his duties until February 2, 2004. Mr. Boston served as Vice President and Co-Manager of The Mortgage Portfolio Group of Federal Home Loan Mortgage Corporation (Freddie Mac) since June 1997. He served as the Chief Investment Officer and Executive Vice President of Alesco Financial Inc. until October 6, 2006. From June 1993 to June 1997, he served as a Vice President of Pass-Through Trader at CS First Boston and acted as a market maker for all pass-through securities. Previously, he also held various positions dealing with mortgage-backed and pass through securities at Lehman Brothers and CS First Boston. He has been a Director of Dynex Capital, Inc. since March 1, 2012. He served on the Retirement Committee of Freddie Mac from 1998 until on or about October 30, 2003. Mr. Boston holds an A.B. in Economics and Government from Dartmouth College and an M.B.A. in Finance and Accounting from the Graduate School of Business, University of Chicago.

CEO Compensation
  • Byron's compensation has been consistent with company performance over the past year.
  • Byron's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Dynex Capital management team in years:

5.2
Average Tenure
55
Average Age
  • The average tenure for the Dynex Capital management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Byron Boston

TITLE
President
COMPENSATION
$2M
AGE
59
TENURE
5.2 yrs

Steve Benedetti

TITLE
Executive VP
COMPENSATION
$918K
AGE
55
TENURE
10.8 yrs

Smriti Popenoe

TITLE
Executive VP & Co-Chief Investment Officer
COMPENSATION
$916K
AGE
49
TENURE
5.2 yrs

Alison Griffin

TITLE
Vice President of Investor Relations

Wayne Brockwell

TITLE
Senior Vice President of Portfolio

Jeffrey Childress

TITLE
VP & Controller
Board of Directors Tenure

Average tenure and age of the Dynex Capital board of directors in years:

5.3
Average Tenure
60
Average Age
  • The tenure for the Dynex Capital board of directors is about average.
Board of Directors

Michael Hughes

TITLE
Chairman of the Board
COMPENSATION
$151K
AGE
57
TENURE
1.8 yrs

Byron Boston

TITLE
President
COMPENSATION
$2M
AGE
59
TENURE
7 yrs

Barry Igdaloff

TITLE
Director
COMPENSATION
$146K
AGE
63
TENURE
18.3 yrs

Robert Salcetti

TITLE
Director
COMPENSATION
$131K
AGE
63
TENURE
5.3 yrs

Valerie Mosley

TITLE
Director
COMPENSATION
$131K
AGE
58
TENURE
5.3 yrs

Dave Stevens

TITLE
Director
AGE
61
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Dynex Capital's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Dynex Capital has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Dynex Capital, Inc., a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non-agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest-only securities. Agency MBS have a guaranty of principal payment by an agency of the U.S. government or a U.S. government-sponsored entity, such as Fannie Mae and Freddie Mac. Non-Agency MBS have no such guaranty of payment. The company has qualified as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Dynex Capital, Inc. was founded in 1987 and is headquartered in Glen Allen, Virginia.

Details
Name: Dynex Capital, Inc.
DX.PRA
Exchange: NYSE
Founded: 1987
$420,148,243
70,970,987
Website: http://www.dynexcapital.com
Address: Dynex Capital, Inc.
4991 Lake Brook Drive,
Suite 100,
Glen Allen,
Virginia, 23060,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE DX Common Stock New York Stock Exchange US USD 10. Feb 1988
DB DYT Common Stock Deutsche Boerse AG DE EUR 10. Feb 1988
NYSE DX.PRB PFD SER B 7.625% New York Stock Exchange US USD 16. Apr 2013
NYSE DX.PRA PFD SER A New York Stock Exchange US USD 30. Jul 2012
Number of employees
Current staff
Staff numbers
19
Dynex Capital employees.
Industry
Mortgage REITs
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/25 00:27
End of day share price update: 2019/03/22 00:00
Last estimates confirmation: 2019/03/08
Last earnings filing: 2019/02/27
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.