Annaly Capital (NLY) Still Rated Outperform

Annaly Capital Management (NLY) reported first quarter “core” EPS (fully diluted and after preferred dividend excluding realized and unrealized trading gains) of $0.44, in line with our estimate. Leverage increased during the quarter, but still remains below peers. Book value ended the quarter at $16.18, up 1% from the fourth quarter and 1% better than …

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