In June of 2022, I reviewed the dividend safety of Annaly Capital Management (NYSE: NLY). I warned investors, "If you own Annaly, expect another dividend cut within the next year or two." At the time, the quarterly dividend was $0.88 per share. Nine months later, it was lowered to $0.65. It stayed there through all of 2023 and 2024. Then, this year, it was raised to $0.70 in the first quarter. Now, with a juicy 16% yield, has Annaly turned the corner back toward dividend growth? Annaly Capital Management is a mortgage real estate investment trust, or REIT, that focuses on individual residences. It has an $81 billion portfolio that has financed more than 900,000 homes. |
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