Annaly Capital Management Shares Are Diving: Here's Why

Annaly Capital Management, Inc. NLY shares are trading lower by 4.35% to $6.60 Tuesday morning after the company priced a public offering of 100,000,000 shares for gross proceeds of approximately $665 million.

What Else?

Annaly says the company intends to use the net proceeds of this offering to acquire targeted assets under the company's capital allocation policy, which may include further diversification of its investments in agency assets as well as residential credit assets.

Annaly added these investments include, without limitation, Agency MBS pools, to-be-announced forward contracts, mortgage servicing rights and residential credit assets (including residential mortgage loans).

Annaly also intends to use the net proceeds for general corporate purposes, including, without limitation, to pay down obligations and other working capital items.

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According to data from Benzinga Pro, Annaly Capital Management has a 52-week high of $8.94 and a 52-week low of $5.45.