Dynex Capital

DX · NYSE

$10.96+$0.40 (+3.79%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $10.56

DX analyst rating

BuyConsensus of 4 analysts over the last 12 months. 75% rate it a buy.

Strong buy0
Buy3
Hold1
Underperform0
Sell0

12-month price target · 8 analysts

Average $15.05 (+37.3% upside)

Low: $14.65
Now: $10.96
High: $15.75

Upgrades and downgrades

The latest rating actions, newest first

DX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Jones Trading	Oct 19, 2026	Maintains	Buy	$14.75 → $12.50	44%
BTIG	Oct 7, 2026	Maintains	Buy	$14.50 → $12.00	38%
Jones Trading	Jul 21, 2026	Maintains	Buy	$14.75	44%
UBS	Apr 24, 2026	Maintains	Neutral	$14.00 → $14.50	100%
Jones Trading	Jan 27, 2026	Maintains	Buy	$14.00 → $15.25	44%
Keefe, Bruyette & Woods	Dec 18, 2025	Maintains	Outperform	$14.00 → $14.50	53%

The case for and against

Updated Apr 10, 2026

Bull case

Dynex Capital Inc. has demonstrated strong financial performance, evidenced by a substantial fair value increase of approximately $109 million on its $19.4 billion portfolio and a notable rise in the adjusted economic net interest spread to 100 basis points. The company's strategic investments in agency RMBS and agency CMBS are expected to continue generating attractive returns, with return on equity (ROE) projected in the high-teens due to favorable market conditions. With leverage levels remaining steady in the range of 7x to 8x, Dynex is well-positioned to capitalize on tightening spreads and a steepening yield curve, enhancing its outlook for future profitability.

Bear case

Dynex Capital Inc. has experienced a slight reduction in leverage, declining to 7.3x from 7.5x, yet the company faces significant risks due to the potential impact of increased agency MBS purchases by the Federal Reserve, which could lead to lower mortgage rates and heightened prepayment activity. This elevated prepayment could compress net interest margins and reduce expected yields, creating a challenging environment for earnings. Furthermore, fluctuations in interest rates on borrowings could adversely affect returns to common shareholders and lead to instability in dividends, contributing to a negative outlook for the stock.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.