Wall Street remained fairly bullish on Annaly, with 12 of the 16 analysts covering the stock at either strong buy (5) or buy (7), with the remainder at hold. The analysts' median 12-month price target sits at $18.75.

Wunderlich Securities analyst Merrill Ross maintained a buy rating and $18 price target on Annaly following the announcement of its secondary offering. Ross also raised his 2011 earnings estimate to $2.54 per share from $2.50 per share.

The analyst said he believes Annaly will use half of the raised capital to boost its portfolio and earnings momentum, while the other half can be viewed as a defensive move against 2010 year-end interest rate swaps.

Analysts from Deutsche Bank reiterated a buy rating on Annaly in October, setting a price target of $20.

Annaly's secondary offering marks its second since last summer.

In July of last year Annaly Capital offered 60 million common shares in an effort to raise $1.1 billion to fund the purchase of mortgage-backed securities .

Elsewhere in REIT offerings, HCP ( HCP), a REIT that serves the healthcare industry, recently completed a secondary offering of 46 million common shares priced at $32 a piece, including 6 million shares to be sold to the underwriters to cover the over-allotment options.

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