Zacks Investment Research upgraded shares of NY MTG TR INC/SH (NASDAQ:NYMT) from a hold rating to a buy rating in a report issued on Friday morning, Zacks.com reports. Zacks Investment Research currently has $6.75 price objective on the real estate investment trust’s stock.
According to Zacks, “New York Mortgage Trust is a real estate investment trust focused on owning and managing a leveraged portfolio of residential mortgage securities and a mortgage origination business. The mortgage portfolio is comprised largely of prime adjustable-rate and hybrid mortgage loans and securities, much of which, over time will be originated by NYMT’s wholly owned mortgage origination business, The New York Mortgage Company, a taxable real estate investment trust subsidiary. “
NYMT has been the topic of a number of other research reports. Barclays downgraded NY MTG TR INC/SH from an equal weight rating to an underweight rating and set a $5.00 price target on the stock. in a research report on Thursday, February 28th. BidaskClub downgraded NY MTG TR INC/SH from a sell rating to a strong sell rating in a research report on Wednesday, March 6th. Maxim Group restated a buy rating and set a $6.75 price target on shares of NY MTG TR INC/SH in a research report on Tuesday, May 7th. Finally, Nomura started coverage on NY MTG TR INC/SH in a research report on Wednesday, March 27th. They set a buy rating and a $6.50 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $6.25.
NY MTG TR INC/SH (NASDAQ:NYMT) last released its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.05. NY MTG TR INC/SH had a return on equity of 13.32% and a net margin of 21.47%. The business had revenue of $26.20 million for the quarter, compared to the consensus estimate of $23.00 million. On average, analysts predict that NY MTG TR INC/SH will post 0.57 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, April 25th. Shareholders of record on Friday, March 29th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.80 dividend on an annualized basis and a yield of 13.20%. NY MTG TR INC/SH’s payout ratio is 93.02%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank grew its stake in shares of NY MTG TR INC/SH by 10.4% during the fourth quarter. Amalgamated Bank now owns 21,957 shares of the real estate investment trust’s stock valued at $129,000 after buying an additional 2,065 shares during the last quarter. MetLife Investment Advisors LLC grew its stake in shares of NY MTG TR INC/SH by 85.8% during the third quarter. MetLife Investment Advisors LLC now owns 99,449 shares of the real estate investment trust’s stock valued at $605,000 after buying an additional 45,937 shares during the last quarter. Nisa Investment Advisors LLC bought a new position in shares of NY MTG TR INC/SH during the fourth quarter valued at about $449,000. Kovack Advisors Inc. bought a new position in shares of NY MTG TR INC/SH during the fourth quarter valued at about $82,000. Finally, Piedmont Investment Advisors Inc. grew its stake in shares of NY MTG TR INC/SH by 15.6% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 37,024 shares of the real estate investment trust’s stock valued at $218,000 after buying an additional 4,988 shares during the last quarter. Institutional investors and hedge funds own 43.35% of the company’s stock.
NY MTG TR INC/SH Company Profile
New York Mortgage Trust, Inc acquires, invests in, finances, and manages mortgage-related and residential housing-related assets in the United States. Its investment portfolio includes structured multi-family property investments, such as multi-family commercial mortgage-backed securities and preferred equity in, and mezzanine loans to owners of multi-family properties; residential mortgage loans, including distressed residential mortgage loans, non- qualified mortgage loans, second mortgages, and other residential mortgage loans; non-agency residential mortgage-backed securities (RMBS); agency RMBS; and other mortgage-related and residential housing-related assets.
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