Zacks Investment Research upgraded shares of NY MTG TR INC/SH (NASDAQ:NYMT) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning, Zacks.com reports. They currently have $7.00 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. “
Other research analysts have also recently issued research reports about the stock. Maxim Group set a $7.00 price target on shares of NY MTG TR INC/SH and gave the stock a buy rating in a report on Friday, July 19th. BidaskClub upgraded shares of NY MTG TR INC/SH from a sell rating to a hold rating in a research report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $6.38.
NYMT stock traded down $0.04 during midday trading on Wednesday, reaching $6.05. 2,201,387 shares of the company’s stock traded hands, compared to its average volume of 3,623,744. The firm has a 50-day moving average price of $6.18. The company has a debt-to-equity ratio of 14.72, a current ratio of 120.54 and a quick ratio of 120.54. NY MTG TR INC/SH has a 52 week low of $5.58 and a 52 week high of $6.54. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 7.03 and a beta of 0.80.
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, topping the consensus estimate of $0.16 by $0.05. The firm had revenue of $26.20 million for the quarter, compared to analysts’ expectations of $23.00 million. NY MTG TR INC/SH had a net margin of 21.47% and a return on equity of 13.32%. On average, sell-side analysts forecast that NY MTG TR INC/SH will post 0.65 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, June 24th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, June 21st. This represents a $0.80 annualized dividend and a yield of 13.22%. NY MTG TR INC/SH’s payout ratio is 93.02%.
In other NY MTG TR INC/SH news, Director Alan L. Hainey sold 10,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $6.27, for a total transaction of $62,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Quadrant Capital Group LLC purchased a new stake in NY MTG TR INC/SH during the first quarter valued at about $31,000. Parallel Advisors LLC boosted its position in NY MTG TR INC/SH by 1,123.2% during the first quarter. Parallel Advisors LLC now owns 9,419 shares of the real estate investment trust’s stock valued at $57,000 after buying an additional 8,649 shares during the period. Bessemer Group Inc. purchased a new stake in NY MTG TR INC/SH during the second quarter valued at about $68,000. Mercer Global Advisors Inc. ADV bought a new position in shares of NY MTG TR INC/SH during the first quarter valued at about $111,000. Finally, Amalgamated Bank raised 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 acquiring an additional 2,065 shares during the last quarter. Institutional investors and hedge funds own 43.09% 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.
Featured Article: Different Options Trading Strategies
Get a free copy of the Zacks research report on NY MTG TR INC/SH (NYMT)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for NY MTG TR INC/SH Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NY MTG TR INC/SH and related companies with MarketBeat.com's FREE daily email newsletter.