New York Mortgage Trust (NASDAQ:NYMT) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of New York Mortgage Trust (NASDAQ:NYMT) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. TheStreet raised New York Mortgage Trust from a c- rating to a b- rating in a research report on Monday, May 10th. BTIG Research reaffirmed a hold rating on shares of New York Mortgage Trust in a research report on Wednesday, June 2nd. Bank of America reissued an underperform rating and set a $4.50 target price on shares of New York Mortgage Trust in a research report on Monday, May 24th. Finally, B. Riley started coverage on New York Mortgage Trust in a research report on Wednesday, May 12th. They set a buy rating and a $6.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $4.45.

NYMT opened at $4.48 on Wednesday. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 5.60 and a beta of 1.95. The business’s 50-day moving average price is $4.52. New York Mortgage Trust has a 12-month low of $2.40 and a 12-month high of $4.93.

New York Mortgage Trust (NASDAQ:NYMT) last posted its quarterly earnings results on Thursday, May 6th. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.11. New York Mortgage Trust had a return on equity of 9.41% and a net margin of 97.46%. On average, research analysts anticipate that New York Mortgage Trust will post 0.48 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 26th. Shareholders of record on Thursday, June 24th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, June 23rd. This represents a $0.40 annualized dividend and a dividend yield of 8.93%. New York Mortgage Trust’s dividend payout ratio (DPR) is currently -28.78%.

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its stake in shares of New York Mortgage Trust by 4.6% in the 1st quarter. BlackRock Inc. now owns 70,349,351 shares of the real estate investment trust’s stock valued at $314,462,000 after purchasing an additional 3,076,992 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of New York Mortgage Trust by 4.1% in the 1st quarter. Geode Capital Management LLC now owns 6,339,968 shares of the real estate investment trust’s stock valued at $28,339,000 after purchasing an additional 250,983 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of New York Mortgage Trust by 3.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,346,798 shares of the real estate investment trust’s stock valued at $12,350,000 after purchasing an additional 112,071 shares during the last quarter. Credit Suisse AG grew its stake in shares of New York Mortgage Trust by 8.4% in the 1st quarter. Credit Suisse AG now owns 2,954,324 shares of the real estate investment trust’s stock valued at $13,205,000 after purchasing an additional 229,456 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of New York Mortgage Trust by 0.9% in the 1st quarter. Principal Financial Group Inc. now owns 2,646,955 shares of the real estate investment trust’s stock valued at $11,832,000 after purchasing an additional 24,116 shares during the last quarter. Institutional investors own 53.08% of the company’s stock.

New York Mortgage Trust Company Profile

New York Mortgage Trust, Inc acquires, invests in, finances, and manages mortgage-related single-family and multi-family residential assets in the United States. Its targeted investments include residential loans, second mortgages, and business purpose loans; structured multi-family property investments, such as preferred equity in, and mezzanine loans to owners of multi-family properties, as well as joint venture equity investments in multi-family properties; non-agency residential mortgage-backed securities (RMBS); agency RMBS; commercial mortgage-backed securities (CMBS); and other mortgage, residential housing, and credit-related assets.

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