Zacks Investment Research Upgrades New York Mortgage Trust, Inc. (NYMT) to “Buy”

Zacks Investment Research upgraded shares of New York Mortgage Trust, Inc. (NASDAQ:NYMT) from a hold rating to a buy rating in a research report report published on Wednesday. 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. “

NYMT has been the topic of a number of other research reports. BidaskClub raised shares of New York Mortgage Trust from a hold rating to a buy rating in a research note on Tuesday, August 22nd. Maxim Group reissued a buy rating and issued a $6.50 target price on shares of New York Mortgage Trust in a research note on Monday, November 6th. Barclays PLC upped their target price on shares of New York Mortgage Trust from $5.00 to $6.00 and gave the company an equal weight rating in a research note on Tuesday, October 10th. B. Riley reissued a neutral rating and issued a $6.25 target price on shares of New York Mortgage Trust in a research note on Tuesday, November 7th. Finally, TheStreet raised shares of New York Mortgage Trust from a d+ rating to a c rating in a research note on Thursday, November 2nd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $6.35.

New York Mortgage Trust (NASDAQ NYMT) traded down $0.08 during midday trading on Wednesday, reaching $6.20. 651,600 shares of the company were exchanged, compared to its average volume of 1,032,278. The company has a market capitalization of $693.49, a PE ratio of 11.48 and a beta of 1.36. New York Mortgage Trust has a twelve month low of $5.90 and a twelve month high of $7.04. The company has a debt-to-equity ratio of 13.26, a quick ratio of 74.43 and a current ratio of 71.04.

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The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Monday, September 25th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, September 22nd. This represents a $0.80 annualized dividend and a yield of 12.90%. New York Mortgage Trust’s dividend payout ratio is 148.15%.

A number of institutional investors have recently modified their holdings of the business. UBS Asset Management Americas Inc. grew its stake in New York Mortgage Trust by 0.3% during the second quarter. UBS Asset Management Americas Inc. now owns 28,879 shares of the real estate investment trust’s stock worth $180,000 after buying an additional 93 shares during the last quarter. Wellington Management Group LLP grew its stake in New York Mortgage Trust by 1.0% during the first quarter. Wellington Management Group LLP now owns 68,865 shares of the real estate investment trust’s stock worth $425,000 after buying an additional 707 shares during the last quarter. ETRADE Capital Management LLC grew its stake in New York Mortgage Trust by 4.2% during the second quarter. ETRADE Capital Management LLC now owns 21,127 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 851 shares during the last quarter. Prudential Financial Inc. grew its stake in New York Mortgage Trust by 0.6% during the second quarter. Prudential Financial Inc. now owns 166,720 shares of the real estate investment trust’s stock worth $1,037,000 after buying an additional 940 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in New York Mortgage Trust by 4.3% during the second quarter. Legal & General Group Plc now owns 27,094 shares of the real estate investment trust’s stock worth $169,000 after buying an additional 1,106 shares during the last quarter. 36.19% of the stock is currently owned by hedge funds and other institutional investors.

About New York Mortgage Trust

New York Mortgage Trust, Inc is a real estate investment trust (REIT). The Company is engaged in the business of acquiring, investing in, financing and managing primarily mortgage-related assets and financial assets. The Company’s investment portfolio includes residential mortgage loans, including second mortgages and loans sourced from distressed markets, non-agency residential mortgage-backed securities (RMBS), multi-family commercial mortgage-backed securities, preferred equity and joint venture equity investments in, and mezzanine loans to, owners of multi-family properties, equity and debt securities issued by entities that invest in residential and commercial real estate and agency RMBS.

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Analyst Recommendations for New York Mortgage Trust (NASDAQ:NYMT)

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