Janney Montgomery Scott initiated coverage on shares of New York Mortgage Trust (NASDAQ:NYMT – Free Report) in a research note published on Tuesday, Marketbeat reports. The brokerage issued a neutral rating and a $7.00 target price on the real estate investment trust’s stock.
Several other brokerages have also commented on NYMT. StockNews.com lowered New York Mortgage Trust from a hold rating to a sell rating in a report on Friday, May 3rd. Keefe, Bruyette & Woods lowered their price objective on shares of New York Mortgage Trust from $8.50 to $7.00 and set a market perform rating on the stock in a research note on Friday, May 3rd. Finally, UBS Group cut their target price on shares of New York Mortgage Trust from $7.50 to $6.00 and set a neutral rating for the company in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $7.75.
Read Our Latest Research Report on New York Mortgage Trust
New York Mortgage Trust Stock Performance
New York Mortgage Trust Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 29th. Stockholders of record on Friday, June 28th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 12.50%. New York Mortgage Trust’s payout ratio is currently -43.24%.
Institutional Trading of New York Mortgage Trust
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Waterfall Asset Management LLC bought a new stake in shares of New York Mortgage Trust during the second quarter valued at approximately $1,727,000. The Manufacturers Life Insurance Company grew its stake in New York Mortgage Trust by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,132 shares of the real estate investment trust’s stock valued at $211,000 after acquiring an additional 1,901 shares in the last quarter. AQR Capital Management LLC bought a new stake in New York Mortgage Trust in the 2nd quarter valued at $83,000. Squarepoint Ops LLC bought a new stake in New York Mortgage Trust in the 2nd quarter valued at $136,000. Finally, Evergreen Capital Management LLC purchased a new stake in New York Mortgage Trust in the 2nd quarter worth $83,000. 54.89% of the stock is owned by hedge funds and other institutional investors.
About New York Mortgage Trust
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, including business purpose loans; structured multi-family property investments, such as preferred equity in, and mezzanine loans to owners of multi-family properties; non-agency residential mortgage-backed securities (RMBS); agency RMBS; commercial mortgage-backed securities (CMBS); single-family rental properties; and other mortgage, residential housing, and credit-related assets.
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