New York Mortgage Trust, Inc. (NASDAQ:NYMT – Get Rating) benefited from a significant increase in short-term interest rates in May. As of May 15, there was short interest totaling 10,350,000 shares, an increase of 34.9% from the total of 7,670,000 shares as of April 30. Based on an average daily volume of 3,930,000 shares, the short interest rate is currently 2.6 days. Approximately 2.7% of the company’s shares are sold short.
A number of institutional investors and hedge funds have recently increased or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of New York Mortgage Trust during the fourth quarter for a value of approximately $40,377,000. The Healthcare of Ontario Pension Plan Trust Fund purchased a new equity interest in New York Mortgage Trust during the first quarter for a value of approximately $10,579,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of New York Mortgage Trust during the first quarter for a value of approximately $9,408,000. Invesco Ltd. increased its stake in shares of New York Mortgage Trust by 73.1% during the fourth quarter. Invesco Ltd. now owns 4,750,660 shares of the real estate investment trust worth $17,672,000 after purchasing an additional 2,005,527 shares last quarter. Finally, EMG Holdings LP purchased a new equity stake in New York Mortgage Trust during the third quarter at a value of approximately $7,667,000. 54.25% of the shares are held by institutional investors.
The NYMT traded down $0.04 on Monday, hitting $3.06. The stock recorded a trading volume of 93,866 shares, compared to an average volume of 3,525,775 shares. New York Mortgage Trust has a 12-month low of $2.84 and a 12-month high of $4.93. The company has a current ratio of 4.03, a quick ratio of 4.03 and a debt ratio of 1.73. The company’s 50-day moving average price is $3.30 and its two-hundred-day moving average price is $3.58. The company has a market capitalization of $1.17 billion, a P/E ratio of 61.20, a price-to-earnings growth ratio of 9.18 and a beta of 1.77.
New York Mortgage Trust (NASDAQ:NYMT – Get Rating) last released quarterly earnings data on Tuesday, May 3. The real estate investment trust reported ($0.22) earnings per share for the quarter, missing analyst consensus estimates of $0.08 per ($0.30). New York Mortgage Trust had a net margin of 31.18% and a return on equity of 7.42%. In the same quarter a year earlier, the company posted earnings per share of $0.11. As a group, analysts predict New York Mortgage Trust will post 0.09 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 25. Shareholders of record on Thursday, March 24 received a dividend of $0.10. The ex-dividend date was Wednesday, March 23. This represents a dividend of $0.40 on an annualized basis and a yield of 13.07%. New York Mortgage Trust’s payout ratio is 800.00%.
Several equity research analysts weighed in on the stock. Zacks Investment Research downgraded shares of New York Mortgage Trust from a “hold” rating to a “sell” rating in a Thursday, Feb. 24 research note. StockNews.com downgraded shares of New York Mortgage Trust from a “hold” rating to a “sell” rating in a Tuesday, May 10 research rating. Bank of America lowered its price target on New York Mortgage Trust shares from $4.50 to $3.75 and set an “underperform” rating for the company in a Wednesday, March 9 research note . Keefe, Bruyette & Woods upgraded New York Mortgage Trust shares from a “market performance” rating to an “outperform” rating and set a price target of $4.50 for the company in a memo. research on Wednesday, February 23. Finally, TheStreet downgraded shares of New York Mortgage Trust from a “b-” rating to a “c+” rating in a Monday, February 14, research note. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned the stock a buy rating. Based on MarketBeat data, New York Mortgage Trust currently has an average rating of “Hold” and a consensus target price of $4.33.
New York Mortgage Trust Company Profile (Get a rating)
New York Mortgage Trust, Inc. acquires, invests, finances and manages single-family and multi-family residential mortgage-related assets in the United States. Its focused investments include residential loans, second mortgages and business loans; structured multifamily real estate investments, such as preferred stock and mezzanine loans to owners of multifamily properties, as well as joint venture equity investments in multifamily properties; residential non-agency mortgage-backed securities (RMBS); Agency RMBS; commercial mortgage-backed securities (CMBS); and other mortgages, residential housing and credit-related assets.
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