New York Mortgage Trust (NASDAQ:NYMT) Shares Gap Up Following Strong Earnings

Shares of New York Mortgage Trust, Inc. (NASDAQ:NYMT) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $5.87, but opened at $6.49. New York Mortgage Trust shares last traded at $6.51, with a volume of 279,733 shares traded.

The real estate investment trust reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.10. The company had revenue of $33.10 million during the quarter, compared to the consensus estimate of $27.84 million. New York Mortgage Trust had a negative return on equity of 1.39% and a negative net margin of 15.46%.

New York Mortgage Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Monday, March 31st were issued a dividend of $0.20 per share. The ex-dividend date was Monday, March 31st. This represents a $0.80 dividend on an annualized basis and a yield of 12.03%. New York Mortgage Trust’s dividend payout ratio (DPR) is presently -1,333.33%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NYMT. B. Riley upped their price objective on New York Mortgage Trust from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday. StockNews.com upgraded New York Mortgage Trust from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Jones Trading reiterated a “buy” rating and issued a $7.50 price objective on shares of New York Mortgage Trust in a research note on Friday. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $7.30.

Hedge Funds Weigh In On New York Mortgage Trust

Several large investors have recently bought and sold shares of the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of New York Mortgage Trust during the 4th quarter worth about $49,000. Caxton Associates LP purchased a new stake in New York Mortgage Trust during the fourth quarter worth approximately $69,000. Tower Research Capital LLC TRC boosted its holdings in New York Mortgage Trust by 18.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 12,945 shares of the real estate investment trust’s stock valued at $78,000 after purchasing an additional 2,014 shares in the last quarter. Guggenheim Capital LLC purchased a new position in New York Mortgage Trust in the fourth quarter valued at approximately $80,000. Finally, Stifel Financial Corp acquired a new stake in New York Mortgage Trust during the fourth quarter worth approximately $86,000. Hedge funds and other institutional investors own 54.89% of the company’s stock.

New York Mortgage Trust Stock Up 4.7 %

The firm’s 50-day moving average price is $6.23 and its two-hundred day moving average price is $6.07. The company has a debt-to-equity ratio of 8.33, a quick ratio of 8.25 and a current ratio of 11.17. The firm has a market cap of $600.48 million, a PE ratio of -5.83 and a beta of 1.24.

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.