NY MTG TR INC/SH (NASDAQ:NYMT) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The firm currently has a $7.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.11% from the company’s previous close.
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. “
A number of other equities analysts also recently weighed in on NYMT. Raymond James reissued a “hold” rating on shares of NY MTG TR INC/SH in a research report on Monday, September 23rd. BidaskClub downgraded NY MTG TR INC/SH from a “buy” rating to a “hold” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $6.50.
NY MTG TR INC/SH (NASDAQ:NYMT) last announced its quarterly earnings results on Tuesday, November 5th. The real estate investment trust reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The business had revenue of $31.97 million for the quarter, compared to analyst estimates of $36.20 million. NY MTG TR INC/SH had a return on equity of 9.97% and a net margin of 17.74%. As a group, equities research analysts expect that NY MTG TR INC/SH will post 0.66 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Tompkins Financial Corp increased its position in NY MTG TR INC/SH by 252.7% during the third quarter. Tompkins Financial Corp now owns 10,629 shares of the real estate investment trust’s stock worth $65,000 after buying an additional 7,615 shares during the last quarter. World Asset Management Inc acquired a new position in NY MTG TR INC/SH during the third quarter worth approximately $69,000. Kovack Advisors Inc. acquired a new position in NY MTG TR INC/SH during the third quarter worth approximately $86,000. Zebra Capital Management LLC acquired a new position in NY MTG TR INC/SH during the second quarter worth approximately $96,000. Finally, Strs Ohio increased its position in NY MTG TR INC/SH by 14.0% during the third quarter. Strs Ohio now owns 63,400 shares of the real estate investment trust’s stock worth $386,000 after buying an additional 7,800 shares during the last quarter. 47.73% of the stock is currently owned by hedge funds and other institutional investors.
NY MTG TR INC/SH Company Profile
New York Mortgage Trust, Inc acquires, invests in, finances, and manages mortgage-related and residential housing-related assets in the United States. Its investment portfolio includes structured multi-family property investments, such as multi-family commercial mortgage-backed securities and preferred equity in, and mezzanine loans to owners of multi-family properties; residential mortgage loans, including distressed residential mortgage loans, non- qualified mortgage loans, second mortgages, and other residential mortgage loans; non-agency residential mortgage-backed securities (RMBS); agency RMBS; and other mortgage-related and residential housing-related assets.
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