NY MTG TR INC/SH (NASDAQ:NYMT) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $7.00 price target 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 current price.
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 subject of several other reports. BidaskClub cut NY MTG TR INC/SH from a “buy” rating to a “hold” rating in a research note on Friday, January 3rd. Raymond James reissued a “hold” rating on shares of NY MTG TR INC/SH in a research note on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $6.50.
NY MTG TR INC/SH (NASDAQ:NYMT) last released its earnings results on Tuesday, November 5th. The real estate investment trust reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.01). The firm had revenue of $31.97 million during the quarter, compared to analyst estimates of $36.20 million. NY MTG TR INC/SH had a net margin of 17.74% and a return on equity of 9.97%. Equities analysts expect that NY MTG TR INC/SH will post 0.66 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in NYMT. Tompkins Financial Corp grew its stake in shares of 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 purchasing an additional 7,615 shares during the period. World Asset Management Inc acquired a new stake in shares of NY MTG TR INC/SH during the third quarter worth $69,000. Kovack Advisors Inc. acquired a new stake in shares of NY MTG TR INC/SH during the third quarter worth $86,000. Zebra Capital Management LLC acquired a new stake in shares of NY MTG TR INC/SH during the second quarter worth $96,000. Finally, Strs Ohio grew its stake in shares of 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 purchasing an additional 7,800 shares during the period. 47.73% of the stock is owned by institutional investors and hedge funds.
About NY MTG TR INC/SH
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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