Maxim Group Reiterates Their Buy Rating on New York Mortgage Trust


In a report released today, Michael Diana from Maxim Group reiterated a Buy rating on New York Mortgage Trust (NASDAQ: NYMT), with a price target of $6.25. The company’s shares opened today at $6.06.

Diana said:

“1Q18 comprehensive loss of $(0.01) versus dividend of $0.20, due to losses on non-core Agency RMBS and to lack of asset sales. Management expects two asset sales in 2Q18: one large and one that was originally scheduled for 1Q18. Our price target of $6.25 equates to 1.08x book value. In our view, hybrid mortgage REITs such as NYMT (with a strong track record and a focus on credit strategies) should trade at least at a valuation level of 1.0x book value in the current environment, which we regard as favorable for credit strategies.”

According to TipRanks.com, Diana is a 5-star analyst with an average return of 6.5% and a 61.1% success rate. Diana covers the Financial sector, focusing on stocks such as Manhattan Bridge Capital Inc, Arlington Asset Investment, and Westamerica Bancorporation.

New York Mortgage Trust has an analyst consensus of Moderate Buy, with a price target consensus of $6.

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Based on New York Mortgage Trust’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $109 million and quarterly net profit of $29.62 million. In comparison, last year the company earned revenue of $92.11 million and had a net profit of $19.18 million.

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New York Mortgage Trust, Inc. operates as a real estate investment trust, which acquires, invests and manages primarily mortgage-related assets and financial assets. It invests in mortgage related and financial assets and targets residential mortgage loans, including second mortgages and loans sourced from distressed markets, multi-family CMBS, direct financing to owners of multi-family properties through mezzanine loans and preferred equity investments and other commercial real estate-related investments, agency RMBS consisting of fixed-rate, adjustable-rate and hybrid adjustable-rate RMBS and agency IOs consisting of interest only and inverse interest-only RMBS that represent the right to the interest component of the cash flow from a pool of mortgage loans. The company was founded on September 26, 2003 and is headquartered in New York, NY.

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