Maxim Group analyst Michael Diana reiterated a Buy rating on New York Mortgage Trust (NYMT) yesterday and set a price target of $6.75. The company’s shares opened today at $6.08.
Diana commented:
“NYMT reported 2Q19 comprehensive income of $0.18 per share, versus its dividend of $0.20; combined with a 2Q19 accretive equity raise, book value per share was flat at $5.75. NYMT originated or acquired $504M of credit assets in 2Q19, vs. $433M in 1Q19, as its team of about 50 mortgage professionals (see below) gains traction. Our price target of $6.75 equates to 1.17x book value (unchanged), inline with the highest-valued hybrid mortgage REIT. In our view, NYMT deserves a premium valuation to the group due to its strong track record of preserving book value and its focus on credit strategies in an environment which we regard as favorable for credit strategies.”
According to TipRanks.com, Diana is a 5-star analyst with an average return of 5.5% and a 57.2% 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 $6.50, implying a 6.9% upside from current levels. In a report released yesterday, Ladenburg Thalmann & Co. also upgraded the stock to Buy with a $6.25 price target.
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New York Mortgage Trust’s market cap is currently $1.43B and has a P/E ratio of 11.85. The company has a Price to Book ratio of 1.05.
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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. Its investment portfolio includes structured multi-family property, residential mortgage loans, non-Agency RMBS, Agency RMBS, and certain other mortgage-related and residential housing-related assets. The company was founded on September 26, 2003 and is headquartered in New York, NY.
