|Over a month ago|
New York Mortgage upgraded to Equal Weight on stabilization at Barclays » 06:0205/2705/27/20
Barclays analyst Mark…
Barclays analyst Mark DeVries upgraded New York Mortgage Trust to Equal Weight from Underweight with a price target of $2.50, up from $2. The company has improved its liquidity position substantially and stabilized its book value, DeVries tells investors in a research note. New York Mortgage now trades at 0.55 times Q1 book value, the cheapest in the space, adds the analyst.
New York Mortgage upgraded to Equal Weight from Underweight at Barclays » 05:3605/2705/27/20
Barclays analyst Mark…
Barclays analyst Mark DeVries upgraded New York Mortgage Trust to Equal Weight from Underweight with a $2.50 price target.
Fly Intel: After-Hours Movers » 19:0105/2105/21/20
PANW, RAMP, CRMT, ELF, A, SPLK, DECK, PRSP, PLUS, NAVB, USFD, NYMT, AGYS, HPE, LGF.A, ROST, INTU, CHUY, NVDA, SNDX, GERN, CFRX, DSS, H
Check out this evening's…
New York Mortgage reports Q1 EPS ($1.71), consensus 13c » 16:0905/2105/21/20
Steven Mumma, Chairman…
Steven Mumma, Chairman and Chief Executive Officer, commented: "The global COVID-19 pandemic led to unprecedented market conditions late in the first quarter. As a result, we took decisive action in the latter half of March to improve our liquidity and reduce our exposure to mark-to-market financing counterparties, selling $2.0 billion in assets and reducing our repurchase agreement financings by $1.7 billion from year end-levels. We finished the quarter with $173 million in cash liquidity and a portfolio leverage ratio of 0.7 times. These actions to improve our liquidity did come at a significant cost, as the Company had its worst quarter in its history, seeing its book value drop by 33% and temporarily suspending its quarterly dividends. We believe these actions have better positioned the Company to weather the ongoing economic storm caused by the pandemic and to recover some of the $300 million of net unrealized losses on our balance sheet and deliver the results our stockholders expect." Jason Serrano, President, commented: "Today, with approximately $200 million of unrestricted cash, $1.5 billion of unencumbered investment portfolio and a market leading low leverage ratio under 1 times, we are positioned to take advantage of an extremely dislocated investment landscape, while also finalizing term financing initiatives to further reduce our mark-to-market exposure."
New York Mortgage upgraded to Neutral from Underperform at Credit Suisse » 06:1204/2404/24/20
Credit Suisse analyst…
Credit Suisse analyst Douglas Harter upgraded New York Mortgage to Neutral from Underperform with a price target of $2.50, up from $2.00. In a research note to investors, Harter says he does not see additional downside potential with the shares trading at 45% of Q1 book value and company having satisfied its margin call requirements. Harter says that New York Mortgage reduced its repo leverage by 65% during Q1 and currently has leverage of 0.7x with $1.1B of unencumbered assets, which reduce its funding risk going forward. He thinks the risk/reward is more balanced at current levels.
New York Mortgage upgraded to Neutral from Underperform at Credit Suisse » 05:1904/2404/24/20
Credit Suisse analyst…
Credit Suisse analyst Douglas Harter upgraded New York Mortgage Trust to Neutral from Underperform with a $2.50 price target.
|Over a quarter ago|
New York Mortgage 'made significant progress in strengthening liquidity' » 17:2004/0704/07/20
New York Mortgage Trust…
New York Mortgage Trust announced the following updates with respect to its business. "The Company continues to navigate the difficult financial and economic environment resulting from the global pandemic of the COVID-19 virus," said Steven R. Mumma, the Company's Chairman and Chief Executive Officer. "Since March 30, the date of the Company's last market update, the Company has made significant progress in strengthening its liquidity position. Due to this progress and certain of the portfolio management decisions noted below, the Company is current with its repurchase agreement payment obligations, including margin requirements, and is no longer in a position to need forbearance agreements from its repurchase agreement financing counterparties." The Company announced the following updates as of the close of business on April 7, 2020: The Company has reduced its outstanding repurchase agreement financing with respect to mortgage-backed securities to approximately $150 million with one counterparty. The continued reduction in the Company's MBS repurchase agreement financing exposure was achieved through a combination of the sale of $291 million in MBS since March 27, 2020 and a $250 million increase in repurchase agreement financing with respect to the Company's residential mortgage loan portfolio. The increased financing is collateralized by previously unencumbered residential mortgage loans. The reduction in the Company's repurchase agreement financing for MBS significantly lowers the Company's MBS mark-to-market financing exposure, which was a primary factor in the reduction of liquidity to mortgage REITs in recent weeks.
New York Mortgage says 'exploring additional financing options' » 06:4803/3003/30/20
New York Mortgage Trust…
New York Mortgage Trust previously announced on March 23, 2020 that, in response to the turmoil in the financial markets resulting from the global pandemic of the COVID-19 virus, the company is engaging in discussions with its repurchase agreement financing counterparties with regard to entering into forbearance agreements pursuant to which each counterparty would agree to forbear from exercising its rights and remedies with respect to an event of default under the applicable financing arrangement for an agreed-upon period. As of March 27, 2020, each of the Company's repurchase agreement counterparties is continuing to engage in these discussions with the Company. The Company is also exploring additional financing options. The company cannot predict whether its financing counterparties will enter into forbearance agreements, the timing of any such agreements, or the terms thereof, nor can the Company predict whether it will receive additional notices of events or alleged events of default under its repurchase agreement financing arrangements or other financing arrangements or the availability of other financing options. The Company also announced that in an effort to manage the Company's portfolio through this unprecedented turmoil in the financial markets and improve its liquidity, since March 16, 2020, the Company has sold mortgage-backed securities receiving proceeds of approximately $1.7 billion and has reduced its outstanding repurchase agreement financing by $1.6 billion since December 31, 2019. In addition, based on information available to the Company as of March 27, 2020, the Company estimates that its book value per common share as of the quarter ending March 31, 2020 will decline by approximately 33% from book value per common share as of December 31, 2019. The Company cautions that persons should not place undue reliance on the Company's preliminary estimate of book value per common share as of the quarter ending March 31, 2020 because it may prove to be materially inaccurate. The preliminary estimate has not been compiled or examined by the Company's independent auditors, and is subject to revision upon completion of the Company's internal closing process and normal review and the preparation of its unaudited consolidated financial statements as of and for the quarter ending March 31, 2020, including all disclosures required by U.S. generally accepted accounting principles, and as the Company's independent auditors conduct their review of the Company's financial statements. Additionally, the Company's preliminary estimate is based solely on information available to it as of March 27, 2020. There can be no assurance that the Company's estimated book value per common share as of the quarter ending March 31, 2020 is indicative of what the Company's results are likely to be for the quarter ending March 31, 2020 or in future periods, and the Company undertakes no obligation to update or revise its estimated book value per common share prior to issuance of financial statements for such periods. While the Company believes that such preliminary estimate is based on reasonable assumptions and information available to it as of March 27, 2020, actual results may vary, and such variations may be material. Furthermore, the extreme volatility and turmoil that currently riles the financial markets makes estimates of asset values even less reliable than usual.
Unusual call flow in option market yesterday » 07:3503/2703/27/20
GE, BA, TLRY, NYMT
Notable call activity was…
Notable call activity was cited Thursday in General Electric (GE), Boeing (BA), Tilray (TLRY), and New York Mortgage (NYMT).
Call volume 22x normal in REIT New York Mortgage Trust » 14:0003/2603/26/20
Call volume 22x normal in…
Call volume 22x normal in REIT New York Mortgage Trust. Shares up 63c, or 51%, today near $1.86 with 12K calls trading, vs 700 puts, and nearly all the flow in upside strikes in April and May, including 5200 April 2.5 calls and 1400 April 5 calls trading in relatively small lots.