|Over a week ago|
New York Mortgage announces extension of exchange offer » 08:1407/2207/22/21
New York Mortgage Trust…
New York Mortgage Trust announced that it has extended the expiration date of its offer to exchange up to $100,000,000 of new 5.75% Senior Notes due 2026 that have been registered under the Securities Act of 1933, as amended, for an equal amount of outstanding unregistered 5.75% Senior Notes due 2026. As a result of the extension, the exchange offer is now scheduled to expire at 5:00 P.M., New York City time, on July 23, 2021, unless further extended. The exchange offer was originally set to expire at 5:00 P.M., New York City time, on July 21, 2021. As of this date, tenders of approximately $98,750,000 aggregate principal amount, or 98.75%, of the Existing Notes have been received pursuant to the exchange offer. Except for the extension of the expiration date, all of the other terms of the exchange offer remain as set forth in the exchange offer prospectus, dated June 21, 2021.
Unusual call flow in option market yesterday » 07:3507/2007/20/21
Notable call activity was…
Notable call activity was cited Monday in Vodafone (VOD) and New York Mortgage (NYMT).
|Over a month ago|
New York Mortgage downgraded to Underperform from Neutral at BofA » 07:0905/1705/17/21
BofA downgraded New York…
BofA downgraded New York Mortgage to Underperform from Neutral with a $4.50 price target.
Fly Intel: Top five analyst initiations » 09:5605/1205/12/21
TSP, VNDA, NYMT, CCEP, ASPN
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. TuSimple (TSP) initiated with an Outperform at Credit Suisse. 2. Vanda Pharmaceuticals (VNDA) initiated with a Buy at BofA. 3. New York Mortgage (NYMT) initiated with a Buy at B. Riley. 4. Coca-Cola European Partners (CCEP) reinstated with a Neutral at Goldman Sachs. 5. Aspen Aerogels (ASPN) assumed with an Outperform at Northland. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
New York Mortgage initiated with a Buy at B. Riley » 06:1305/1205/12/21
B. Riley analyst Matt…
B. Riley analyst Matt Howlett initiated coverage of New York Mortgage Trust with a Buy rating and $6 price target. Based on his dividend forecast and expected price appreciation, the analyst estimates that the stock has a 40% potential total return profile. Over the last decade, New York Mortgage has delivered among the highest economic return within the space due in part to strong asset selection, low leverage, and a "highly efficient" operating structure, Howlett tells investors in a research note. He expects the company to achieve a mid-teens return on equity and grow its quarterly dividend to 15c per share by the second half of 2022.
New York Mortgage reports Q1 EPS 11c, consensus 12c » 17:2205/0605/06/21
Steven Mumma, Chairman…
Steven Mumma, Chairman and Chief Executive Officer, commented: "The Company completed another successful quarter, delivering an economic return of 2.1%, with $0.11 GAAP earnings per share and $0.12 comprehensive earnings per share. Our portfolio net margin expanded by 12 basis points to 2.42%, but more importantly, our portfolio net interest income increased by $4.4 million from the previous quarter, or 17%. We expect to see improvement in both our net interest margin and net interest income in future periods as we continue to transition out of lower-yielding CUSIP securities and focus increasingly on loans in both our single-family and multi-family strategies. On the balance sheet-side, we have continued to focus on expanding our access to longer-termed, non-mark-to-market financing arrangements. As a testament to the strengthening of our balance sheet in recent quarters, we were pleased to close on our first rated unsecured bond deal in April, a $100 million, 5.75%, 5-year financing, that serves as an additional non-mark-to-market financing option for the Company as we continue to build our credit portfolio." Jason Serrano, President, commented: "The Company continues to offer its stockholders excellent risk-adjusted returns, rotating away from the utilization of portfolio recourse and placing greater emphasis on non-mark-to-market leverage. At 0.2x portfolio leverage, we believe the Company's expanded liquidity allows our investment team to focus on sectors away from the highly competitive, liquid securities markets to obtain more stable, long-term value for stockholders. After adding $358 million of new investments in our core strategies, our pipeline currently sits at one of its highest levels. We believe the consummation of a significant amount of these pipeline opportunities will enhance our EPS in future periods."
|Over a quarter ago|
New York Mortgage reports Q EPS 19c, consensus 9c » 16:5202/2402/24/21
Steven Mumma, Chairman…
Steven Mumma, Chairman and Chief Executive Officer, commented: "The Company had a solid fourth quarter, delivering $0.19 GAAP earnings per share and $0.22 in comprehensive earnings per share. As of December 31, 2020, the Company's book value per share was $4.71, up 3% from the prior quarter, resulting in an economic return of 5% for the quarter. During the fourth quarter, the Company was able to build on the positive momentum from the prior two quarters, executing longer term financing through a residential securitization and expanding its investment pipeline to its highest level since March. This past year was a difficult and challenging time for the Company, as well as many other mortgage REITs. Over a three-week span in March, we experienced unprecedented liquidity constraints on many of our credit asset classes as a direct result of the market disruption caused by the COVID-19 pandemic. These constraints across markets created a valuation gap that further drove down values, in many cases, disconnected from the fundamentals of the underlying assets, and generated historic levels of margin calls from our financing counterparties. Through the coordinated effort of our investment professionals, we were able to reposition the portfolio and stabilize the balance sheet, but not before incurring sizeable losses. We saw significant improvements for our assets during the balance of the year, which allowed the Company to trim the total economic return to (14.6)% for the year. While the total economic return for 2020 on an absolute-basis is disappointing, I am proud of our team and the way they performed throughout the year." Jason Serrano, President, commented: "With a multi-decade low of housing inventory for sale coupled with population shifts to the southern and southeast U.S., housing credit risk currently benefits from these favorable trends that we believe should provide sustainable earnings growth for housing and housing-related assets. We are excited about the flexibility afforded by our low levered balance sheet, as we believe this positions us to take advantage of these dynamics, especially in an exceptionally low cost term financing environment. Indeed, under a unique, two-tiered approach within single- and multi-family sectors, our proprietary pipelines grew significantly in the fourth quarter and have continued in the new year. NYMT has emerged from an unprecedented year with renewed positions of strength and confidence that we believe are capable of delivering solid results for stockholders in 2021."
New York Mortgage initiated with a Neutral at BTIG » 16:2811/2311/23/20
BTIG analyst Eric Hagen…
BTIG analyst Eric Hagen initiated coverage of New York Mortgage with a Neutral rating and no price target. While he thinks there could meaningful potential upside in the valuation given where the stock is trading in relation to book value, the "key to unlocking that value" rests on having more clear direction for the funding sources available to re-lever its portfolio, the analyst tells investors.
New York Mortgage upgraded to Buy from Hold at Maxim » 08:0211/1111/11/20
Maxim analyst Michael…
Maxim analyst Michael Diana upgraded New York Mortgage to Buy from Hold with a $4.50 price target. The analyst cites the company's "strong" Q3 results and outlook, with more core earnings growth anticipated for 2021. Diana adds that he expects New York Mortgage Trust to grow its book value and dividends from their current low base.
New York Mortgage reports Q3 EPS 23c, consensus 7c » 17:4611/0511/05/20
Reports Q3 revenue…
Reports Q3 revenue $34.77M, consensus $.Steven Mumma, Chairman and Chief Executive Officer, commented: "The Company delivered another solid quarter despite the current environment, generating $0.24 GAAP earnings per share and $0.30 comprehensive earnings per share. The Company's book value increased to $4.58, an increase of approximately 5% from the previous quarter and 18% from the first quarter. Including the $0.075 per common share dividend declared in September, the Company posted a total economic return of 7.0% for the quarter. On the balance sheet-side, the Company continued to strengthen its financial position during the quarter, completing a residential loan securitization and a non-mark-to-market residential loan repurchase agreement with a new counterparty further reducing its mark-to-market financing to $626 million at quarter end from $964 million the prior quarter. In October 2020, the Company completed a second residential loan securitization, reducing our mark-to-market financing by an additional $236 million. The Company completed the quarter with over $600 million in cash as we continue to believe that volatility around the election and the ongoing COVID-19 pandemic will present compelling investment opportunities during the fourth quarter and the early part of next year."