Silver Bay no longer a Buy at JMP Securities

JMP Securities isn't giving Silver Bay (SBY) management any more time to get its single-family rental model clicking, pulling its Buy rating and downgrading to Hold.

About one year after its IPO - and amid a major stock market rally - Silver Bay is off nearly 14%, and the most recent earnings report and conference call showed a company still unable to get a handle on the expenses of running a rental empire.

Competitor American Residential Properties (ARPI) is off 14% since its May IPO, and American Homes 4 Rent (AMH) has eked out a near-4% gain since coming public in August.

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