Seeking Alpha

New York Mortgage Trust slides as two bulls back off

  • New York Mortgage Trust (NYMT -3.1%) is the lone sufferer in mortgage REITs thus far today as two bulls cash in their chips following Q4 results - Ladenburg Thalmann and MLV Capital both downgrade to Hold from Buy.
  • No details are available, but the stock emerged relatively unscathed from the big mREIT selloff last year and trades at a healthy premium to $6.33 book value - a rarity these days in the sector.
Comments (3)
  • COBeeMan
    , contributor
    Comments (1671) | Send Message
    Trading at a healthy premium to BV is a good reason to sell an mREIT, especially if they think BV will flatline from here and aren't expecting a dividend increase. They are probably moving their money into something that has a discount to BV.
    6 Mar 2014, 10:47 AM Reply Like
  • Urbannek
    , contributor
    Comments (1190) | Send Message
    I bought on the dip. Also noticed that ARR and CYS also went down so it is hitting other mortgage REITS. MORL was also down a bit.
    6 Mar 2014, 05:45 PM Reply Like
  • COBeeMan
    , contributor
    Comments (1671) | Send Message
    I'm not selling because it is still above my cost basis and I am in it for the dividends rather than price appreciation. I'm also waiting for MORL to come down some more!
    7 Mar 2014, 05:44 PM Reply Like
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