Yesterday, 5:35 PM
- AGU, AMED, AMSG, ARC, AVD, BFAM, BGFV, BKH, BPI, CAI, CALD, CALX, CAR, CBS, CERS, CHEF, CHUY, CRAY, CSU, DVN, ENLK, ENPH, EPIQ, ETSY, FANG, FARO, FMI, GLUU, GMED, GNMK, HCI, HI, HRZN, IAG, IL, ILMN, INN, JKHY, KAMN, KAR, KFRC, LCI, LYV, MAC, MDU, MTCH, MTDR, MXWL, MYGN, NDLS, NFX, NKTR, NTRI, NYMT, OCLR, OKE, OKS, OMI, PAYC, PBPB, PKD, PLT, PRMW, PRO, PZZA, QUAD, QUOT, REG, REGI, RIGL, RLOC, RPXC, RSYS, RTRX, RUBI, SM, SPA, STAG, SUPN, TAHO, TNAV, TXMD, USNA, VIAV, VNOM, VRSK, VVUS, WES, WGP, WR, WTR, WU, XCO, XPO, XXIA, ZEN
Mon, Apr. 11, 12:49 PM
- Annaly Capital (NLY -1.1%) is lower following its agreement to purchase Hatteras Financial (HTS +10.2%) for $1.5B in cash and stock. The other sector giant, American Capital Agency (AGNC -0.1%) is in the red as well - makes sense considering these two players are acquirers (or at least potentially so), not targets.
- With the deal, Annaly is adding a portfolio of variable rate mortgages to its books for about 85% of book value.
- The rest of the sector has market caps of about $2.5B down to sub-$250M, making them digestible as well.
- CYS Investments (CYS +1.3%), American Capital Mortgage (MTGE +1.9%), New York Mortgage (NYMT +2.5%), Anworth Mortgage (ANH +1.2%), Dynex Capital (DX +0.9%), AG Mortgage (MITT +1.2%), Ellington Residential (EARN +1.2%), PennyMac (PMT +1%), Five Oaks (OAKS +1.6%).
- ETFs: MORL, REM, MORT
- Now read: Annaly: Boom Goes The Dynamite (April 11)
Tue, Mar. 29, 2:56 PM
- A fast series of rate hikes wouldn't be good news for mortgage REITs, whose carry-trade business model breaks down with a flat or, worse, inverted yield curve.
- Any worries about hawkish Fed action were considerably diminished today after Janet Yellen said caution on rate hikes is "especially warranted," and suggested there's more slack in the labor market than what the trim 4.9% headline UE rate would suggest.
- Mostly lower earlier, the mREIT sector (REM +1.2%) has turned sharply higher.
- Annaly Capital (NLY +0.35), American Capital (AGNC +0.4%), Armour (ARR +1.2%), CYS Investments (CYS +2.3%), New York Mortgage (NYMT +3.2%), MFA Financial (MFA +1.4%), Western Asset (WMC +2.7%), Anworth (ANH +1.5%), Dynex (DX +2.1%), AG Mortgage (MITT +1.9%), Ellington Financial (EFC +1.2%).
Mon, Mar. 21, 11:12 AM
- Many had expected a cut in the $0.24 per share quarterly payout after the company earned just a penny in Q4, following $0.20 in Q3, and $0.20 in Q2.
- At the current price of $5.02 the stock is selling for about a 23% discount to Dec. 31 book value.
- Previously: New York Mortgage Trust declares $0.24 dividend (March 18)
- NYMT +7.65%
Fri, Mar. 18, 5:41 PM
Fri, Mar. 18, 4:07 PM
Thu, Mar. 17, 1:31 PM
- It's day two of advances for the mortgage REIT sector (REM +1.6%) after the Fed's dovish turn yesterday. The spread between two-year and ten-year U.S. Treasury yields is up to 102 basis points vs. an eight-year low of 95 bps just over a week ago. That spread, of course, is what mortgage REITs profit from, and bigger is better.
- American Capital Agency (AGNC +1.8%), Two Harbors (TWO +2%), CYS Investments (CYS +1.8%), New York Mortgage (NYMT +5.3%), MFA Financial (MFA +1.2%), Dynex (DX +2.4%), Ellington (EARN +1.7%), Five Oaks (OAKS +2.9%)
- ETFs: MORL, REM, MORT, LMBS
- Previously: Mortgage REITs in the green after dovish Fed (March 16)
Wed, Mar. 16, 2:32 PM
- Losing some ground of late on concern about a faster-than-expected series of rate hikes, the mortgage REITS (REM +1.1%) are catching a bid after the Fed cut its 2016 rate hike forecast to just two moves from four.
- Armour (ARR +1.5%), Annaly (NLY +0.9%), Chimera (CIM +1.6%), Invesco (IVR +1.7%), New York Mortgage (NYMT +1.4%), Hatteras (HTS +1%), Capstead (CMO +1.1%), Western Asset (WMC +1.5%), AG Mortgage (MITT +1.2%), Ellington (EFC +1.6%)
- ETFs: MORL, REM, MORT, LMBS
- Previously: Financials suffer as Fed cuts rate hike forecast (March 16)
- Previously: Fed stays on hold, sees just two rate hikes this year (March 16)
Fri, Feb. 26, 10:07 AM
- The mREITs (REM +1.3%) are higher across the board after Apollo Residential Mortgage (AMTG +31.3%) agrees to a sale at a hefty premium to last night's close, but still at a discount to book value.
- The entire sector is trading at sizable discounts to book value, with some names at massive discounts. For its part, Apollo Residential yesterday could be purchased for about 60% of its end-of-year book value. And the assets on the books of these companies tend to be highly liquid and easily valued.
- Running an mREIT may not be a terribly efficient exercise at the small market caps most of the sector sports. The companies depend on being able to issue stock with which to fund growth, but can't do so (without being wildly dilutive) when the shares are trading at such wide discounts.
- Sector giants Annaly Capital (NLY +0.6%) and American Capital Agency (AGNC +1.2%) have market caps above $6B, and Two Harbors (TWO +0.8%), Chimera (CIM +1.1%), CYS Investments (CYS +1%), Invesco (IVR +3.5%), Hatteras (HTS +1.2%), MFA Financial (MFA +1%), and Capstead (CMO +1%) are all near or well over $1B.
- Players in Apollo's league (sub-$500M market cap) include New York Mortgage (NYMT +1%), Western Asset (WMC +0.6%), Anworth (ANH +1.3%), Dynex (DX +1.4%), Arlington Asset (AI +4.6%), AG Mortgage (MITT +8.7%), The Ellingtons (EFC +1.9%), (EARN +1.1%), Javelin (JMI +2.8%), Orchid Island (ORC +1.5%), Five Oaks (OAKS +0.7%), ZAIS Financial (ZFC +1.3%)
Wed, Feb. 24, 3:48 PM
- With the entire sector trading at sizable discounts to book value, buybacks are a popular tool for the mREITs of late, but New York Mortgage Trust (NYMT -20.8%) CEO Steve Mumma isn't a fan.
- "I think the repurchase is a backward-looking exercise and not a forward-looking opportunistic exercise," he said on this morning's conference call (transcript). The best way to defend the stock price, he says, is with investments that deliver strong returns.
- He does allow that repurchases make sense at some point - say 60% of book value. With today's melt-down, NYMT is all-of-a sudden practically there, trading at a 38% discount to book. As recently as last July, investors were willing to pay a premium to book to own this stock.
- Previously: Conservative stance, spread widening hit New York Mortgage income (Feb. 23)
Wed, Feb. 24, 12:48 PM
Tue, Feb. 23, 5:41 PM
Tue, Feb. 23, 4:21 PM
- Q4 net income of $1M or $0.01 per share vs. $22.4M and $0.20 in Q3. Dividend is $0.24.
- Book value per share of $6.54 vs. $6.82 three months earlier. Today's close of $5.08 is a 22% discount to book. About six months ago, investors priced the stock at a 10 premium.
- The dividend less the change in book value yields a negative return of $0.08 for the quarter (4.7% annualized).
- CEO Steven Mumma blames the big fall in income on the company's conservative posture - instead of putting money to work, management maintained a larger-than-normal cash position and lower-than-normal leverage. Spreads on parts of the company's CMBS portfolio - a driver of earnings in the past - widened in H2, cutting into income.
- Conference call tomorrow at 9 ET
- Previously: New York Mortgage Trust misses by $0.20 (Feb. 23)
- NYMT flat after hours
Tue, Feb. 23, 4:13 PM
Mon, Feb. 22, 5:35 PM
- ABCO, ALDR, ARC, ATRC, BBRG, BNFT, CAR, CONE, CPRT, CVG, CZR, DWA, DXCM, DY, EHTH, EIX, ENPH, ETSY, EXAM, EXR, FIVN, FMI, FSLR, GNMK, HAWK, HCKT, HLS, INFI, JAZZ, JBT, KRA, MASI, MATX, MSA, NYMT, ORA, PEI, PLKI, PRA, PRSS, PZZA, ROIC, RP, RUBI, SF, SLCA, SM, TGB, TROX, TTPH, TX, UCTT, VRSK, WBMD, WMGI, WTR, XXIA, Y
Wed, Jan. 20, 10:44 AM
- The discounts to book values across the sector have grown to such high levels that one wonders whether it just makes more sense for many of these players to liquidate the portfolios and return the money to the shareholders.
- Sector giants Annaly Capital (NLY -4.9%) and American Capital Agency (AGNC -4.6%) are selling at 30% discounts to their most recent book value.
- Armour Residential (ARR -8.3%), Invesco Mortgage (IVR -7%), Hatteras Financial (HTS -5%), New York Mortgage (NYMT -9.5%), Apollo Residential (AMTG -6.4%), AG Mortgage (MITT -7.2%), Anworth (ANH -6.3%), Arlington Asset (AI -8.7%), and Five Oaks (OAKS -8%) are selling at greater than 40% discounts. Two Harbors (TWO -7.5%), CYS Investments (CYS -6.2%), American Capital Mortgage (MTGE -6%), Capstead (CMO -5.9%), Dynex (DX -7.2%), Western Asset (WMC -8%), Ellington Residential (EARN -7.2%), and Orchid Island (ORC -9.6%) are all nearing 40% discounts.
- MFA Financial (MFA -6.4%) and Chimera Investment (CIM -8.1%) are both nearing 30% discounts to book.
- ETFs: MORL, REM, MORT, LMBS
New York Mortgage Trust, Inc. operates as a real estate investment trust, which acquires, invests and manages primarily mortgage-related assets and financial assets. It invests in mortgage-related and financial assets and targets residential mortgage loans, including second mortgages and loans... More
Industry: Mortgage Investment
Country: United States
Other News & PR