Seeking Alpha

New York Mortgage Trust, Inc. (NYMT)

  • Tue, Aug. 11, 12:59 PM
    • The Fed may be determined to hike rates, but deflationary signals are everywhere, with Beijing the latest government to acknowledge such with its devaluation overnight.
    • Crude oil has taken out a new six-year low, tumbling another 4% to $43.15 per barrel, and copper's 3% decline has brought it to a fresh six-year low. The grains are all down by 2% or more, but gold is marginally higher.
    • The major U.S. averages are down more than 1%, and Europe fell 1.5% today.
    • The 10-year Treasury yield is lower by a full ten basis points to 2.13%.
    • Leading the heavily discounted mREIT sector higher are Annaly Capital (NLY +1.1%), American Capital Agency (AGNC +1.3%), CYS Investments (CYS +1.2%), New York Mortgage (NYMT +1.6%), Hatteras Financial (HTS +1.3%), Capstead (CMO +1%), Anworth (ANH +1.4%), Dynex Capital (DX +2.6%), and AG Mortgage (MITT +1.6%).
    • In equity REITs: National Retail (NNN +1.2%), Equity Residential (EQR +1.5%), AvalonBay (AVB +1.2%), General Growth (GGP +1.9%), Kimco (KIM +1.4%), Whitestone REIT (WSR +2.9%), Washington Real Estate (WRE +1.2%), Hospitality Properties (HPT +2.3%), Chamber Street (CSG +1.1%).
  • Wed, Aug. 5, 3:15 PM
    • Blaming weak Q2 income mostly on lower than expected loan sale activity from the distressed loan portfolio, New York Mortgage Trust (NYMT -4.5%) CEO Steve Mumma says the company has made process adjustments to assure the same doesn't repeat in Q3.
    • Then there's NYMT's soon-to-be-introduced second mortgage program. Mumma expects net interest margin to "increase ratably" and provide a larger contribution to earnings than realized gains on sales of credit assets as the company heads into 2016.
    • Asked for more details on the new program, Mumma is tight-lipped, but says it will target prime or near-prime borrowers. Look for full details this quarter, he promises.
    • Earnings call transcript
    • Previously: New York Mortgage Trust income and book value slips in Q2 (Aug. 4)
    • Previously: New York Mortgage Trust misses by $0.03 (Aug. 4)
  • Wed, Aug. 5, 9:19 AM
  • Tue, Jul. 28, 9:52 AM
    • Investors take a least a small hiatus from selling the mortgage REITs after last night's clunker of an earnings report from American Capital Agency (AGNC +2%).
    • Book value fell by 6% during Q2, with higher rates, widening MBS spreads, and faster prepayments making for an ugly combination.
    • The company, however, entered Q3 with its lowest leverage since the financial crisis, giving it the firepower to buy assets on the cheap. At the close yesterday, the stock was selling for a 22% discount to June 30 book value. At some point, the bad news is priced in?
    • The earnings call is set for 11 ET.
    • Annaly Capital (NLY +1.6%), CYS Investments (CYS +0.8%), Western Asset (WMC +1.2%), New York Mortgage (NYMT +0.5%).
  • Thu, Jul. 23, 1:17 PM
    • CYS Investments last night reported a big drop in book value as the effect of sharply higher rates more than offset the company's hedges. Core income failed to cover the dividend as prepayments also rose.
    • The stock today is down 2.6% and trading at more than a 20% discount to book value.
    • Earlier this week, Hatteras also reported a decline in income and fall in book value.
    • Sector giants Annaly Capital (NLY -0.5%) and American Capital Agency (AGNC -0.7%) are performing the best today. Armour Residential (ARR -1.8%), Chimera Investment (CIM -0.8%), Invesco Mortgage (IVR -1.1%), New York Mortgage (NYMT -1.2%), Western Asset Mortgage (WMC -1%), Anworth Mortgage (ANH -1.2%), Arlington Asset (AI -2.3%), Ellington Residential (EARN -2.1%), Dynex Capital (DX -0.8%)
  • Fri, Jun. 5, 3:57 PM
  • Tue, May 5, 8:25 PM
    • Q1 net income of $22.1M or $0.21 per share vs. $40.5M and $0.42 in Q4. Net interest income of $21.6M with net interest margin of 415 basis points vs. $18.8M and 432 basis points. Dividend is $0.27.
    • Book valuer per share of $7.03 slips from $7.07 at start of year. Today's close of $7.84 is a 1.1x premium to book - NYMT remains the rare mREIT trading at a premium to book vale.
    • Sold about 2.7M shares through ATM program at average price of $7.97, raising $21.1M. Sold another 1.4M shares since quarter's end at average price of $7.79, raising another $10.8M.
    • CEO Steven Mumma: "Net income [was] tempered by a difficult market environment for our Agency IO portfolio and lower distressed loan resale and refinance activity." Concerned with executing trades at the best price, Mumma notes activity will not always coincide with quarterly cut-off dates. "The Company is going to have quarters where net income per share is above or below the Company's current dividend payout rate and this will frequently be driven by the level of dispositions consummated during the quarter."
    • Conference call tomorrow at 9 ET
    • Previously: New York Mortgage Trust misses by $0.05 (May 5)
    • NYMT -2% after hours
    | Comment!
  • Tue, Feb. 24, 4:56 PM
    • Q4 net interest income of $18.8M slips from $19.3M in Q3.
    • Net interest margin of 432 basis points up four basis points from Q3.
    • Book value per share of $7.07 up from $6.98. Today's close of $7.69 is 1.09x book.
    • CEO Steven Mumma: The company's focus on credit risk allows it to avoid much of having to worry about what interest rates are doing.
    • Company used some of Q4 its secondary offering proceeds to purchase a re-performing pool of mortgages for $328.4M, with a UPB of $367.6M.
    • Conference call tomorrow at 9 ET
    • Previously: New York Mortgage Trust beats by $0.20 (Feb. 24)
    • NYMT +1.4% after hours
  • Wed, Feb. 11, 7:40 AM
    • Citing the recent pullback in the stock as creating an attractive entry point, Ladenburg upgrades New York Mortgage Trust (NASDAQ:NYMT) to Buy with $8.25 price target.
    • NYMT is notable among the mortgage REITs for trading at a premium to book value.
    • Shares +0.8% premarket
    • Previously: Credit Suisse downgrades three mortgage REITs (Feb. 2)
  • Mon, Feb. 2, 2:52 PM
    • "The combination of a negative duration and relatively long dated hedges lead to book value underperformance in a flat curve environment," merits a downgrade to Underperfrom for Armour Residential (ARR -5.9%), says analyst Doug Harter.
    • "With above-average economic return volatility we expect CYS Investments (CYS -2.8%) to continue to have one of the lower price to book multiples among the Agency-only REITs," he says, also cutting to Underperform.
    • Tight credit spreads combining with low yields will make it tough for New York Mortgage Trust (NYMT -2.2%) to meaningfully expand core EPS enough to cover the dividend, says Harter, cutting that stock to Underperform. He also notes NYMT has the highest price-to-book ratio in his mREIT coverage universe.
    • Harter and team, however, still see some attractive values given the 12.9% discount to book the sector is selling for. PennyMac Mortgage Investment (PMT +0.2%), Two Harbors (TWO -0.7%) and New Residential (NRZ -1.6%) remain among top picks (though PMT and especially NRZ can hardly be considered mREITs).
    • Previously: Credit Suisse downgrades three mortgage REITs (Feb. 2)
    • Previously: JPMorgan previews Q4 for mREITs (Feb. 2)
  • Mon, Feb. 2, 7:33 AM
    • Armour Residential (ARR -1.5%), CYS Investments (CYS -0.6%), and New York Mortgage Trust (NYMT -1.4%) are all downgraded to Underperform from Neutral at Credit Suisse.
    • The details aren't yet available, but the team is no doubt eyeing the sharp flattening in the yield curve of late, and what that might do to earnings power going forward. Also, the sharp drop in bond yields could set the stage for a jump in refinancing, and thus prepayments.
    • As for valuation, both Armour and CYS trade at sizable discounts to their last reported (Sept. 30) book value, while NYMT sells for a premium - a rarity in mREIT land these days.
    • ARR is the only mover premarket, -2.4%.
  • Tue, Jan. 6, 2:17 PM
    • The 10-year yield has plunged all the way down to 1.94% and one would figure on some nice increases in book value for the mortgage REITs (REM -0.1%), but on the flip side are narrowing interest rate spreads (especially as the Fed still seems to be intent on hiking short rates), and what hedging losses the companies are taking.
    • Other ETFs: MORT, MORL
    • Individual names: Annaly Capital (NLY +0.4%), American Capital Agency (AGNC), Armour Residential (ARR -1%), CYS Investments (CYS -0.2%), Invesco Mortgage (IVZ -2.7%), New York Mortgage Trust (NYMT -0.5%), Hatteras Financial (HTS -0.3%), Western Asset Mortgage (WMC -2.7%), Ellington Residential (EARN -0.4%), Javelin Mortgage (JMI -3%).
  • Nov. 21, 2014, 9:35 AM
  • Nov. 21, 2014, 9:13 AM
    | Comment!
  • Nov. 21, 2014, 8:46 AM
    • New York Mortgage Trust (NASDAQ:NYMT) yesterday signed a commitment letter for the purchase of a pool of residential mortgage loans for about $345M. According to the seller, as of September 30, the pool was comprised of modified first lien mortgages with a UPB of roughly $394M and a weighted-average coupon rate of 6.41%.
    • The purchase is subject to continuing due diligence on NYMT's part, but the company expects to close this year, and last night launched a 15M share secondary offering to help fund the deal.
    • Shares are lower by 5% premarket as pricing detail on the secondary is awaited.
    | Comment!
  • Nov. 20, 2014, 4:24 PM
    • The offering size is 15M shares and the underwriters have a 2.25M share greenshoe. The proceeds are expected to help fund the purchase of a pool of residential mortgage loans. Should that purchase not go through, NYMT will look for other targeted assets to buy.
    • As of September 30, NYMT's book value was $6.98 and the stock closed at $8.18 today, a relatively whopping 1.17x book.
    • Source: Press Release
    • Shares -5% after-hours
Visit Seeking Alpha's
NYMT vs. ETF Alternatives
Company Description
New York Mortgage Trust Inc is a real estate investment trust. The Company is engaged in acquiring, investing in, financing and managing mortgage-related assets and, to a lesser extent, financial assets.
Sector: Financial
Country: United States