New York Mortgage Trust, Inc. (NASDAQ:NYMT) to Issue $0.20 Quarterly Dividend

New York Mortgage Trust, Inc. (NASDAQ:NYMT) has announced a quarterly dividend of $0.20 per share. This declaration was made on Thursday, March 20th, and the dividend will be paid to shareholders of record as of Monday, March 31st. The payment date for this dividend is set for Monday, April 28th. Annually, this translates to a total dividend of $0.80, reflecting a significant yield of 11.63%.

Over the past three years, New York Mortgage Trust has consistently increased its dividend payments, averaging a rise of 30.1% annually. However, it's important to note that the firm's dividend payout ratio currently stands at 106.7%. This indicates that the company is unable to fully cover its dividend payments with its earnings, necessitating the use of its balance sheet to meet these obligations. Analysts project that New York Mortgage Trust will achieve earnings of $0.65 per share next year, meaning the company may struggle to sustain its $0.80 annual dividend, leading to a a projected payout ratio of 123.1%.

Stock Performance

The stock price of NYMT remained steady at $6.88 during Thursday’s trading session, with a total of 413,524 shares traded, in contrast to its usual volume of 646,378. Over the last year, the stock has fluctuated between a low of $5.14 and a high of $7.38. Financial metrics indicate a quick ratio of 8.25, a current ratio of 11.17, and a debt-to-equity ratio of 8.33. Currently, the market capitalization stands at $623.10 million with a P/E ratio of -6.04 and a beta of 1.93. Notably, the stock has been trading around a 50-day simple moving average of $6.34 and a 200-day simple moving average of $6.15.

Recently, on February 19th, New York Mortgage Trust released its quarterly earnings report, revealing a loss of $0.44 per share which fell short of analyst expectations of $0.03. The company recorded a negative return on equity of 1.39% and a net margin of -15.46%. Revenue for the quarter amounted to $26.71 million, surpassing analyst predictions of $20.06 million. Looking ahead, analysts forecast an average earnings per share of 0.51 for the current fiscal year.

Analyst Ratings and Price Targets

Several analysts have recently shared their insights regarding New York Mortgage Trust. StockNews.com upgraded the company from a “sell” rating to a “hold” rating as of March 2nd. Additionally, B. Riley revised their target price for New York Mortgage Trust from $11.00 to $8.00 while maintaining a “buy” rating. Analysts show a mixed sentiment, with four rating the stock as a hold and one as a buy. According to MarketBeat data, the stock carries an average rating of “Hold” with a consensus price target set at $7.00.

Company Overview

New York Mortgage Trust, Inc is actively involved in acquiring, investing in, financing, and managing mortgage-related assets in the United States. The firm’s investment focus includes a range of residential loans, structured multi-family property investments, non-agency residential mortgage-backed securities (RMBS), agency RMBS, and other mortgage and credit-related assets.

Dividend, Stocks, Investment