Back to top

Analyst Blog

New York Mortgage Trust, Inc. (NYMT - Snapshot Report) recently announced the commencement of an underwritten public offering of 2 million shares. To provide cover for over allotments, New York Mortgage also plans to offer an option to the underwriters of purchasing an additional 300,000 shares.

New York Mortgage expects to utilize the proceeds generated from the transaction to buy its targeted assets, including commercial mortgage loans and commercial mortgage-backed securities and Agency residential mortgage-backed securities (RMBS). The company also intends to utilize the proceeds for working capital purposes.

This public offering will enable the company to attain financial flexibility and is expected to position it to seize investment opportunities and acquisitions, which in turn will drive top-line growth. As of March 31, 2011, New York Mortgage’s cash position stood at $8.4 million.

During the first quarter 2011, the company reported earnings of $2.5 million, or 27 cents per share compared  with $2.7 million or  28 cents per share in the prior- year quarter.

New York Mortgage together with its subsidiaries operates as a real estate investment trust (REIT) in the United States. It invests primarily in real estate-related assets, including agency residential adjustable rate mortgage-backed securities issued by a government-sponsored enterprise of the United States, prime credit quality residential adjustable-rate mortgage loans and non-agency mortgage-backed securities.

New York Mortgage currently retains a Zacks #3 Rank, which translates into a short-term Strong Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, MFA Financial, Inc. (MFA - Snapshot Report) currently retains a Zacks #3 Rank.

Please login to or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research


Are you a new Zacks Member or a visitor to

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
PLANAR SYST… PLNR 4.44 +5.21%
BITAUTO HOL… BITA 81.71 +5.12%
CTPARTNERS… CTP 16.66 +4.26%
CHINA BIOLO… CBPO 47.91 +3.30%
MALLINCKROD… MNK 72.94 +2.85%