UBS Starts New York Mortgage Trust (NYMT) at Buy

UBS initiated coverage on New York Mortgage Trust (NASDAQ: NYMT) with a Buy rating and a price target of $10.00.

Analyst Matthew Howlett said, "NYMT is a real estate investment trust that purchases both Agency and non-Agency commercial and residential mortgage loans. It was formed in 2003 as a mortgage originator and portfolio manager and went public in 2004. NYMT's hybrid strategy and funding cost focused model is well positioned to maintain a healthy net interest margin in a rising interest rate environment. We expect NYMT to generate solid 10% average annual portfolio growth, primarily driven by its distressed residential loan book, resulting in relatively consistent double digit ROEs and dividend distributions."

For an analyst ratings summary and ratings history on New York Mortgage Trust click here. For more ratings news on New York Mortgage Trust click here.

Shares of New York Mortgage Trust closed at $7.66 yesterday.

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