New York Mortgage Trust Inc. (NYMT, Financial) has announced its third-quarter dividend with an ex-dividend date of Friday, Sept. 22. The real estate investment trust (REIT) will pay a dividend of 20 cents per share.
The REIT is trading at $6.36 with a forward dividend yield of 12.60%. Since 2015, the dividend has been decreasing. In September 2015, the dividend decreased to 24 cents and in March 2017, it was decreased to its current rate of 20 cents. It has a one-year dividend growth rate of -5.88% and a three-year dividend growth rate of -3.85%.
The REIT currently has 111.89 million shares outstanding with institutional ownership of 19.75%. BlackRock Fund Advisors is the leading institutional shareholder with 5.22% of the shares outstanding, followed by Vanguard with 3.94%.
On Aug. 3, the company reported its most recent earnings results. Revenue for the quarter was $15.71 million, a decrease of -5.71%. Revenue for the quarter contributed to total revenue of $29.63 million, which is down -14% from 2016.
Earnings per share for the quarter were 10 cents, unchanged from the comparable quarter. Earnings for the quarter contributed to 2017 earnings per share of 24 cents, which is an increase from 23 cents in 2016.
The New York Mortgage Trust primarily invests in mortgage-backed securities. Its individual holdings include residential mortgage loans, multifamily commercial mortgage-backed securities, directly financed multifamily property mezzanine loans, preferred equity investments and agency residential mortgage-backed securities. A breakdown of the portfolio’s assets for the second quarter shows the following:
Total capital was $843.4 million. The majority of the REIT portfolio is in multifamily investments at $508.1 million. Multifamily investments also generated the greatest portion of revenue at 76.59%.
The company has yet to announce the details of its third-quarter earnings call. For the third quarter, analysts are estimating revenue of $20.12 million, which would be an increase of 29.70%. Earnings per share is expected to be 14 cents.
Disclosure: I do not own any shares of NYMT.
