My first thought was now way on $12 - but then multiply this quarter by 4, and you get potential earnings somewhere between 1.25 and 1.36 and give it a 10X multiplier, and the $12 price is indeed reasonable if you believe they could substain the earnings. Nearly sold before the close yesterday in fear of lower earnings - then WOW, and the divie seems much safer. And I've got to believe the divie is what is driving lots of folks to buy this stock.
Sorry, Banks pay ~1% NYMT ~14%. Wall street will not unlock the value of these stocks. Other REITS have solved this through spin-offs. NCT and NRF both used this stragegy and the share prices skyrocketed from where they were. Fortunately I held both well before the announcements.