NEW YORK, June 18, 2015 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (NYMT) (the “Company”) announced today that its Board of Directors declared a regular quarterly cash dividend of $0.27 per share on shares of its common stock for the quarter ending June 30, 2015. The dividend will be payable on July 27, 2015 to common stockholders of record as of June 29, 2015.
This is what I find particularly disappointing:
" The decrease in book value per common share of $0.07 was due to dividends on common stock paid of $0.16 per share, partially offset by net income allocable to common shares of $0.07, and other net mark to market adjustments of $0.02."
ROC continues. I agree 4.25 is very likely. The only thing I can say in their defense is that the environment was pretty tough on a large chunk of the REITs this Q.
Yea, they kind of did:
"Management's goal with respect to realized capital gains on the distressed loan portfolio has been, and will continue to be, concentrated on executing sell-trades at the most favorable price it believes it can obtain, and this often will not coincide perfectly with quarterly cut-off dates. Consequently, the Company is going to have quarters where net income per share is above or below the Company's current dividend payout rate and this will frequently be driven by the level of dispositions consummated during the quarter. For this reason, management focuses on earnings generation over a twelve month period."
I will say this, if the price drops to 4 before the next ex date and they don't buy back a large chunk of shares at a 20% discount plus the savings on dividends they are royal fools.
There may be a bit of contagion going on presently through the sector. A couple of the mREITS just reported (HTS, CYS) and they had more substantial comprehensive losses. Their book values both took a pretty good dive again. GRANTED they are mREITs and of different fundamental breed than RSO, but just being a member of the sector is all it takes to get caught up in the bath water.
Since MBS pricing has been on the decline, I'm anticipating another drop in asset value here of approximately 5 - 10%. Earnings I have not a clue on at this point. I'm still watching, not buying, until I see real improvement in black and white.
I believe the general inference they are making is that due to the closing dates of equity sales, which has been an integral percentage of their income, some quarters may show lower earnings while others will be higher (like Q3 & Q4). They have a chunk of UTI so there should be no disruption in the dividend. I'm guessing it wasn't a seller's market the first quarter due to the drop in interest rates and everyone's hedges getting scuffed. I'll go out on a limb and predict they report earnings in the .30's or better for Q2.
Seeds.bill, the only problem you have is you're too nice a guy. ;) You've got nothing to apologize for either. If I had stayed and drank their Kool Aid I would have been calling them far worse by now. I drank the juice too until 2 things happened, (1) ROC started to turn up in the 1099 and (2) they started doing offerings below book. But know none of us were born as experts and everyone picks some "learning experiences" along the way. I'll admit their CC's always offered spins to keep investors expecting more. I've been there, done that. I'm only posting here now because I thought they may have finally stopped the bleeding by reducing the dividend and was considering giving them a new look. Instead it upsets me to see longs have to suffer through the same ___. Best of luck to you, hang in there.
Yep, shorts dropping, one year targets rising, interest rates rising. It's all good in Wonderland. Time to focus on making good even better. I think a couple covering brokers owe us an upgrade or two.
I wish I could give you a plausible answer. However at this point I think it's management that needs to answer these questions. I see no positive in this for shareholders from my point of view at this juncture. Hope to be proven wrong, but I'm not going to wait forever either.
For the first quarter of 2015:
Revenues were $147.0 million, up 2 percent. Excluding revenues from reimbursed expenses, revenues increased 4 percent. This increase included contributions from four more 767 dry leases with external customers, versus the same quarter a year ago. These leases offset reductions in revenues from certain international operations.
Pre-tax earnings from continuing operations increased 40 percent to $14.5 million as results from ATSG's airline businesses again improved sharply versus the prior-year period.
Net earnings from continuing operations increased 36 percent to $8.9 million, or 14 cents per diluted share. Operating loss carryforwards for U.S. federal income tax purposes offset much of the company’s federal tax liabilities. ATSG does not expect to pay significant federal income taxes until 2017 at the earliest.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) increased 20 percent to $46.5 million.
It's Peter robbing Paul and you know it. How great is a dividend when a substantial component of it is ROC? They declared .16, but how much of that r e a l l y covered the dividend? 9 cents. They just haven't been able to break this pattern and until they do I just cannot see a sustained upside.
They can try putting lipstick on it and hope the dividend "guarantee" will keep investors interested, but if the book keeps falling the discount will follow it.
If they spent just 50M they could acquire 12,500,000 shares at price of 4. The value of those shares in accordance to book value is 62.5M for a gain of 12.5M in relation to stockholders equity. Now add another 2M for dividends not being paid on the 12.5 million shares if bought before ex div date. That's 14.5M total more in stockholder equity. The pool is reduced by those 12.5M shares to about 116M. $14.5M into the remaining shares results in a 12.5 cent increase in book value plus saves them at least 2M per quarter going forward on the dividend savings. Doubt there will be enough time to get that size of a block thuogh.
You seem to be avoiding me. Is this thread going to suddenly vanish also like the last 2? Your posting history sure looks weak, but you are a brand new member of course.
What say you to the 400+ basis point rise in the 10 year T since the end of the last quarter?
I think they have some 'splaining to do. I just started a position here in a taxable account. I specifically had checked their tax treatment on historical dividends as an integral part of my DD. I would NOT have opened a position here if I had known this was going to be the case. I likely will be exiting very soon...
Are you saying interest rates are unchanged? You do realize the 10 year T has risen by over 400 basis points since the end of Q1, right?
What a total smear of BS. If they don't stop bleeding the book value to pay that dividend what good is it? Share buy back? Where are the funds for that coming from? The current discount to book value is in the same realm as most other reits. How do they buy back shares, pay a minimum .16 dividend, and keep from eroding the current book value even more?
You remember nobody like me. If you did you'd know I bought a slew of shares in 2009 and sold about 2 years ago. I did very well here, but knew when the party was over.
I was posting here before you likely knew this stock existed. I was run off this board when I started warning people about the increasing ROC associated with the dividend.
And that trend is still in place. This drop of the dividend to .16 was specifically supposed to provide room to cover the dividend and grow the book. One quarter down, still in the same slide.
To be honest, you remind me of the people who ran me off this board and now some of those same people are pitching a fit about how the company has performed.
O great Karnac, why should they wait after the ex date to start buying back shares? Would they not save having to pay a dividend on any shares they buy prior to ex date? Unless you are presuming that the share price will continue to decline going into ex.