Ladenburg analyst Christopher Nolan downgraded New York Mortgage to Neutral from Buy and removed the firm’s previous $3 price target given the view that the current quarterly dividend payout is not secure. The firm, which is "increasingly cautious" on New York Mortgage’s real estate exposure, is modeling for a quarterly payout of 8c per share beginning in Q1, versus 10c per share in Q4.
Published first on TheFly
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