Janney starts New York Mortgage with Neutral on lack of catalysts

Janney Montgomery Scott initiated coverage of New York Mortgage with a Neutral rating and $7 fair value estimate. The firm says shares are inexpensive and that is expects positive momentum and results out of its agency mortgage-backed securities strategy. However, consensus estimates remain well below the dividend, the company’s joint venture multi-family equity investments still need to be monetized, and it has limited currency to be opportunistic for the benefit of shareholders, the analyst tells investors in a research note. As such, Janney sees no near-term catalyst for the shares.