Manhattan Bridge Capital cut to Hold at Maxim on earnings miss, dividend cut

Maxim analyst Michael Diana downgraded Manhattan Bridge Capital to Hold from Buy. The analyst cites the company’s Q4 earnings miss and a 10% dividend cut to an annualized yield of 8.3%, which is "well below" its peers. The miss and the dividend cut reflect a more difficult operating environment for mortgage companies, with funding costs up and originations down, Maxim tells investors in a research note.