New York Mortgage (NASDAQ:NYMT) Trust, Inc. (NASDAQ:NYMT), a real estate investment trust, announced the results of its 2024 Annual Meeting of Stockholders held on Monday. The company, headquartered in New York, saw the election of seven directors to its Board of Directors and addressed two additional proposals during the gathering.
With 74.46% of outstanding shares represented, stockholders cast their votes on three key proposals. The first proposal involved the election of seven directors, all of whom were duly elected to serve until the 2025 Annual Meeting of Stockholders and until their successors are elected and qualified. The elected directors include Eugenia R. Cheng, Michael B. Clement, Audrey E. Greenberg, Steven R. Mumma, Steven G. Norcutt, Lisa A. Pendergast, and Jason T. Serrano.
The second proposal, a "say-on-pay" advisory vote, saw stockholders approve the compensation of the company's named executive officers. The third proposal concerned the ratification of Grant Thornton LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. This proposal also passed with a significant majority.
In addition to the voting results, the Board of Directors unanimously reappointed Steven G. Norcutt as Lead Independent Director and Steven R. Mumma as Chairman of the Board. These appointments were made on the same day as the Annual Meeting.
The company's SEC filing on June 24, 2024, provided the source of the information. This announcement underscores the company's adherence to corporate governance practices and its commitment to transparency with its stockholders.
In other recent news, New York Mortgage Trust has declared its quarterly cash dividends for Q2 2024. The company's Board of Directors announced a dividend of $0.20 per share on its common stock, along with dividends on various series of preferred stock. However, Keefe, Bruyette & Woods (KBW) recently revised its outlook on the company, lowering the price target from $8.50 to $7.00, maintaining a Market Perform rating.
In more recent developments, New York Mortgage Trust reported a challenging Q1 2024, with negative earnings per share of $0.75 due to impairments on joint venture equity positions. The company is now shifting its strategy, reducing exposure to multi-family joint venture equity investments and focusing more on Agency Residential Mortgage-Backed Securities (RMBS) and Business Purpose Loans (BPL).
InvestingPro Insights
As New York Mortgage Trust, Inc. (NASDAQ:NYMT) reinforces its corporate governance structure with the recent election of directors and other key decisions made by its stockholders, it's important for investors to consider the financial metrics and analyst insights that could impact the company's performance. According to InvestingPro data, NYMT has a market capitalization of $570.17 million and a notably high dividend yield of 12.82% as of the first quarter of 2024, which is significant for income-focused investors. Despite a striking revenue growth of 676.37% in the last twelve months as of Q1 2024, analysts have flagged concerns with a quarterly revenue decline of -59.03% and anticipate a sales decline in the current year.
Moreover, InvestingPro Tips suggest that while NYMT has succeeded in maintaining dividend payments for 21 consecutive years, analysts are cautious, having revised their earnings downwards for the upcoming period and not expecting profitability this year. Additionally, the stock has experienced considerable volatility, with a 6-month price total return of -25.67%. For investors looking for more detailed analysis, there are additional InvestingPro Tips available that could provide deeper insights into NYMT's financial health and future prospects. Interested readers can take advantage of a special offer using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to these valuable tips.
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