2023-06-02 09:16:16 ET
Arbor Realty Trust ( NYSE: ABR ) shares perked up 1.2% in Friday premarket trading as Wedbush analyst Jay McCanless started coverage of the commercial mortgage REIT on the basis of its stable earnings stream and attractive dividend yield.
McCanless talked up the company's "three-pronged revenue model," saying it "should help keep returns elevated over a variety of rate environments."
Its latest quarterly dividend yield of around 13.2% is in itself a solid stream of income and is "well-supported by both GAAP EPS and earnings available for distribution," he said in a note to clients.
The bullish coverage is also based on his "long-term optimism regarding the continued ability of the market to absorb new single-family rental and multifamily rental housing supply."
The Outperform rate converges with the average sell-side rating of Buy. ABR climbed 14.1% M/M, but fell 21.7% Y/Y.
More on Arbor Realty Trust
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Arbor Realty: A Sell, The Multifamily Real Estate Market Is In Trouble
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Arbor Realty Trust: Low Price, High Dividend Yield, And Risks
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Arbor Realty Trust started at Outperform at Wedbush