MMAB | MuniMae Soaring To New High After Asset Sale

MMABThe housing market is booming as the penny stocks of Fannie Mae (FNMA) and Freddie Mac (FMCC) have proven being the daily-top traded OTC listed stocks for over 2 months. Sneaking in today to the top 10 traded is another housing sector player, Municipal Mortgage & Equity, LLC (MMAB), as it set a new high just before the midday mark. Having devised a way to eliminate some risk by selling their fixed rate performing multifamily bond portfolio, for $849 million, thus relieving $799 million of debt and preferred equity obligations, MMAB stock is, needless to say, one hot penny stock right now.

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MMAB Stock Quote

Market Cap: 67.11M
Last: 1.62 ▲ +0.33 (+25.58%)
Volume: 733,336
Dollar Volume: $1,138,670
Open: 1.40
High: 1.64
Low: 1.39
Trades: 329
Authorized: unknown
Issued and Outstanding: 41,429,669
1st Resistance Point: 1.7233
2nd Resistance Point: 1.8067
1st Support Level: 1.4733

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Municiapl Mortage & Equity, aka MuniMae, currently operates through 2 reportable segments: U.S. Operations and International Operations. The Company’s U.S. Operations are its primary business: managing its bond portfolio which is comprised primarily of tax-exempt bonds issued by state and local authorities to finance affordable multifamily rental developments. Their International Operations take place through a subsidiary, IHS, which has a strategy to raise, invest in and asset manage private real estate funds which invest in affordable for-sale and rental housing in South Africa and, to a lesser extent, Sub-Saharan Africa.

For the 3 months ended March 31, 2013, MuniMae reported total revenues, net of interest expense from the 2 segments of $13.063 million and 818 thousand. The Company had debt agreements totaling $5.0 million at March 31, 2013 that had payment defaults at maturity, but were subject to a forbearance agreement that expires on April 30, 2015. However, what trumps these numbers is the Company’s total net assets prior to the recent sale: $1.799 billion.

On Wednesday, MuniMae announced that the Company will host a conference call on Tuesday July 9, 2013 at 4:30 p.m. ET to provide a business update and discuss further the sale which netted MuniMae $79 million in cash as well as its plans to convert to a corporation for federal income tax purposes and the expansion of its current share buyback plan. Based on these recent developments, MMAB stock set a new 52 week high, and is swinging for the fences with its plans to become a better penny stock than either FNMA or FMCC.

About MMAB Stock

Municipal Mortgage & Equity, LLC makes and manages debt and equity investments, primarily through their ownership and management of tax-exempt bonds backed by affordable multifamily rental properties.

Click here to view the SEC filings for MMAB.
Click here to view the website for Municipal Mortgage & Equity.

Last 5 Trading Sessions:

Date Last Change % Change Volume
07/05/13 1.6200 +0.3300 +25.58% 733,336
07/03/13 1.2900 +0.0200 +1.57% 70,000
07/02/13 1.2700 -0.0400 -3.05% 71,400
07/01/13 1.3100 +0.0600 +4.80% 97,100
06/28/13 1.2500 +0.0100 +0.81% 98,300


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Bottom Line:

Those who took advantage of the shortened trading session on Wednesday and the slow session today to grab some MMAB could be positioned to see better gains than those penny stock traders flipping FNMA or FMCC. With an after-the-close conference call set for July 9, MMAB stock should stay hot until then and perhaps even offer another new 52 week high soon r details are released on the Company’s plans for the future.

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