RAIT Financial Trust (RAS) Announces Quarterly Earnings Results
RAIT Financial Trust (NYSE:RAS) released its quarterly earnings results on Tuesday. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.08, Morningstar.com reports. RAIT Financial Trust had a net margin of 11.06% and a return on equity of 3.41%.
RAIT Financial Trust (NYSE RAS) opened at 1.68 on Wednesday. The company’s market capitalization is $155.72 million. RAIT Financial Trust has a 12-month low of $1.56 and a 12-month high of $3.91. The firm has a 50-day moving average of $2.06 and a 200 day moving average of $2.78.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, August 25th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $0.20 annualized dividend and a yield of 11.90%. RAIT Financial Trust’s dividend payout ratio is currently -149.99%.
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In other RAIT Financial Trust news, insider Thomas D. Wren acquired 45,000 shares of the business’s stock in a transaction dated Monday, June 5th. The stock was bought at an average price of $2.29 per share, with a total value of $103,050.00. Following the purchase, the insider now owns 45,000 shares of the company’s stock, valued at $103,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in RAS. Russell Investments Group Ltd. acquired a new stake in shares of RAIT Financial Trust during the fourth quarter worth about $215,000. State Street Corp boosted its stake in shares of RAIT Financial Trust by 8.5% in the fourth quarter. State Street Corp now owns 1,714,275 shares of the real estate investment trust’s stock worth $5,759,000 after buying an additional 134,427 shares during the period. Teachers Advisors LLC boosted its stake in shares of RAIT Financial Trust by 5.4% in the fourth quarter. Teachers Advisors LLC now owns 158,939 shares of the real estate investment trust’s stock worth $534,000 after buying an additional 8,144 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of RAIT Financial Trust during the first quarter worth about $372,000. Finally, Shell Asset Management Co. acquired a new stake in shares of RAIT Financial Trust during the first quarter worth about $501,000. 60.30% of the stock is owned by institutional investors.
Several research firms have weighed in on RAS. Zacks Investment Research raised shares of RAIT Financial Trust from a “sell” rating to a “hold” rating in a report on Tuesday, May 2nd. ValuEngine cut shares of RAIT Financial Trust from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, JMP Securities cut shares of RAIT Financial Trust from a “market perform” rating to an “underperform” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $3.00.
About RAIT Financial Trust
RAIT Financial Trust (RAIT) is a real estate investment trust (REIT). The Company focuses on providing commercial real estate (CRE) financing throughout the United States. The core of its business is a full service CRE lending platform focused on first lien loans. It offers customized lending solutions to meet borrower needs and internal credit goals.
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