Zacks Investment Research upgraded shares of RAIT Financial Trust (NYSE:RAS) from a hold rating to a buy rating in a report released on Wednesday morning. The firm currently has $2.50 price objective on the real estate investment trust’s stock.
According to Zacks, “RAIT Financial Trust is an internally-managed real estate investment trust. It provides debt financing options to owners of commercial real estate and invests directly into commercial real estate properties located throughout the United States. RAIT originates secured and unsecured credit facilities including bridge and mezzanine loans, preferred equity investments, trust preferred securities and subordinated debt for private and corporate owners of commercial real estate, REITs, and real estate operating companies and their intermediaries. The Company is also an asset and property manager of real estate-related assets. RAIT Investment Trust is based in Philadelphia, Pennsylvania. “
Separately, ValuEngine lowered RAIT Financial Trust from a buy rating to a hold rating in a report on Friday, June 2nd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $3.00.
RAIT Financial Trust (NYSE RAS) traded up 1.46% during midday trading on Wednesday, reaching $2.09. The company’s stock had a trading volume of 225,214 shares. The stock’s 50 day moving average is $2.26 and its 200 day moving average is $3.02. RAIT Financial Trust has a 12-month low of $1.88 and a 12-month high of $3.91. The stock’s market cap is $193.72 million.
RAIT Financial Trust (NYSE:RAS) last released its earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.04. The business had revenue of $29.60 million for the quarter, compared to analyst estimates of $32.20 million. RAIT Financial Trust had a return on equity of 3.41% and a net margin of 11.06%. During the same quarter in the previous year, the company posted ($0.20) earnings per share. Analysts anticipate that RAIT Financial Trust will post ($0.44) earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Friday, May 26th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 17.48%. The ex-dividend date of this dividend was Wednesday, May 24th. RAIT Financial Trust’s dividend payout ratio is presently -149.99%.
In other RAIT Financial Trust news, insider Thomas D. Wren acquired 45,000 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were purchased at an average price of $2.29 per share, with a total value of $103,050.00. Following the completion of the acquisition, the insider now directly owns 45,000 shares of the company’s stock, valued at approximately $103,050. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in RAS. Bank of America Corp DE raised its position in shares of RAIT Financial Trust by 128.0% in the first quarter. Bank of America Corp DE now owns 32,861 shares of the real estate investment trust’s stock worth $105,000 after buying an additional 18,448 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of RAIT Financial Trust during the first quarter worth $133,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of RAIT Financial Trust during the fourth quarter worth $176,000. American International Group Inc. raised its position in shares of RAIT Financial Trust by 7.0% in the first quarter. American International Group Inc. now owns 56,509 shares of the real estate investment trust’s stock worth $181,000 after buying an additional 3,707 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its position in shares of RAIT Financial Trust by 14.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 60,290 shares of the real estate investment trust’s stock worth $193,000 after buying an additional 7,677 shares in the last quarter. 60.10% of the stock is currently owned by hedge funds and other institutional investors.
RAIT Financial Trust Company Profile
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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