RAIT Financial Trust (RAS) Rating Increased to Hold at Zacks Investment Research
RAIT Financial Trust (NYSE:RAS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
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, JMP Securities restated a “hold” rating on shares of RAIT Financial Trust in a research note on Monday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $3.23.
Shares of RAIT Financial Trust (NYSE:RAS) opened at 3.09 on Friday. The firm’s market cap is $284.83 million. The firm’s 50-day moving average price is $2.97 and its 200 day moving average price is $3.09. RAIT Financial Trust has a 12-month low of $1.85 and a 12-month high of $4.45.
RAIT Financial Trust (NYSE:RAS) last released its quarterly earnings data on Thursday, November 3rd. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.12. RAIT Financial Trust had a return on equity of 9.61% and a net margin of 11.18%. On average, equities analysts expect that RAIT Financial Trust will post $0.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 31st. Investors of record on Friday, October 7th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 11.65%. The ex-dividend date was Wednesday, October 5th. RAIT Financial Trust’s dividend payout ratio is -138.46%.
Institutional investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. purchased a new position in RAIT Financial Trust during the first quarter valued at about $656,000. Foundry Partners LLC purchased a new position in RAIT Financial Trust during the second quarter valued at about $4,491,000. Bank of Montreal Can purchased a new position in RAIT Financial Trust during the second quarter valued at about $110,000. Emerald Acquisition Ltd. purchased a new position in RAIT Financial Trust during the second quarter valued at about $1,113,000. Finally, California Public Employees Retirement System boosted its position in RAIT Financial Trust by 12.7% in the second quarter. California Public Employees Retirement System now owns 613,900 shares of the real estate investment trust’s stock valued at $1,922,000 after buying an additional 69,100 shares in the last quarter. Institutional investors and hedge funds own 57.74% of the company’s stock.
About RAIT Financial Trust
RAIT Financial Trust (RAIT) is a self-managed and self-advised real estate investment trust (REIT). RAIT uses its vertically integrated platform and relationships to originate commercial real estate loans, acquire commercial real estate properties and invest in, manage and service commercial real estate assets.
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