RAIT Financial Trust (RAS) Downgraded by FBR & Co to “Neutral”
RAIT Financial Trust (NYSE:RAS) was downgraded by research analysts at FBR & Co from a “buy” rating to a “neutral” rating in a report released on Tuesday. They currently have a $1.25 price target on the real estate investment trust’s stock, down from their previous price target of $3.00. FBR & Co’s price target suggests a potential downside of 6.02% from the company’s current price.
A number of other research analysts also recently weighed in on RAS. Zacks Investment Research raised shares of RAIT Financial Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, May 2nd. ValuEngine downgraded shares of RAIT Financial Trust from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. JMP Securities downgraded shares of RAIT Financial Trust from a “market perform” rating to an “underperform” rating in a research report on Wednesday, August 9th. Finally, Deutsche Bank AG dropped their price target on shares of RAIT Financial Trust from $2.75 to $1.60 and set a “hold” rating on the stock in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $1.78.
Shares of RAIT Financial Trust (RAS) traded down 10.53% during midday trading on Tuesday, reaching $1.19. 692,411 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $1.95 and a 200 day moving average price of $2.66. RAIT Financial Trust has a 12 month low of $1.18 and a 12 month high of $3.91. The firm’s market cap is $110.79 million.
RAIT Financial Trust (NYSE:RAS) last released its earnings results on Tuesday, August 8th. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.08. RAIT Financial Trust had a negative net margin of 99.46% and a positive return on equity of 0.98%. The company had revenue of $22.81 million for the quarter, compared to the consensus estimate of $28.78 million. Equities research analysts predict that RAIT Financial Trust will post ($0.35) earnings per share for the current year.
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In other RAIT Financial Trust news, insider Thomas D. Wren purchased 45,000 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were bought at an average cost of $2.29 per share, for a total transaction of $103,050.00. Following the purchase, the insider now owns 45,000 shares of the company’s stock, valued at approximately $103,050. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.30% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new stake in shares of RAIT Financial Trust during the fourth quarter worth approximately $215,000. Shell Asset Management Co. acquired a new stake in shares of RAIT Financial Trust during the first quarter worth approximately $501,000. Acadian Asset Management LLC acquired a new stake in shares of RAIT Financial Trust during the first quarter worth approximately $372,000. 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 last quarter. Finally, Creative Planning boosted its stake in shares of RAIT Financial Trust by 10.1% in the second quarter. Creative Planning now owns 603,650 shares of the real estate investment trust’s stock worth $1,322,000 after buying an additional 55,358 shares during the last quarter. Institutional investors own 58.69% of the company’s stock.
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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