Geode Capital Management LLC Has $2.34 Million Position in RAIT Financial Trust (RAS)
Geode Capital Management LLC increased its stake in shares of RAIT Financial Trust (NYSE:RAS) by 25.8% during the first quarter, according to its most recent filing with the SEC. The fund owned 730,333 shares of the real estate investment trust’s stock after buying an additional 149,725 shares during the period. Geode Capital Management LLC owned approximately 0.79% of RAIT Financial Trust worth $2,336,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of RAIT Financial Trust during the first quarter valued at approximately $133,000. American International Group Inc. boosted its stake 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 valued at $181,000 after buying an additional 3,707 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of RAIT Financial Trust by 8.8% in the first quarter. Wells Fargo & Company MN now owns 67,631 shares of the real estate investment trust’s stock valued at $217,000 after buying an additional 5,475 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of RAIT Financial Trust by 0.8% in the first quarter. Ameriprise Financial Inc. now owns 80,285 shares of the real estate investment trust’s stock valued at $257,000 after buying an additional 645 shares during the last quarter. Finally, IndexIQ Advisors LLC boosted its stake in shares of RAIT Financial Trust by 11.7% in the first quarter. IndexIQ Advisors LLC now owns 97,731 shares of the real estate investment trust’s stock valued at $313,000 after buying an additional 10,251 shares during the last quarter. Institutional investors and hedge funds own 58.69% of the company’s stock.
RAIT Financial Trust (NYSE:RAS) traded down 4.5380% during trading on Friday, hitting $0.8751. The company’s stock had a trading volume of 3,059,149 shares. The firm’s market cap is $81.48 million. The firm has a 50 day moving average of $1.67 and a 200 day moving average of $2.51. RAIT Financial Trust has a 12 month low of $0.85 and a 12 month high of $3.91.
RAIT Financial Trust (NYSE:RAS) last released its quarterly earnings data on Tuesday, August 8th. The real estate investment trust reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by $0.08. The firm had revenue of $22.81 million for the quarter, compared to analysts’ expectations of $28.78 million. RAIT Financial Trust had a positive return on equity of 0.98% and a negative net margin of 99.46%. Equities research analysts predict that RAIT Financial Trust will post ($1.84) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, August 25th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $0.20 annualized dividend and a yield of 22.85%. RAIT Financial Trust’s payout ratio is currently -12.99%.
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RAS has been the topic of several analyst reports. Zacks Investment Research upgraded RAIT Financial Trust from a “hold” rating to a “buy” rating and set a $2.50 target price on the stock in a report on Wednesday, July 5th. ValuEngine cut RAIT Financial Trust from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Deutsche Bank AG cut their price target on RAIT Financial Trust from $2.75 to $1.60 and set a “hold” rating on the stock in a report on Tuesday, August 15th. FBR & Co cut RAIT Financial Trust from a “buy” rating to a “neutral” rating and cut their price target for the stock from $3.00 to $1.25 in a report on Tuesday, August 15th. Finally, JMP Securities cut RAIT Financial Trust from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $1.78.
In other news, insider Thomas D. Wren acquired 45,000 shares of RAIT Financial Trust stock in a transaction 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 acquisition, the insider now directly owns 45,000 shares of the company’s stock, valued at approximately $103,050. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.30% of the company’s stock.
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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