RAIT Financial Trust (RAS) Trading 2.5% Higher After Dividend Announcement
Shares of RAIT Financial Trust (NYSE:RAS) rose 2.5% during trading on Tuesday after the company announced a dividend. The company traded as high as $3.23 and last traded at $3.22, with a volume of 470,803 shares. The stock had previously closed at $3.14.
The newly announced dividend which will be paid on Monday, October 31st. Investors of record on Friday, October 7th will be paid a $0.09 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.36 annualized dividend and a yield of 10.78%. RAIT Financial Trust’s dividend payout ratio (DPR) is currently -109.09%.
RAS has been the topic of several research analyst reports. Zacks Investment Research raised RAIT Financial Trust from a “sell” rating to a “hold” rating in a research note on Thursday, September 1st. TheStreet cut RAIT Financial Trust from a “hold” rating to a “sell” rating in a research report on Friday, May 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $3.23.
The firm’s market capitalization is $307.90 million. The firm has a 50 day moving average price of $3.08 and a 200-day moving average price of $3.06.
RAIT Financial Trust (NYSE:RAS) last released its quarterly earnings data on Friday, August 5th. The real estate investment trust reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by $0.21. RAIT Financial Trust had a net margin of 8.13% and a return on equity of 9.09%. The business earned $85.07 million during the quarter, compared to analyst estimates of $25.55 million. During the same quarter in the prior year, the company posted $0.37 earnings per share. Equities analysts expect that RAIT Financial Trust will post $0.49 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RAS. Vanguard Group Inc. raised its stake in shares of RAIT Financial Trust by 1.1% in the second quarter. Vanguard Group Inc. now owns 11,434,716 shares of the real estate investment trust’s stock worth $35,791,000 after buying an additional 128,127 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of RAIT Financial Trust by 21.5% in the second quarter. BlackRock Fund Advisors now owns 4,380,612 shares of the real estate investment trust’s stock worth $13,711,000 after buying an additional 775,569 shares during the last quarter. State Street Corp raised its stake in shares of RAIT Financial Trust by 4.9% in the second quarter. State Street Corp now owns 1,471,401 shares of the real estate investment trust’s stock worth $4,604,000 after buying an additional 68,129 shares during the last quarter. Foundry Partners LLC purchased a new stake in shares of RAIT Financial Trust during the second quarter worth about $4,491,000. Finally, California Public Employees Retirement System raised its stake in shares of 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 worth $1,922,000 after buying an additional 69,100 shares during the last quarter. Hedge funds and other institutional investors own 57.26% of the company’s stock.
RAIT Financial Trust Company Profile
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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