RAIT Financial Trust (RAS) Shares Bought by California Public Employees Retirement System
California Public Employees Retirement System increased its stake in shares of RAIT Financial Trust (NYSE:RAS) by 12.7% during the second quarter, Holdings Channel reports. The fund owned 613,900 shares of the real estate investment trust’s stock after buying an additional 69,100 shares during the period. California Public Employees Retirement System owned approximately 0.67% of RAIT Financial Trust worth $1,922,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Emerald Acquisition Ltd. acquired a new stake in shares of RAIT Financial Trust during the second quarter valued at about $1,113,000. Bank of Montreal Can acquired a new stake in shares of RAIT Financial Trust during the second quarter valued at about $110,000. Foundry Partners LLC acquired a new stake in shares of RAIT Financial Trust during the second quarter valued at about $4,491,000. Metropolitan Life Insurance Co. NY raised its stake in shares of RAIT Financial Trust by 1.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 61,048 shares of the real estate investment trust’s stock valued at $192,000 after buying an additional 867 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of RAIT Financial Trust during the first quarter valued at about $656,000. Hedge funds and other institutional investors own 57.26% of the company’s stock.
RAIT Financial Trust (NYSE:RAS) traded down 1.95% during midday trading on Thursday, hitting $3.01. 155,019 shares of the stock traded hands. The stock’s market capitalization is $277.48 million. RAIT Financial Trust has a 12-month low of $1.85 and a 12-month high of $5.45. The firm’s 50 day moving average is $3.14 and its 200-day moving average is $3.09.
RAIT Financial Trust (NYSE:RAS) last announced its quarterly earnings results on Friday, August 5th. The real estate investment trust reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate 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 had revenue of $85.07 million for the quarter, compared to analyst estimates of $25.55 million. During the same period in the prior year, the business earned $0.37 EPS. On average, analysts anticipate that RAIT Financial Trust will post $0.49 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, October 7th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 11.73%. The ex-dividend date of this dividend is Wednesday, October 5th. RAIT Financial Trust’s dividend payout ratio is -109.09%.
Separately, Zacks Investment Research raised shares of RAIT Financial Trust from a “sell” rating to a “hold” rating in a report on Thursday, September 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. RAIT Financial Trust has a consensus rating of “Hold” and a consensus price target of $3.23.
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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