RAIT Financial Trust (RAS) Shares Down 6.6%
Shares of RAIT Financial Trust (NYSE:RAS) traded down 6.6% on Tuesday . The stock traded as low as $0.75 and last traded at $0.78. 1,368,382 shares traded hands during mid-day trading, an increase of 40% from the average session volume of 976,566 shares. The stock had previously closed at $0.83.
A number of analysts have commented on RAS shares. ValuEngine downgraded shares of RAIT Financial Trust from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded shares of RAIT Financial Trust from a “hold” rating to a “buy” rating and set a $2.50 price target on the stock in a research report on Wednesday, July 5th. 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. FBR & Co downgraded shares of RAIT Financial Trust from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $3.00 to $1.25 in a research report on Tuesday, August 15th. 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 report on Tuesday, August 15th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The company has an average rating of “Hold” and an average price target of $1.78.
The company’s market cap is $72.16 million. The company has a 50 day moving average price of $1.48 and a 200-day moving average price of $2.38.
RAIT Financial Trust (NYSE:RAS) last issued its quarterly earnings data on Tuesday, August 8th. The real estate investment trust reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by $0.08. RAIT Financial Trust had a positive return on equity of 0.98% and a negative net margin of 99.46%. The company had revenue of $22.81 million for the quarter, compared to the consensus estimate of $28.78 million. Analysts anticipate that RAIT Financial Trust will post ($1.84) earnings per share for the current fiscal year.
The business 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. This represents a $0.20 dividend on an annualized basis and a yield of 25.81%. The ex-dividend date is Wednesday, August 23rd. RAIT Financial Trust’s dividend payout ratio is currently -12.99%.
A number of large investors have recently modified their holdings of RAS. Goldman Sachs Group Inc. grew its holdings in RAIT Financial Trust by 236.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 979,408 shares of the real estate investment trust’s stock worth $2,145,000 after acquiring an additional 688,000 shares during the last quarter. Royce & Associates LP lifted its position in RAIT Financial Trust by 133.1% during the 1st quarter. Royce & Associates LP now owns 1,152,713 shares of the real estate investment trust’s stock valued at $3,689,000 after purchasing an additional 658,166 shares during the period. Cetera Investment Advisers acquired a new position in RAIT Financial Trust during the 2nd quarter valued at about $1,348,000. Renaissance Technologies LLC lifted its position in RAIT Financial Trust by 14.0% during the 1st quarter. Renaissance Technologies LLC now owns 4,163,100 shares of the real estate investment trust’s stock valued at $13,322,000 after purchasing an additional 511,400 shares during the period. Finally, Forsta AP Fonden acquired a new position in RAIT Financial Trust during the 2nd quarter valued at about $442,000. 59.90% of the stock is currently owned by hedge funds and other institutional investors.
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.