RAIT Financial Trust (RAS) Shares Gap Down After Earnings Miss

RAIT Financial Trust (NYSE:RAS)’s share price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $1.74, but opened at $1.68. RAIT Financial Trust shares last traded at $1.41, with a volume of 2,395,714 shares trading hands.

The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing the 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 business had revenue of $22.81 million during the quarter, compared to the consensus estimate of $28.78 million.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, August 25th will be paid a $0.05 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.20 dividend on an annualized basis and a yield of 18.87%. RAIT Financial Trust’s dividend payout ratio is presently -23.38%.

A number of equities analysts have commented on RAS shares. Zacks Investment Research raised shares of RAIT Financial Trust from a “hold” rating to a “buy” rating and set a $2.50 price target for the company in a research note on Wednesday, July 5th. ValuEngine cut shares of RAIT Financial Trust from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Deutsche Bank AG cut their price objective on shares of RAIT Financial Trust from $2.75 to $1.60 and set a “hold” rating for the company in a research note on Tuesday. FBR & Co cut shares of RAIT Financial Trust from a “buy” rating to a “neutral” rating and cut their price objective for the company from $3.00 to $1.25 in a research note on Tuesday. Finally, JMP Securities cut shares of RAIT Financial Trust from a “market perform” rating to an “underperform” rating in a research note on Wednesday, August 9th. Two equities research 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 an average rating of “Hold” and an average target price of $1.78.

In other news, insider Thomas D. Wren purchased 45,000 shares of the company’s stock in a transaction on Monday, June 5th. The stock was acquired at an average price of $2.29 per share, with a total value of $103,050.00. Following the transaction, the insider now directly owns 45,000 shares of the company’s stock, valued at approximately $103,050. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its position in shares of RAIT Financial Trust by 128.0% in the first quarter. Bank of America Corp DE now owns 32,861 shares of the real estate investment trust’s stock valued at $105,000 after buying an additional 18,448 shares during the period. Tudor Investment Corp ET AL raised its position in shares of RAIT Financial Trust by 112.8% in the second quarter. Tudor Investment Corp ET AL now owns 57,888 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 30,685 shares during the period. SG Americas Securities LLC bought a new position in shares of RAIT Financial Trust during the first quarter valued at approximately $133,000. Voya Investment Management LLC raised its position in shares of RAIT Financial Trust by 16.9% in the second quarter. Voya Investment Management LLC now owns 65,583 shares of the real estate investment trust’s stock valued at $144,000 after buying an additional 9,472 shares during the period. Finally, Cubist Systematic Strategies LLC raised its position in shares of RAIT Financial Trust by 153.3% in the second quarter. Cubist Systematic Strategies LLC now owns 77,390 shares of the real estate investment trust’s stock valued at $169,000 after buying an additional 46,839 shares during the period. Institutional investors and hedge funds own 58.69% of the company’s stock.

The company’s market capitalization is $98.69 million. The company has a 50-day moving average of $1.83 and a 200 day moving average of $2.61.

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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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