JPMorgan Chase & Co. decreased its stake in RAIT Financial Trust (NYSE:RAS) by 9.7% during the second quarter, Holdings Channel reports. The fund owned 2,368,130 shares of the real estate investment trust’s stock after selling 254,980 shares during the period. JPMorgan Chase & Co. owned approximately 2.60% of RAIT Financial Trust worth $7,412,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. Bank of Montreal Can bought a new position in shares of RAIT Financial Trust during the second quarter valued at approximately $110,000. Metropolitan Life Insurance Co. NY boosted its position 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 worth $192,000 after buying an additional 867 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of RAIT Financial Trust during the second quarter worth about $299,000. Menta Capital LLC acquired a new position in shares of RAIT Financial Trust during the first quarter worth about $314,000. Finally, Royce & Associates LP boosted its position in shares of RAIT Financial Trust by 78.3% in the first quarter. Royce & Associates LP now owns 160,545 shares of the real estate investment trust’s stock worth $504,000 after buying an additional 70,500 shares in the last quarter. 57.26% of the stock is currently owned by institutional investors and hedge funds.
Shares of RAIT Financial Trust (NYSE:RAS) remained flat at $2.96 during midday trading on Friday. 608,933 shares of the company traded hands. The firm has a 50-day moving average of $3.13 and a 200 day moving average of $3.09. The firm’s market capitalization is $272.87 million. RAIT Financial Trust has a 12 month low of $1.85 and a 12 month high of $5.37.
RAIT Financial Trust (NYSE:RAS) last posted its quarterly earnings data 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 return on equity of 9.09% and a net margin of 8.13%. The company had revenue of $85.07 million for the quarter, compared to the consensus estimate of $25.55 million. During the same quarter in the previous year, the firm posted $0.37 EPS. On average, equities research analysts predict that RAIT Financial Trust will post $0.49 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, October 7th will be issued a dividend of $0.09 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.36 annualized dividend and a dividend yield of 12.16%. RAIT Financial Trust’s payout ratio is -109.09%.
Separately, Zacks Investment Research cut shares of RAIT Financial Trust from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $3.23.
About RAIT Financial Trust
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.