Bank of New York Mellon Corp boosted its stake in shares of RAIT Financial Trust (NYSE:RAS) by 3.4% during the first quarter, Holdings Channel reports. The institutional investor owned 446,648 shares of the real estate investment trust’s stock after buying an additional 14,880 shares during the period. Bank of New York Mellon Corp’s holdings in RAIT Financial Trust were worth $1,429,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. Russell Investments Group Ltd. purchased a new position in shares of RAIT Financial Trust during the fourth quarter valued at about $215,000. Wells Fargo & Company MN raised its position in shares of RAIT Financial Trust by 8.8% in the first quarter. Wells Fargo & Company MN now owns 67,631 shares of the real estate investment trust’s stock valued at $217,000 after buying an additional 5,475 shares in the last quarter. IndexIQ Advisors LLC raised its position in shares of RAIT Financial Trust by 11.7% in the first quarter. IndexIQ Advisors LLC now owns 97,731 shares of the real estate investment trust’s stock valued at $313,000 after buying an additional 10,251 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of RAIT Financial Trust during the first quarter valued at about $372,000. Finally, Shell Asset Management Co. purchased a new position in shares of RAIT Financial Trust during the first quarter valued at about $501,000. Hedge funds and other institutional investors own 60.15% of the company’s stock.
RAIT Financial Trust (NYSE RAS) opened at 2.12 on Wednesday. RAIT Financial Trust has a 52 week low of $1.88 and a 52 week high of $3.91. The company’s 50-day moving average price is $2.16 and its 200 day moving average price is $2.87. The company’s market capitalization is $196.50 million.
RAIT Financial Trust (NYSE:RAS) last released its quarterly earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.04. The firm had revenue of $29.60 million for the quarter, compared to analysts’ expectations of $32.20 million. RAIT Financial Trust had a net margin of 11.06% and a return on equity of 3.41%. During the same period in the prior year, the firm earned ($0.20) EPS. On average, analysts predict that RAIT Financial Trust will post ($0.44) EPS for the current year.
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RAS has been the topic of several research reports. Zacks Investment Research upgraded RAIT Financial Trust from a “hold” rating to a “buy” rating and set a $2.50 price target on the stock in a research note on Wednesday, July 5th. ValuEngine lowered RAIT Financial Trust from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. RAIT Financial Trust currently has an average rating of “Hold” and a consensus target price of $3.00.
In related news, insider Thomas D. Wren purchased 45,000 shares of the stock in a transaction on Monday, June 5th. The shares were purchased at an average cost of $2.29 per share, with a total value of $103,050.00. Following the acquisition, the insider now directly owns 45,000 shares in the company, valued at $103,050. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.30% of the stock is owned by corporate insiders.
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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