Adamas Trust (NASDAQ:ADAM) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Adamas Trust from “hold” to “strong-buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $9.50.
• Adamas Trust reported quarterly EPS of $0.30, beating the $0.25 consensus estimate, and revenue of $47.92 million, slightly above expectations.
• Shares opened at $9.07 and were up 1.5%; institutional investors own 54.89% of the company, with several firms recently initiating positions.

Adamas Trust (NASDAQ:ADAM - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Thursday,Zacks.com reports.

Several other research firms have also issued reports on ADAM. JonesTrading raised their target price on shares of Adamas Trust from $9.50 to $10.00 and gave the stock a "buy" rating in a report on Thursday. B. Riley Financial downgraded shares of Adamas Trust from a "buy" rating to a "neutral" rating and set a $9.50 price target on the stock. in a report on Thursday, April 30th. Weiss Ratings reissued a "hold (c)" rating on shares of Adamas Trust in a research report on Tuesday, July 21st. Finally, Wall Street Zen raised shares of Adamas Trust from a "hold" rating to a "buy" rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $9.50.

Adamas Trust Stock Up 1.5%

Shares of ADAM opened at $9.07 on Thursday. The company has a market capitalization of $815.03 million, a P/E ratio of 5.40 and a beta of 1.16. The stock has a fifty day moving average of $9.07. Adamas Trust has a 52-week low of $6.16 and a 52-week high of $9.59. The company has a debt-to-equity ratio of 11.89, a quick ratio of 17.70 and a current ratio of 18.54.

Adamas Trust (NASDAQ:ADAM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.25 by $0.05. Adamas Trust had a net margin of 29.82% and a return on equity of 14.72%. The company had revenue of $47.92 million during the quarter, compared to analyst estimates of $47.50 million. As a group, research analysts anticipate that Adamas Trust will post 1.2 earnings per share for the current fiscal year.

Institutional Trading of Adamas Trust

A number of large investors have recently made changes to their positions in ADAM. Public Employees Retirement System of Ohio bought a new position in shares of Adamas Trust in the fourth quarter worth about $28,000. Atwood & Palmer Inc. bought a new stake in Adamas Trust during the 4th quarter valued at about $29,000. Kestra Advisory Services LLC purchased a new stake in Adamas Trust in the 4th quarter valued at about $31,000. PNC Financial Services Group Inc. purchased a new stake in Adamas Trust in the 4th quarter valued at about $42,000. Finally, Hillsdale Investment Management Inc. bought a new position in Adamas Trust in the 1st quarter worth about $60,000. 54.89% of the stock is owned by hedge funds and other institutional investors.

About Adamas Trust

New York Mortgage Trust, Inc acquires, invests in, finances, and manages mortgage-related single-family and multi-family residential assets in the United States. Its targeted investments include residential loans, second mortgages, and business purpose loans; structured multi-family property investments, such as preferred equity in, and mezzanine loans to owners of multi-family properties, as well as joint venture equity investments in multi-family properties; non-agency residential mortgage-backed securities (RMBS); agency RMBS; commercial mortgage-backed securities (CMBS); and other mortgage, residential housing, and credit-related assets.

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