397,986 Shares in Adamas Trust, Inc. $ADAM Bought by Wolverine Asset Management LLC

Key Points

• Wolverine Asset Management bought 397,986 shares of Adamas Trust (NASDAQ:ADAM) in Q4 — about $2.9 million and a 0.44% stake — while institutional investors now own roughly 54.89% of the company.
• Analyst sentiment is mixed: the consensus rating is Hold with an average price target of $9.33, though JonesTrading and KBW raised targets and B. Riley recently downgraded the stock to neutral.
• Adamas Trust beat Q results (EPS $0.29 vs. $0.24 consensus; revenue $45.8M vs. $40M) and pays a sizable quarterly dividend that annualizes to $0.92, a 10.6% yield (DPR ≈78.6%).

Wolverine Asset Management LLC acquired a new position in shares of Adamas Trust, Inc. (NASDAQ:ADAM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 397,986 shares of the company's stock, valued at approximately $2,905,000. Wolverine Asset Management LLC owned 0.44% of Adamas Trust at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Strs Ohio acquired a new stake in Adamas Trust during the 4th quarter worth $119,000. New York State Teachers Retirement System acquired a new stake in Adamas Trust during the 4th quarter worth $940,000. M&T Bank Corp acquired a new stake in Adamas Trust during the 4th quarter worth $75,000. Comerica Bank acquired a new stake in Adamas Trust during the 4th quarter worth $169,000. Finally, Kestra Private Wealth Services LLC acquired a new stake in shares of Adamas Trust in the 4th quarter valued at about $90,000. Institutional investors and hedge funds own 54.89% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on ADAM. JonesTrading lifted their price target on Adamas Trust from $7.50 to $9.50 and gave the company a "buy" rating in a research note on Friday, February 20th. Weiss Ratings raised Adamas Trust from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, April 24th. B. Riley Financial downgraded Adamas Trust from a "buy" rating to a "neutral" rating and set a $9.50 price target on the stock. in a research note on Thursday, April 30th. Finally, Keefe, Bruyette & Woods lifted their price target on Adamas Trust from $8.25 to $9.00 and gave the company a "market perform" rating in a research note on Friday, February 20th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $9.33.

Adamas Trust Price Performance

ADAM opened at $8.70 on Tuesday. The firm has a 50-day moving average price of $7.83. Adamas Trust, Inc. has a 1 year low of $6.16 and a 1 year high of $9.32. The firm has a market cap of $781.78 million, a P/E ratio of 7.44 and a beta of 1.18. The company has a debt-to-equity ratio of 11.91, a current ratio of 17.69 and a quick ratio of 14.17.

Adamas Trust (NASDAQ:ADAM - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.05. The firm had revenue of $45.81 million for the quarter, compared to the consensus estimate of $40.00 million. Adamas Trust had a return on equity of 14.29% and a net margin of 24.14%. Sell-side analysts anticipate that Adamas Trust, Inc. will post 1.05 earnings per share for the current fiscal year.

Adamas Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Monday, March 30th were issued a $0.23 dividend. The ex-dividend date was Monday, March 30th. This represents a $0.92 annualized dividend and a dividend yield of 10.6%. Adamas Trust's dividend payout ratio (DPR) is presently 78.63%.

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.

Want to see what other hedge funds are holding ADAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adamas Trust, Inc. (NASDAQ:ADAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.