Allspring Global Investments Holdings LLC Lowers Stake in Adamas Trust, Inc. $ADAM

Key Points

• Allspring Global Investments reduced its Adamas Trust stake by 14.8% in the first quarter, selling 498,005 shares and leaving it with 2,867,614 shares valued at about $21.1 million.
• Adamas Trust’s latest earnings beat expectations, reporting $0.29 EPS versus the $0.24 estimate and revenue of $45.81 million versus $40.0 million expected.
• The company also raised its quarterly dividend to $0.27 per share, implying a 12.2% yield, though the payout ratio remains high at 92.31%.

Allspring Global Investments Holdings LLC cut its stake in Adamas Trust, Inc. (NASDAQ:ADAM - Free Report) by 14.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,867,614 shares of the company's stock after selling 498,005 shares during the period. Allspring Global Investments Holdings LLC owned about 3.19% of Adamas Trust worth $21,077,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Wolverine Asset Management LLC purchased a new stake in shares of Adamas Trust in the 4th quarter worth $2,905,000. New York State Teachers Retirement System purchased a new position in shares of Adamas Trust during the fourth quarter valued at $940,000. Intech Investment Management LLC purchased a new position in shares of Adamas Trust during the fourth quarter valued at $1,540,000. UBS Group AG bought a new stake in shares of Adamas Trust in the fourth quarter valued at about $2,338,000. Finally, M&T Bank Corp bought a new stake in shares of Adamas Trust in the fourth quarter valued at about $75,000. Hedge funds and other institutional investors own 54.89% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ADAM. Weiss Ratings upgraded shares of Adamas Trust from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, April 24th. B. Riley Financial downgraded Adamas Trust from a "buy" rating to a "neutral" rating and set a $9.50 target price for the company. in a report on Thursday, April 30th. 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.com, Adamas Trust presently has a consensus rating of "Hold" and a consensus target price of $9.33.

Adamas Trust Price Performance

NASDAQ:ADAM opened at $8.83 on Tuesday. The company has a debt-to-equity ratio of 11.91, a current ratio of 17.69 and a quick ratio of 17.70. The business has a fifty day simple moving average of $9.08. Adamas Trust, Inc. has a 1-year low of $6.16 and a 1-year high of $9.59. The firm has a market capitalization of $793.46 million, a price-to-earnings ratio of 7.55 and a beta of 1.16.

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

Adamas Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Tuesday, June 23rd will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 12.2%. This is a positive change from Adamas Trust's previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, June 23rd. Adamas Trust's dividend payout ratio is 92.31%.

Adamas Trust Profile

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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