Legal & General Group Plc Invests $1.89 Million in Adamas Trust, Inc. $ADAM

Key Points

• Legal & General Group Plc bought 201,752 shares of Adamas Trust worth approximately $1.89 million, giving it a 0.22% stake. Institutional investors collectively own 54.89% of the company.
• Analyst sentiment is moderately positive, with a consensus rating of “Moderate Buy” and a $9.50 price target; ratings range from Strong Buy to Hold.
• Adamas Trust beat quarterly earnings expectations, reporting $0.30 per share versus the $0.25 estimate, and raised its quarterly dividend to $0.30, implying a 12.3% annualized yield.

Legal & General Group Plc purchased a new stake in shares of Adamas Trust, Inc. (NASDAQ:ADAM - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 201,752 shares of the company's stock, valued at approximately $1,892,000. Legal & General Group Plc owned about 0.22% of Adamas Trust at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its holdings in Adamas Trust by 2.9% during the 1st quarter. Royal Bank of Canada now owns 43,261 shares of the company's stock valued at $318,000 after acquiring an additional 1,214 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Adamas Trust during the 4th quarter valued at about $28,000. Kestra Advisory Services LLC purchased a new position in Adamas Trust in the 4th quarter worth approximately $31,000. PNC Financial Services Group Inc. purchased a new position in Adamas Trust in the fourth quarter worth $42,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Adamas Trust by 2.0% in the 1st quarter. Principal Financial Group Inc. now owns 408,275 shares of the company's stock worth $3,005,000 after purchasing an additional 7,947 shares in the last quarter. 54.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ADAM. UBS Group raised their price objective on Adamas Trust from $8.50 to $9.50 and gave the company a "neutral" rating in a research note on Wednesday, August 19th. JonesTrading restated a "buy" rating and issued a $10.00 price objective on shares of Adamas Trust in a report on Tuesday, September 1st. Zacks Research upgraded Adamas Trust from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Wall Street Zen cut shares of Adamas Trust from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Adamas Trust in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $9.50.

Adamas Trust Price Performance

ADAM opened at $9.75 on Monday. Adamas Trust, Inc. has a fifty-two week low of $6.45 and a fifty-two week high of $10.36. The company has a debt-to-equity ratio of 11.89, a quick ratio of 18.54 and a current ratio of 18.54. The stock has a market cap of $876.33 million, a price-to-earnings ratio of 5.80 and a beta of 1.18. The firm's fifty day moving average is $9.43 and its 200 day moving average is $8.72.

Adamas Trust (NASDAQ:ADAM - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.25 by $0.05. Adamas Trust had a net margin of 29.82% and a return on equity of 14.72%. The firm had revenue of $47.92 million during the quarter, compared to analyst estimates of $47.50 million. On average, sell-side analysts forecast that Adamas Trust, Inc. will post 1.2 earnings per share for the current fiscal year.

Adamas Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Tuesday, September 22nd will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 12.3%. This is a boost from Adamas Trust's previous quarterly dividend of $0.27. The ex-dividend date is Tuesday, September 22nd. Adamas Trust's dividend payout ratio (DPR) is 64.29%.

Adamas Trust Company 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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