Renaissance Technologies LLC Trims Position in Adamas Trust, Inc. $ADAM

Key Points

• Renaissance Technologies cut its Adamas Trust stake by 64.3% in the first quarter, selling 116,517 shares and retaining 64,750 shares valued at approximately $477,000. Institutional investors collectively own 54.89% of the company.
• Adamas Trust beat quarterly expectations, reporting $0.30 in EPS versus the $0.25 estimate and revenue of $47.92 million against the $47.50 million consensus.
• The company raised its quarterly dividend from $0.27 to $0.30 per share, implying a $1.20 annualized payout and an 11.9% yield. Analysts’ consensus rating remains “Moderate Buy,” with a $9.50 target price.

Renaissance Technologies LLC decreased its holdings in shares of Adamas Trust, Inc. (NASDAQ:ADAM - Free Report) by 64.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 64,750 shares of the company's stock after selling 116,517 shares during the period. Renaissance Technologies LLC owned approximately 0.07% of Adamas Trust worth $477,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wolverine Asset Management LLC purchased a new position in shares of Adamas Trust in the 4th quarter valued at approximately $2,905,000. New York State Teachers Retirement System purchased a new stake in shares of Adamas Trust during the fourth quarter worth approximately $940,000. Bessemer Group Inc. lifted its holdings in shares of Adamas Trust by 48,152.5% during the first quarter. Bessemer Group Inc. now owns 530,778 shares of the company's stock worth $3,907,000 after purchasing an additional 529,678 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Adamas Trust during the fourth quarter worth $1,540,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Adamas Trust in the 1st quarter valued at $446,000. Hedge funds and other institutional investors own 54.89% of the company's stock.

Adamas Trust Stock Performance

Shares of ADAM stock opened at $10.12 on Tuesday. The business's fifty day moving average price is $9.25 and its 200 day moving average price is $8.55. The firm has a market capitalization of $909.59 million, a PE ratio of 6.02 and a beta of 1.17. The company has a debt-to-equity ratio of 11.89, a current ratio of 18.54 and a quick ratio of 18.54. Adamas Trust, Inc. has a 1-year low of $6.45 and a 1-year high of $10.36.

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

Adamas Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Tuesday, September 22nd will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 11.9%. This is a positive change 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%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Wall Street Zen cut shares of Adamas Trust from a "buy" rating to a "hold" rating in a research note on Sunday, August 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Adamas Trust in a report on Tuesday, July 21st. Zacks Research upgraded shares of Adamas Trust from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. B. Riley Financial cut shares of Adamas Trust from a "buy" rating to a "neutral" rating and set a $9.50 price target for the company. in a report on Thursday, April 30th. Finally, JonesTrading raised their price objective on shares of Adamas Trust from $9.50 to $10.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.50.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source