Adamas Trust (NASDAQ:ADAM) Issues Earnings Results, Meets Estimates

Adamas Trust (NASDAQ:ADAM) issued its quarterly earnings results on Wednesday. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30, FiscalAI reports. The company had revenue of ($119.44) million during the quarter. Adamas Trust had a net margin of 29.82% and a return on equity of 14.72%.

Adamas Trust Stock Down 1.0%

Shares of NASDAQ:ADAM opened at $7.78 on Thursday. Adamas Trust has a fifty-two week low of $6.45 and a fifty-two week high of $10.36. The company has a quick ratio of 18.54, a current ratio of 18.54 and a debt-to-equity ratio of 11.89. The firm’s 50-day simple moving average is $8.59 and its 200-day simple moving average is $8.56. The company has a market cap of $699.27 million, a price-to-earnings ratio of 4.63 and a beta of 1.22.

Adamas Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Tuesday, September 22nd were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, September 22nd. This is a positive change from Adamas Trust’s previous quarterly dividend of $0.27. This represents a $1.20 annualized dividend and a dividend yield of 15.4%. Adamas Trust’s payout ratio is presently 71.43%.

Analyst Ratings Changes

A number of research firms have commented on ADAM. Wall Street Zen lowered shares of Adamas Trust from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. JonesTrading reaffirmed a “buy” rating and issued a $10.00 target price on shares of Adamas Trust in a report on Thursday, September 17th. Zacks Research downgraded shares of Adamas Trust from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Adamas Trust in a report on Monday, October 19th. Finally, UBS Group raised their price target on Adamas Trust from $8.50 to $9.50 and gave the stock a “neutral” rating in a report on Wednesday, August 19th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Adamas Trust currently has a consensus rating of “Hold” and an average target price of $9.50.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Adamas Trust in the 2nd quarter valued at approximately $127,863,000. Bessemer Group Inc. lifted its holdings in shares of Adamas Trust by 48,152.5% in the 1st quarter. Bessemer Group Inc. now owns 530,778 shares of the company’s stock valued at $3,907,000 after buying an additional 529,678 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Adamas Trust in the 2nd quarter valued at approximately $4,657,000. Principal Financial Group Inc. lifted 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 valued at $3,005,000 after buying an additional 7,947 shares during the period. Finally, Bank of America Corp DE purchased a new stake in shares of Adamas Trust in the second quarter valued at approximately $3,461,000. 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.