Adamas Trust (NASDAQ:ADAM) Reaches New 12-Month High Following Dividend Announcement

Shares of Adamas Trust, Inc. (NASDAQ:ADAM) reached a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as $10.14 and last traded at $10.2420, with a volume of 176029 shares. The stock had previously closed at $9.79.

The newly announced dividend which will be paid on Wednesday, October 28th. Stockholders 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 11.8%. This is a boost from Adamas Trust’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Tuesday, September 22nd. Adamas Trust’s dividend payout ratio (DPR) is currently 64.29%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ADAM shares. Weiss Ratings restated a “hold (c)” rating on shares of Adamas Trust in a report on Tuesday, July 21st. B. Riley Financial downgraded 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. Zacks Research raised Adamas Trust from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. JonesTrading raised their price objective on Adamas Trust from $9.50 to $10.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, Wall Street Zen downgraded shares of Adamas Trust from a “buy” rating to a “hold” rating in a report on Sunday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Adamas Trust currently has an average rating of “Moderate Buy” and a consensus target price of $9.50.

Adamas Trust Price Performance

The business has a 50 day moving average price of $9.18 and a two-hundred day moving average price of $8.51. The stock has a market cap of $913.18 million, a PE ratio of 6.05 and a beta of 1.17. The company has a debt-to-equity ratio of 11.89, a quick ratio of 18.54 and a current ratio of 18.54.

Adamas Trust (NASDAQ:ADAM) last issued its quarterly 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%. Research analysts expect that Adamas Trust, Inc. will post 1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adamas Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in ADAM. Wolverine Asset Management LLC bought a new stake in Adamas Trust in the 4th quarter valued at about $2,905,000. New York State Teachers Retirement System purchased a new stake in Adamas Trust during the fourth quarter valued at about $940,000. Bessemer Group Inc. boosted its position in 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 purchased a new position in shares of Adamas Trust in the fourth quarter worth about $1,540,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Adamas Trust in the first quarter worth about $446,000. 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.