Adamas Trust (NASDAQ:ADAM) Reaches New 52-Week High Following Dividend Announcement

Adamas Trust, Inc. (NASDAQ:ADAM) shares hit a new 52-week high during 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 trading hands. 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 given a dividend of $0.30 per share. 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 11.8%. The ex-dividend date of this dividend is Tuesday, September 22nd. Adamas Trust’s payout ratio is currently 64.29%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ADAM shares. Zacks Research upgraded shares of Adamas Trust from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Wall Street Zen lowered shares of Adamas Trust from a “buy” rating to a “hold” rating in a research note on Sunday. Weiss Ratings reiterated 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 on the stock. in a research note on Thursday, April 30th. Finally, JonesTrading boosted their price target on Adamas Trust from $9.50 to $10.00 and gave the company a “buy” rating in a report on Thursday, July 30th. One research 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 MarketBeat.com, Adamas Trust currently has a consensus rating of “Moderate Buy” and an average price target of $9.50.

Adamas Trust Stock Down 0.7%

The company has a market capitalization of $913.18 million, a P/E ratio of 6.05 and a beta of 1.17. The firm’s 50 day moving average price is $9.18 and its two-hundred day moving average price is $8.51. The company has a current ratio of 18.54, a quick ratio of 18.54 and a debt-to-equity ratio of 11.89.

Adamas Trust (NASDAQ:ADAM) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.30 EPS for the quarter, topping 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 business had revenue of $47.92 million for the quarter, compared to analyst estimates of $47.50 million. Equities research analysts forecast that Adamas Trust, Inc. will post 1.2 EPS for the current year.

Institutional Investors Weigh In On Adamas Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio bought a new position in shares of Adamas Trust in the 4th quarter valued at about $28,000. Atwood & Palmer Inc. bought a new stake in Adamas Trust during the fourth quarter worth about $29,000. Kestra Advisory Services LLC bought a new stake in Adamas Trust during the fourth quarter worth about $31,000. PNC Financial Services Group Inc. bought a new stake in Adamas Trust during the fourth quarter worth about $42,000. Finally, Hillsdale Investment Management Inc. acquired a new position in Adamas Trust during the first quarter valued at approximately $60,000. 54.89% of the stock is owned by 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.