RAIT Financial Trust (NYSE:RAS)

CAPS Rating: 2 out of 5

The Company is a specialty finance company that provides a comprehensive set of debt financing options to the real estate industry.

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Member Avatar TSIF (99.96) Submitted: 12/10/2015 4:15:15 PM : Outperform Start Price: $2.75 RAS Score: -13.24

This is one of those types of calls that I like to call Double or Half. (Sometimes I play the TRIPLE or ZERO also).

Not very good for accuracy points, but unless CAPs ever goes on the "rolling year or 18 months, plus a "historical" table/stat, then I'll never get my 25% accuracy section high enough to compete any further, so may as well add some "gambling" for points plays.

RAIT Financial took a serious hit when they lowered their dividend, (cut in half). This has been a common practice among oil related tickers, but is more rare for REIT's. Overall, I don't like the way the REIT's pay out 90% to avoid taxes, but then borrow or issue shares to run the company, effectively diluting as much in many cases, if not more than the dividend.

RAIT was paying out considerably more than they needed to. The cut back to $0.09 per quarter, while substantial, if truly payable is still a decent return at a $2.50 entry area. The question becomes is there something else going on under the covers other than the press release that they are using the difference in dividends to grow the portfolio, but other more likely reports is that the capital market clamping down on supplementing the over-sized dividends. Best case a blend of the two reasons.

Something else going on = drop of 50%.
All the damage done = possible double over two years or so.....plus dividend "reinvestment" points...including $0.23 or so for Q4 before the cut.

Upthumb, so no real target..... at $0.36 with a $2.50 entry, plus Q4, if this holds, long term it's points. If it fades further, then something else is up and it's worth much less.

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Member Avatar afewgoodstocks14 (< 20) Submitted: 7/19/2014 12:27:18 PM : Outperform Start Price: $6.41 RAS Score: -65.99

Div. (Yield) $0.72 (9.0%)

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Member Avatar Exanut (< 20) Submitted: 2/4/2014 9:46:15 PM : Outperform Start Price: $6.83 RAS Score: -75.19

This REST was trading above 100$, before the sub prime meltdown. Sure, the value of their real estate holdings have dropped but they still own the land, the buildings and draw the rent checks every month. I like the nearly 9% per year return in terms of dividend payouts, and I expect the value of their real estate holdings to slowly accrue over time as the market improves. As my dad was fond of saying, the one thing that they are no longer making these days, is more land.

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Member Avatar Rugo (67.66) Submitted: 7/22/2013 7:37:05 PM : Outperform Start Price: $5.90 RAS Score: -73.42

Like the numbers

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Member Avatar pipeblaster (37.13) Submitted: 3/16/2013 7:01:43 PM : Outperform Start Price: $5.44 RAS Score: -79.59

time to get back into real-estate

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Member Avatar mediadavis (< 20) Submitted: 7/10/2012 7:11:53 PM : Outperform Start Price: $3.39 RAS Score: -75.83

RAIT's Book Value is overstated based in consolidation, but is still significantly higher than its stock price. RAIT's Earnings are strongly understated in consolidation, however. It is generated at least 30 cents a share of cash and would have a dividend closer to 20 cents a share if it didn't have accumulated losses from the failure of a series of consolidated non-recourse securitizations. It will eventually work through those losses with a business that has diversified from pure loan provider to loan provider and real estate operator. It now pulls close to have its revenue and earnings from its operating owned real estate for which it has extraordinarily low average interest costs. This stock should grow in every one of the next three to four years.

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Member Avatar bIlluminati (36.86) Submitted: 5/30/2012 1:02:46 PM : Underperform Start Price: $2.89 RAS Score: +67.66

Book value is overstated, and retail and office occupancy needs to improve. They do have 2 years to fix their issues

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Member Avatar blcourtney (< 20) Submitted: 9/17/2011 11:00:07 AM : Outperform Start Price: $2.75 RAS Score: -78.37

S&P beater.

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Member Avatar jbpontes (23.57) Submitted: 8/26/2011 1:30:40 PM : Outperform Start Price: $2.37 RAS Score: -67.68

This seems to be a bargain. It appears to be a solid company.

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Member Avatar skypilot2005 (< 20) Submitted: 8/20/2011 8:15:41 AM : Outperform Start Price: $2.48 RAS Score: -78.11

Management

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Member Avatar NolAloha (< 20) Submitted: 7/19/2011 9:34:23 AM : Outperform Start Price: $3.99 RAS Score: -87.82

Currently selling at below book, and with a P/E of ay below 7, the company appears to be on the road to recovery. It is a small company, and expect a lot of volatility, and low cash dividends for a year or two.

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Member Avatar hstasiuk (35.23) Submitted: 7/15/2011 3:06:37 PM : Outperform Start Price: $4.13 RAS Score: -90.22

Stock will double within next 3 months

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Member Avatar DJCalli (< 20) Submitted: 7/7/2011 10:02:36 AM : Outperform Start Price: $4.73 RAS Score: -92.74

With a book value of 0.25 and consistently improving quarters, RAS is a five star stock poised to pop.

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Member Avatar ianstory1 (< 20) Submitted: 6/9/2011 9:28:35 AM : Outperform Start Price: $3.88 RAS Score: -89.55

Low P/E... Looks to be in recovery stages and stock price should improve as the overall economy improves over the next several years.

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Member Avatar talnaglis (< 20) Submitted: 5/28/2011 1:56:04 PM : Outperform Start Price: $4.26 RAS Score: -88.07

After hitting the 2 dollar bottom , the sky is the limit for this REIT. A reverse split is comming soon indicating a stronger ballance sheet.

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Member Avatar foolishStocker (< 20) Submitted: 5/14/2011 2:39:17 AM : Outperform Start Price: $4.42 RAS Score: -91.13

Great current valuation , less than half of book value. dividens will start flowing this year. Stock price will recover that is a sure thing so its just a matter of time.

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Member Avatar umavarikuti (28.21) Submitted: 5/4/2011 1:11:58 PM : Outperform Start Price: $4.40 RAS Score: -89.87

Beaten up sector. Seems to have weathered the storm and has the backing up from Wells Fargo - a conservative bank based on my own refinancing experience recently.

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Member Avatar almostgem (< 20) Submitted: 5/1/2011 2:47:53 PM : Outperform Start Price: $4.91 RAS Score: -92.30

It appears this company is starting to get their act back together. If they can keep to more conservative lending practices, they should do fine.

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Member Avatar Guyzer (< 20) Submitted: 4/25/2011 1:30:54 PM : Outperform Start Price: $5.32 RAS Score: -99.09

Going up baby !

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Member Avatar openhandedgrouse (< 20) Submitted: 4/21/2011 5:31:55 AM : Outperform Start Price: $4.73 RAS Score: -98.72

RAS share price has been under pressure because of recent senior notes which are convertable at or above 2.56 and a large short position in the stock. However this has given me an additional chance to get shares at a discount. Here are some pros I like about RAS;

1.RAS is undervalued illustrated by a low BV 0f 8.67

2. $4.36 cash per share

3.Occupancy rates for RAS's properties have improved dramatically!!

4.RAS has decreased their debt dramatically!!

5.Current economic environment is favorable for Multi-family rentals because fewer people are able to get loans and need to live somewhere while they are saving money.

6.Improving dividend. I like RAS B/c they are benefiting from MB securities but have hard assets as well. IMO this should prevent them from getting hit hard when interest rates begin to increase. That is why I sold my CIM and bought more RAS.

7.RAS has a trailing PE of 2.

8.ROE above 13 percent.

9.Large short position could be a pro, if there is a short squeeze.

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