Ladder Capital Corp (NYSE: LADR – Get a rating) benefited from a sharp drop in short-term interest rates during August. As of August 15, there was short interest totaling 1,940,000 shares, down 28.7% from the July 31 total of 2,720,000 shares. Based on an average daily trading volume of 562,100 shares, the short interest ratio is currently 3.5 days. Currently, 1.7% of the company’s shares are sold short.
Institutional entries and exits
A number of hedge funds have recently bought and sold shares of the company. Strs Ohio increased its stake in Ladder Capital by 3.8% in Q1. Strs Ohio now owns 27,000 shares of the real estate investment trust worth $320,000 after buying an additional 1,000 shares last quarter. Mercer Global Advisors Inc. ADV increased its position in Ladder Capital shares by 13.0% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 11,475 shares of the real estate investment trust worth $136,000 after buying 1,322 additional shares in the last quarter. Mount Yale Investment Advisors LLC increased its position in Ladder Capital shares by 9.6% during the second quarter. Mount Yale Investment Advisors LLC now owns 16,401 shares of the real estate investment trust worth $173,000 after buying 1,435 additional shares in the last quarter. Teacher Retirement System of Texas increased its position in Ladder Capital stocks by 6.6% during the first quarter. Teacher Retirement System of Texas now owns 23,279 shares of the real estate investment trust worth $276,000 after buying 1,442 additional shares in the last quarter. Finally, Boston Partners increased its position in Ladder Capital shares by 3.3% during the first quarter. Boston Partners now owns 57,130 shares of the real estate investment trust worth $678,000 after buying an additional 1,800 shares last quarter. 58.27% of the shares are currently held by hedge funds and other institutional investors.
Laddered share capital performance
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LADR shares were down $0.09 during Friday trading hours, hitting $11.41. 396,641 shares of the company were traded, against an average volume of 622,512. The company has a fifty-day simple moving average of $11.13 and a 200-day simple moving average of $11.40. The company has a current ratio of 89.45, a quick ratio of 89.45 and a debt ratio of 2.79. Ladder Capital has a 52-week low of $9.43 and a 52-week high of $12.69. The stock has a market capitalization of $1.45 billion, a price-earnings ratio of 14.26 and a beta of 1.88.
Laddered capital increases the dividend
The company also recently declared a quarterly dividend, which was paid on Friday, July 15. Shareholders of record on Thursday, June 30 received a dividend of $0.22 per share. The ex-dividend date was Wednesday, June 29. This represents an annualized dividend of $0.88 and a dividend yield of 7.71%. This is a positive change from Ladder Capital’s previous quarterly dividend of $0.20. Ladder Capital’s dividend payout ratio (DPR) is currently 110.00%.
Changes to analyst ratings
Several equity research analysts commented on the stock. JMP Securities reiterated a “buy” rating and issued a $13.50 price target on Ladder Capital shares in a research note on Friday, June 24. TheStreet upgraded shares of Ladder Capital from a “c” rating to a “b-” rating in a Friday, August 19 research note.
About Ladder Capital
The Lending segment issues first mortgage loans that are secured by cash flow commercial real estate; and originates and invests in on-balance sheet first mortgages secured by commercial real estate in transition, including rental, sale and renovation or repositioning.
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