Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
Pamela McCormack, the President of Ladder Capital Corp (NYSE:LADR), has sold a portion of her company stock, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on August 30, involved the sale of 50,000 shares at an average price of $12.25 per share, totaling $612,500.
The sale prices for the shares ranged between $12.24 and $12.25, indicating a very narrow price range for the transaction. Following the sale, McCormack continues to hold a significant number of shares in the company. The filing noted that the shares sold were held by trusts, more specifically, The Pamela L. McCormack Revocable Living Trust and The Brian J. McCormack Revocable Living Trust.
In addition to the shares sold, McCormack's ownership in Ladder Capital Corp includes direct and indirect holdings. Directly, she owns 197,653 shares of Class A Common Stock. Indirectly, she is associated with 253,600 shares owned by McCormack Investors LLC, although she disclaims beneficial ownership of these shares, stating that the report should not be deemed an admission of beneficial ownership for the purposes of Section 16 or any other purpose.
The sale represents a notable transaction by a key executive at Ladder Capital, a real estate investment trust that operates in the commercial mortgage sector. Investors often keep an eye on insider transactions as they provide insights into executives' perspectives on the company's stock value.
The filing was signed by attorney-in-fact Michelle Wallach on behalf of Pamela McCormack on the same day of the transaction.
In other recent news, Ladder Capital Corp has reported its financial results for a recent quarter, revealing distributable earnings of $40.4 million, or $0.31 per share, and a return on equity of 10.2%. The company has successfully priced a $500 million unsecured corporate bond offering, earning positive rating actions from rating agencies and moving closer to an investment-grade rating. Ladder Capital's strong liquidity position is highlighted by $1.9 billion in availability, including $1.6 billion in cash and cash equivalents. The company's loan portfolio stands at $2.5 billion with $255 million in loan pay downs during the quarter. In addition, a dividend of $0.23 per share was declared and paid. Ladder Capital has signaled its strategic focus on acquiring AAA-rated securities and a minority interest in a Class A office building in Midtown Manhattan, while also expressing anticipation of a commercial real estate market recovery. These are some of the latest developments for the company.
InvestingPro Insights
As investors evaluate the implications of Pamela McCormack's recent sale of Ladder Capital Corp shares, it's beneficial to consider the company's current financial health and market position. Ladder Capital, with a market capitalization of approximately $1.57 billion, has demonstrated a solid track record, maintaining dividend payments for a remarkable 10 consecutive years. This consistency is a testament to the company's financial stability, which is further underscored by Ladder Capital's liquid assets surpassing short-term obligations.
Investors should note that Ladder Capital's stock has been trading near its 52-week high, with a price percentage of the 52-week high at 99.04%. This indicates a strong market confidence in the company, which is supported by a robust gross profit margin of 75.44% over the last twelve months as of Q2 2024. Additionally, the company's dividend yield stands at an attractive 7.55%, signaling a substantial return to shareholders. This aligns with one of the InvestingPro Tips highlighting Ladder Capital's significant dividend payments to shareholders.
While analyzing the company's performance, it's also important to acknowledge that analysts have revised their earnings forecasts downwards for the upcoming period. This information, coupled with the company's price-to-earnings (P/E) ratio of 15.41, may influence investment decisions. However, the company's profitability over the last twelve months and analysts' predictions for profitability this year suggest a potentially optimistic outlook.
For those seeking more comprehensive analysis and additional insights, there are 7 more InvestingPro Tips available for Ladder Capital on the InvestingPro platform.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.