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In a recent transaction, Mike McGillis, President and Chief Financial Officer of Claros Mortgage Trust , Inc. (NYSE:CMTG), acquired 24,115 shares of the company’s common stock. The shares were purchased on March 12 at a weighted average price of $3.2971 per share, resulting in a total transaction value of $79,509. The purchase comes as CMTG trades at a notably low Price/Book ratio of 0.25, with the stock showing strong momentum with a 29.55% return over the past week, according to InvestingPro data. The shares were acquired in multiple transactions at prices ranging from $3.26 to $3.40. Following this purchase, McGillis now holds 475,945 shares directly. The company, currently valued at $476.62 million, offers an attractive dividend yield of 11.7%. For deeper insights into insider trading patterns and comprehensive financial analysis, including 12 additional ProTips, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, Claros Mortgage Trust reported a net loss of $100.7 million for the fourth quarter of 2024, contributing to a total annual loss of $221.3 million. The losses were largely due to an $80 million loss on real estate owned held for sale and a $30 million provision for credit losses. Moody’s Ratings downgraded Claros Mortgage Trust’s ratings to B2 from B1 and placed them under review for further possible downgrades. The downgrade follows concerns about the company’s asset quality and ongoing challenges with loan performance, resulting in GAAP losses over the past four quarters. Keefe, Bruyette & Woods also revised its price target for Claros Mortgage Trust to $2.50, down from $4.00, while maintaining an Underperform rating. The firm cited increased credit uncertainty and a rise in non-accrual loans as factors influencing this decision. Additionally, Claros Mortgage Trust suspended its quarterly dividend, which was initially scheduled for January 2025, to conserve capital and provide financial flexibility. The company’s board will evaluate the possibility of reinstating the dividend based on market conditions and financial performance.
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