Granite Investment Partners LLC Increases Stake in RE/MAX Holdings, Inc. (RMAX)
Granite Investment Partners LLC boosted its position in RE/MAX Holdings, Inc. (NYSE:RMAX) by 4.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 166,795 shares of the financial services provider’s stock after buying an additional 6,466 shares during the period. Granite Investment Partners LLC’s holdings in RE/MAX Holdings were worth $9,349,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its position in RE/MAX Holdings by 2.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 174,301 shares of the financial services provider’s stock valued at $9,770,000 after buying an additional 3,993 shares during the period. TD Asset Management Inc. increased its position in RE/MAX Holdings by 10.2% in the second quarter. TD Asset Management Inc. now owns 14,100 shares of the financial services provider’s stock valued at $790,000 after buying an additional 1,300 shares during the period. Anchor Capital Advisors LLC increased its position in RE/MAX Holdings by 1.4% in the second quarter. Anchor Capital Advisors LLC now owns 33,213 shares of the financial services provider’s stock valued at $1,862,000 after buying an additional 451 shares during the period. Sei Investments Co. increased its position in RE/MAX Holdings by 36.3% in the second quarter. Sei Investments Co. now owns 3,410 shares of the financial services provider’s stock valued at $192,000 after buying an additional 909 shares during the period. Finally, Texas Permanent School Fund increased its position in RE/MAX Holdings by 1.1% in the second quarter. Texas Permanent School Fund now owns 12,921 shares of the financial services provider’s stock valued at $724,000 after buying an additional 140 shares during the period.
RE/MAX Holdings, Inc. (NYSE RMAX) opened at 60.90 on Friday. The company’s 50-day moving average price is $58.18 and its 200 day moving average price is $57.00. RE/MAX Holdings, Inc. has a 52-week low of $40.41 and a 52-week high of $66.10. The stock has a market capitalization of $1.08 billion, a P/E ratio of 46.21 and a beta of 0.93.
RE/MAX Holdings (NYSE:RMAX) last issued its earnings results on Thursday, August 3rd. The financial services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.06. The business had revenue of $48.82 million during the quarter, compared to the consensus estimate of $48.29 million. RE/MAX Holdings had a return on equity of 79.94% and a net margin of 12.45%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. On average, equities research analysts predict that RE/MAX Holdings, Inc. will post $1.90 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 30th. Shareholders of record on Wednesday, August 16th will be issued a $0.18 dividend. The ex-dividend date is Monday, August 14th. This represents a $0.72 dividend on an annualized basis and a yield of 1.18%. RE/MAX Holdings’s payout ratio is currently 54.96%.
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Several research firms recently weighed in on RMAX. Zacks Investment Research downgraded RE/MAX Holdings from a “buy” rating to a “hold” rating in a research report on Thursday. Stephens downgraded RE/MAX Holdings from an “overweight” rating to an “equal weight” rating and set a $66.00 target price on the stock. in a research report on Monday. BidaskClub upgraded RE/MAX Holdings from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, Bank of America Corporation downgraded RE/MAX Holdings from a “neutral” rating to an “underperform” rating and set a $56.00 target price on the stock. in a research report on Friday, June 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $61.00.
In other RE/MAX Holdings news, President Geoffrey D. Lewis sold 1,200 shares of RE/MAX Holdings stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $60.00, for a total value of $72,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.58% of the company’s stock.
About RE/MAX Holdings
RE/MAX Holdings, Inc is a franchisor in the real estate industry, franchising real estate brokerages around the world under the RE/MAX brand and mortgage brokerages within the United States under the Motto Mortgage brand. The Company is a franchised business, with all of the RE/MAX branded brokerage office locations being operated by franchisees, including RE/MAX, LLC, which owns the RE/MAX brand, and sells franchises and franchising rights; Independent Regional Franchise Owner, which owns rights to sell brokerage franchises in a specified region; Franchisee (or Broker-Owner), which operates a RE/MAX-branded brokerage office, lists properties and recruits agents, and Agent (or Sales Associate), including branded independent contractors operating out of local franchise brokerage offices.
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