Great Lakes Advisors LLC cut its position in shares of Re/Max Holdings Inc (NYSE:RMAX) by 21.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,947 shares of the financial services provider’s stock after selling 14,747 shares during the quarter. Great Lakes Advisors LLC owned 0.30% of Re/Max worth $2,040,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Deprince Race & Zollo Inc. acquired a new position in shares of Re/Max in the 1st quarter valued at $30,046,000. JPMorgan Chase & Co. boosted its stake in Re/Max by 40.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 688,309 shares of the financial services provider’s stock worth $30,526,000 after purchasing an additional 198,539 shares during the period. Southside Capital LLC acquired a new position in Re/Max in the 4th quarter worth $5,927,000. BlackRock Inc. boosted its stake in Re/Max by 5.7% in the 4th quarter. BlackRock Inc. now owns 2,705,898 shares of the financial services provider’s stock worth $83,207,000 after purchasing an additional 145,953 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Re/Max by 7.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,978,312 shares of the financial services provider’s stock worth $87,738,000 after purchasing an additional 145,307 shares during the period. 99.57% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research raised shares of Re/Max from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. TheStreet upgraded shares of Re/Max from a “c” rating to a “b-” rating in a research note on Monday, March 11th. Craig Hallum downgraded shares of Re/Max from a “buy” rating to a “hold” rating and set a $40.00 price objective for the company. in a research note on Friday, May 3rd. Finally, Morgan Stanley set a $39.00 target price on shares of Re/Max and gave the company a “buy” rating in a report on Monday, March 18th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $49.29.
In related news, Director Gail A. Liniger bought 122,911 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were purchased at an average price of $30.33 per share, for a total transaction of $3,727,890.63. Following the completion of the transaction, the director now directly owns 45,169 shares of the company’s stock, valued at approximately $1,369,975.77. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Daniel J. Predovich sold 1,388 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $30.89, for a total transaction of $42,875.32. The disclosure for this sale can be found here. Insiders have purchased a total of 446,380 shares of company stock worth $13,990,354 in the last quarter. 0.52% of the stock is currently owned by company insiders.
Re/Max stock traded down $0.83 during trading hours on Friday, hitting $31.64. The company had a trading volume of 167,800 shares, compared to its average volume of 164,093. Re/Max Holdings Inc has a one year low of $27.84 and a one year high of $56.77. The stock has a market cap of $569.02 million, a P/E ratio of 15.66 and a beta of 1.19. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 3.40.
Re/Max (NYSE:RMAX) last announced its earnings results on Thursday, May 2nd. The financial services provider reported $0.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.01. The company had revenue of $71.18 million for the quarter, compared to analysts’ expectations of $69.51 million. Re/Max had a net margin of 11.45% and a return on equity of 70.42%. The business’s revenue for the quarter was up 35.2% on a year-over-year basis. During the same period last year, the firm earned $0.49 earnings per share. Equities analysts anticipate that Re/Max Holdings Inc will post 1.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Wednesday, May 15th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $0.84 annualized dividend and a dividend yield of 2.65%. Re/Max’s dividend payout ratio is 41.58%.
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Re/Max Company Profile
RE/MAX Holdings, Inc operates as a franchisor of real estate and mortgage brokerage services in the United States, Canada, and internationally. The company offers its real estate franchise services under the RE/MAX brand name; and mortgage brokerage services under the Motto Mortgage brand. It also provides real estate technology solutions.
Further Reading: What is Cost of Goods Sold (COGS)?
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