FBR & Co started coverage on shares of BRT Realty Trust (NYSE:BRT) in a report issued on Thursday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $11.75 target price on the financial services provider’s stock.
“We are initiating coverage of BRT Apartments Corp. (BRT) with a Buy rating and a 12-month price target of $11.75 per share, representing 22% total return potential. BRT holds a portfolio of predominantly Sunbelt properties with a mix of class A (approximately one-third of the portfolio, in our estimation) and class B multifamily assets. BRT has transitioned over the last several years from a commercial mortgage REIT to a multifamily REIT and recently reinstated a $0.72 per share dividend that we forecast to be paid out at a projected 82% of AFFO in 2018. We find the shares attractive on a price/NAV basis, trading at 76% of our $13.40 NAV per share estimate (based on 2018E NOI and an average 6% cap rate for the portfolio), versus the multifamily REIT average of 97%. BRT compares favorably on price/ earnings multiples relative to peers (trading at 12.6x 2018E FFO of $0.81, versus peers at 19.3x).”,” the firm’s analyst wrote.
Other analysts have also issued research reports about the stock. TheStreet upgraded shares of BRT Realty Trust from a d+ rating to a c- rating in a research note on Tuesday, September 26th. Janney Montgomery Scott assumed coverage on shares of BRT Realty Trust in a research note on Friday, September 29th. They issued a neutral rating and a $10.50 target price for the company.
Shares of BRT Realty Trust (BRT) opened at 10.18 on Thursday. The firm has a 50-day moving average of $10.12 and a 200-day moving average of $8.47. BRT Realty Trust has a 52 week low of $7.36 and a 52 week high of $11.01. The firm has a market cap of $142.77 million, a PE ratio of 12.90 and a beta of 0.22.
BRT Realty Trust (NYSE:BRT) last posted its earnings results on Tuesday, August 8th. The financial services provider reported ($0.24) earnings per share (EPS) for the quarter. BRT Realty Trust had a return on equity of 5.07% and a net margin of 10.81%. The firm had revenue of $26.86 million during the quarter. On average, analysts expect that BRT Realty Trust will post ($0.63) EPS for the current year.
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The business also recently declared a quarterly dividend, which was paid on Wednesday, October 4th. Investors of record on Monday, September 25th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.07%. The ex-dividend date of this dividend was Friday, September 22nd. BRT Realty Trust’s dividend payout ratio (DPR) is currently 90.00%.
BRT Realty Trust declared that its Board of Directors has authorized a share buyback program on Tuesday, September 12th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
An institutional investor recently raised its position in BRT Realty Trust stock. Towerview LLC raised its holdings in shares of BRT Realty Trust (NYSE:BRT) by 19.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 840,000 shares of the financial services provider’s stock after purchasing an additional 134,523 shares during the quarter. BRT Realty Trust makes up approximately 3.3% of Towerview LLC’s portfolio, making the stock its 7th largest holding. Towerview LLC owned 5.98% of BRT Realty Trust worth $6,602,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 21.80% of the company’s stock.
BRT Realty Trust Company Profile
BRT Apartments Corp. is a real estate investment trust (REIT). The Trust is focused on the ownership, operation and development of multi-family properties. These activities are primarily conducted through joint ventures in which the Trust has an equity interest in the entity owning the property. The Trust’s segments include Multi-Family Real Estate and Other Assets.
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