Lexington Realty Trust (NYSE:LXP) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Lexington Realty Trust (NYSE:LXP) from a hold rating to a buy rating in a report published on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $11.00 target price on the real estate investment trust’s stock.

According to Zacks, “LEXINGTON CORP PROPERTIES INC is a real estate investment trust engaged in the ownership, operation, management of a diverse portfolio of real properties. “

LXP has been the subject of several other reports. Evercore ISI set a $10.00 price target on Lexington Realty Trust and gave the stock a buy rating in a report on Wednesday, August 7th. Stifel Nicolaus raised Lexington Realty Trust from a hold rating to a buy rating and increased their price target for the stock from $9.50 to $11.00 in a report on Wednesday, August 7th. Finally, Wells Fargo & Co downgraded Lexington Realty Trust from an outperform rating to a market perform rating and set a $10.50 price target for the company. in a report on Monday, August 26th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $10.63.

Shares of NYSE LXP traded up $0.01 during mid-day trading on Thursday, hitting $10.10. 2,858,931 shares of the company were exchanged, compared to its average volume of 1,740,314. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.42. The stock has a 50 day simple moving average of $10.12 and a 200-day simple moving average of $9.47. Lexington Realty Trust has a 1-year low of $7.66 and a 1-year high of $10.67. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of -19.39 and a beta of 0.88.

Lexington Realty Trust (NYSE:LXP) last issued its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.20 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.20. Lexington Realty Trust had a return on equity of 23.21% and a net margin of 84.56%. The firm had revenue of $80.10 million during the quarter, compared to the consensus estimate of $79.61 million. During the same period last year, the company earned $0.25 earnings per share. The company’s revenue for the quarter was down 24.2% on a year-over-year basis. Analysts anticipate that Lexington Realty Trust will post 0.79 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in LXP. JPMorgan Chase & Co. raised its position in Lexington Realty Trust by 433.4% in the first quarter. JPMorgan Chase & Co. now owns 4,232,107 shares of the real estate investment trust’s stock worth $38,342,000 after acquiring an additional 3,438,659 shares in the last quarter. NN Investment Partners Holdings N.V. purchased a new position in Lexington Realty Trust in the second quarter worth $23,741,000. Balyasny Asset Management LLC raised its position in Lexington Realty Trust by 5,128.9% in the second quarter. Balyasny Asset Management LLC now owns 1,714,938 shares of the real estate investment trust’s stock worth $16,138,000 after acquiring an additional 1,682,141 shares in the last quarter. Laurion Capital Management LP purchased a new position in Lexington Realty Trust in the first quarter worth $9,824,000. Finally, Vanguard Group Inc. raised its position in Lexington Realty Trust by 2.4% in the second quarter. Vanguard Group Inc. now owns 39,226,206 shares of the real estate investment trust’s stock worth $369,118,000 after acquiring an additional 912,848 shares in the last quarter. Hedge funds and other institutional investors own 87.69% of the company’s stock.

Lexington Realty Trust Company Profile

Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its industrial portfolio through build-to-suit transactions, sale-leaseback transactions and other transactions, including acquisitions.

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