MLV & Co Increases AmREIT Price Target to $25.00 (AMRE)
Analysts at MLV & Co
hoisted their target price on shares of AmREIT (NASDAQ:AMRE) from $24.00 to $25.00 in a research report issued to clients and investors on Monday. The firm currently has a “buy” rating on the stock. MLV & Co
‘s target price would suggest a potential upside of 6.84% from the company’s current price.
The analysts wrote, “Following AmREIT’s 2Q14 report, we are raising our price target to $25 from $24, based on rolling forward our NOI forecasts by one quarter. Note that we recently adjusted our valuation methodology for AMRE to incorporate a blended going concern and takeout valuation. Our new $25 price target now reflects an equally weighted average of (1) our going concern valuation (i.e, assuming no M&A resulting from Regency Centers’ recent bid and resulting strategic review process), which applies a 10% discount to forward NAV of $26.15 (approximately), yielding a $24 value; and (2) a base case takeout valuation of $26 (up from $25), reflecting rolling forward our 12-month ahead NAV per share estimate by one period. Our $26 value represents an implied cap rate of 5.3% on NTM net operating income as of 4Q14. Our modest estimates for 2014 and 2015 FFO per share are $1.03 (unchanged) and $1.14 (down 1c).”
Separately, analysts at Wunderlich downgraded shares of AmREIT from a “buy” rating to a “hold” rating in a research note on Thursday, July 10th. They now have a $22.00 price target on the stock, up previously from $21.00. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $21.00.
Shares of AmREIT (NASDAQ:AMRE) traded up 1.11% on Monday, hitting $23.66. The stock had a trading volume of 13,016 shares. AmREIT has a 52 week low of $14.97 and a 52 week high of $23.97. The stock’s 50-day moving average is $21.36 and its 200-day moving average is $18.02. The company has a market cap of $465.7 million and a price-to-earnings ratio of 60.62.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Investors of record on Friday, September 19th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.42%. The ex-dividend date is Wednesday, September 17th.
AmREIT, Inc (NASDAQ:AMRE) is a full service, vertically integrated and self-administered real estate investment trust (REIT) that owns, operates, acquires and selectively develops and redevelops primarily neighborhood and community shopping centers located in high-traffic, densely populated, affluent areas with high barriers to entry.
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