Select Income REIT (SIR) Sees Strong Trading Volume Following Dividend Announcement
Shares of Select Income REIT (NYSE:SIR) saw an uptick in trading volume on Wednesday following a dividend announcement from the company. 1,151,713 shares were traded during mid-day trading, an increase of 216% from the previous session’s volume of 365,020 shares.The stock last traded at $25.61 and had previously closed at $25.14.
The newly announced dividend which will be paid on Thursday, November 17th. Shareholders of record on Friday, October 21st will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 7.97%. The ex-dividend date of this dividend is Wednesday, October 19th. Select Income REIT’s dividend payout ratio is presently 172.41%.
Several brokerages have weighed in on SIR. Zacks Investment Research raised Select Income REIT from a “sell” rating to a “hold” rating in a report on Wednesday, July 13th. JMP Securities raised Select Income REIT from a “market perform” rating to an “outperform” rating in a report on Monday, August 22nd. Finally, FBR & Co began coverage on Select Income REIT in a report on Monday, August 22nd. They issued an “outperform” rating and a $35.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Select Income REIT has a consensus rating of “Buy” and a consensus price target of $32.67.
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The stock has a 50-day moving average of $26.81 and a 200 day moving average of $25.54.
Select Income REIT (NYSE:SIR) last issued its quarterly earnings results on Tuesday, July 26th. The real estate investment trust reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.36. The company had revenue of $114.90 million for the quarter, compared to analysts’ expectations of $114.80 million. During the same quarter last year, the company earned $0.69 EPS. Select Income REIT’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities analysts predict that Select Income REIT will post $1.41 EPS for the current year.
A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Select Income REIT by 5.1% in the second quarter. Vanguard Group Inc. now owns 10,736,085 shares of the real estate investment trust’s stock valued at $279,030,000 after buying an additional 524,319 shares during the period. LSV Asset Management increased its stake in shares of Select Income REIT by 18.9% in the second quarter. LSV Asset Management now owns 3,515,050 shares of the real estate investment trust’s stock valued at $91,356,000 after buying an additional 557,824 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Select Income REIT by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,145,960 shares of the real estate investment trust’s stock valued at $55,774,000 after buying an additional 40,053 shares during the period. BlackRock Fund Advisors increased its stake in shares of Select Income REIT by 3.1% in the second quarter. BlackRock Fund Advisors now owns 1,579,875 shares of the real estate investment trust’s stock valued at $41,061,000 after buying an additional 47,048 shares during the period. Finally, State Street Corp increased its stake in shares of Select Income REIT by 8.9% in the first quarter. State Street Corp now owns 1,237,206 shares of the real estate investment trust’s stock valued at $28,517,000 after buying an additional 100,794 shares during the period.
About Select Income REIT
Select Income REIT is a real estate investment trust. The Company primarily owns single tenant, net leased properties. The Company’s segment is the ownership of properties that include buildings and leased industrial lands that are primarily net leased to single tenants. The Company owns approximately 120 properties with over 44.7 million rentable square feet.
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