Lexington Realty Trust (LXP) Downgraded by Zacks Investment Research
Lexington Realty Trust (NYSE:LXP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Tuesday.
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. “
Other analysts have also issued research reports about the company. Wells Fargo & Co. reiterated a “hold” rating on shares of Lexington Realty Trust in a report on Thursday, May 5th. Evercore ISI lowered Lexington Realty Trust from a “buy” rating to a “hold” rating and upped their price objective for the company from $9.75 to $10.00 in a research note on Monday, June 13th. Jefferies Group lowered Lexington Realty Trust from a “buy” rating to a “hold” rating and set a $11.00 price objective on the stock. in a research note on Tuesday, July 19th. Ladenburg Thalmann lowered Lexington Realty Trust from a “buy” rating to a “neutral” rating in a research note on Thursday, May 19th. Finally, Bank of America Corp. lowered Lexington Realty Trust from a “neutral” rating to an “underperform” rating in a research note on Tuesday, March 29th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $10.25.
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Shares of Lexington Realty Trust (NYSE:LXP) traded down 0.60% during mid-day trading on Tuesday, hitting $9.95. The stock had a trading volume of 509,736 shares. Lexington Realty Trust has a 52 week low of $6.52 and a 52 week high of $11.02. The stock has a market capitalization of $2.36 billion, a P/E ratio of 19.28 and a beta of 1.17. The stock has a 50 day moving average of $10.33 and a 200-day moving average of $9.86.
Lexington Realty Trust (NYSE:LXP) last released its earnings results on Tuesday, August 9th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. Lexington Realty Trust had a return on equity of 9.26% and a net margin of 29.34%. The business had revenue of $109.60 million for the quarter, compared to analyst estimates of $103.72 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. Lexington Realty Trust’s revenue was down .6% on a year-over-year basis. On average, equities research analysts predict that Lexington Realty Trust will post $1.09 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.175 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 7.04%. This is a positive change from Lexington Realty Trust’s previous quarterly dividend of $0.17. Lexington Realty Trust’s dividend payout ratio (DPR) is 134.62%.
In other news, CEO T Wilson Eglin sold 25,000 shares of the stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $10.70, for a total transaction of $267,500.00. Following the transaction, the chief executive officer now owns 2,038,528 shares in the company, valued at $21,812,249.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 3.30% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. World Asset Management Inc purchased a new position in shares of Lexington Realty Trust during the second quarter worth $108,000. Paragon Capital Management Ltd bought a new stake in shares of Lexington Realty Trust during the second quarter worth about $116,000. Hancock Holding Co. bought a new stake in shares of Lexington Realty Trust during the first quarter worth about $101,000. Genesee Valley Trust Co. bought a new stake in shares of Lexington Realty Trust during the second quarter worth about $125,000. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Lexington Realty Trust by 8.1% in the second quarter. Public Employees Retirement System of Ohio now owns 12,906 shares of the real estate investment trust’s stock worth $130,000 after buying an additional 967 shares in the last quarter. Institutional investors own 71.41% of the company’s stock.
About Lexington Realty Trust
Lexington Realty Trust is a self-managed and self-administered real estate investment trust (REIT). The Company owns a portfolio of equity and debt investments in single-tenant properties and land. The Company’s segment is single-tenant real estate assets. The Company also provides investment advisory and asset management services to investors in the single-tenant area.
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