Lexington Realty Trust (LXP) Cut to “Sell” at BidaskClub
Lexington Realty Trust (NYSE:LXP) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.
Several other research analysts have also recently weighed in on the company. Evercore ISI raised Lexington Realty Trust from an “in-line” rating to an “outperform” rating and set a $11.00 target price for the company in a research note on Thursday, May 25th. Ladenburg Thalmann Financial Services reaffirmed a “hold” rating on shares of Lexington Realty Trust in a research note on Thursday, May 18th. Finally, Zacks Investment Research raised Lexington Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, May 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Lexington Realty Trust has a consensus rating of “Hold” and a consensus target price of $10.67.
Shares of Lexington Realty Trust (LXP) traded up 1.09% during midday trading on Friday, hitting $10.18. 2,571,296 shares of the company’s stock traded hands. The company has a 50 day moving average of $9.79 and a 200 day moving average of $10.38. The stock has a market cap of $2.45 billion, a P/E ratio of 30.12 and a beta of 0.96. Lexington Realty Trust has a 52 week low of $9.00 and a 52 week high of $11.42.
Lexington Realty Trust (NYSE:LXP) last issued its quarterly earnings results on Tuesday, May 9th. The real estate investment trust reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by $0.01. The business had revenue of $96.10 million for the quarter, compared to analyst estimates of $94.72 million. Lexington Realty Trust had a net margin of 19.61% and a return on equity of 5.97%. Lexington Realty Trust’s revenue for the quarter was down 13.9% on a year-over-year basis. During the same period last year, the business posted $0.30 earnings per share. On average, equities analysts forecast that Lexington Realty Trust will post $0.33 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be given a $0.175 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 6.88%. Lexington Realty Trust’s dividend payout ratio (DPR) is 218.76%.
In related news, Chairman E Robert Roskind sold 70,000 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $9.54, for a total value of $667,800.00. Following the completion of the transaction, the chairman now owns 792,435 shares in the company, valued at approximately $7,559,829.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joseph Bonventre sold 135,298 shares of the stock in a transaction on Monday, June 12th. The shares were sold at an average price of $10.13, for a total value of $1,370,568.74. Following the completion of the transaction, the executive vice president now owns 360,709 shares of the company’s stock, valued at approximately $3,653,982.17. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Piedmont Investment Advisors LLC bought a new position in Lexington Realty Trust during the first quarter worth $129,000. Public Employees Retirement System of Ohio raised its position in Lexington Realty Trust by 10.8% in the first quarter. Public Employees Retirement System of Ohio now owns 35,133 shares of the real estate investment trust’s stock worth $351,000 after buying an additional 3,433 shares during the period. Goldman Sachs Group Inc. raised its position in Lexington Realty Trust by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,328,140 shares of the real estate investment trust’s stock worth $13,254,000 after buying an additional 25,618 shares during the period. Macquarie Group Ltd. raised its position in Lexington Realty Trust by 2.5% in the first quarter. Macquarie Group Ltd. now owns 5,160,258 shares of the real estate investment trust’s stock worth $51,500,000 after buying an additional 126,472 shares during the period. Finally, PVG Asset Management Corp bought a new position in Lexington Realty Trust during the first quarter worth $1,022,000. Institutional investors and hedge funds own 74.00% of the company’s stock.
About Lexington Realty Trust
Lexington Realty Trust is a real estate investment trust (REIT). The Company owns a portfolio of equity and debt investments in single-tenant commercial properties. As of December 31, 2016, the Company had equity ownership interests in approximately 195 consolidated real estate properties, located in 40 states and containing an aggregate of approximately 43.3 million square feet of space, approximately 96.0% of which was leased.
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