American Assets Trust, Inc. (NYSE:AAT) Upgraded at Zacks Investment Research
American Assets Trust, Inc. (NYSE:AAT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage presently has a $44.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.68% from the stock’s previous close.
According to Zacks, “American Assets, Inc. is a real estate investment trust, or REIT, that owns, operates, acquires and develops retail and office properties primarily in Southern California, Northern California and Hawaii. The trusts assets include retail properties, office properties, Waikiki Beach Walk property and multifamily properties. American Assets, Inc. is based in San Diego, California. “
AAT has been the topic of several other research reports. Canaccord Genuity upped their target price on shares of American Assets Trust from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 12th. BidaskClub raised shares of American Assets Trust from a “strong sell” rating to a “sell” rating in a report on Thursday, June 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $47.75.
American Assets Trust (NYSE AAT) traded up 1.38% during mid-day trading on Friday, reaching $39.59. The company had a trading volume of 129,309 shares. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 55.84 and a beta of 0.52. The firm has a 50-day moving average price of $39.75 and a 200 day moving average price of $42.00. American Assets Trust has a 12-month low of $37.54 and a 12-month high of $46.38.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 29th. Investors of record on Thursday, June 15th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, June 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.66%. American Assets Trust’s dividend payout ratio is 146.48%.
In other American Assets Trust news, CEO Ernest S. Rady acquired 47,976 shares of the stock in a transaction on Wednesday, May 17th. The stock was acquired at an average price of $38.55 per share, for a total transaction of $1,849,474.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ernest S. Rady acquired 98,151 shares of the stock in a transaction on Wednesday, May 24th. The shares were acquired at an average price of $39.34 per share, with a total value of $3,861,260.34. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 537,169 shares of company stock valued at $21,234,402. 34.15% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in AAT. Perigon Wealth Management LLC acquired a new position in American Assets Trust during the first quarter valued at approximately $105,000. BlackRock Japan Co. Ltd raised its position in American Assets Trust by 31.9% in the first quarter. BlackRock Japan Co. Ltd now owns 2,644 shares of the real estate investment trust’s stock valued at $106,000 after buying an additional 640 shares during the period. LS Investment Advisors LLC raised its position in American Assets Trust by 75.0% in the first quarter. LS Investment Advisors LLC now owns 2,531 shares of the real estate investment trust’s stock valued at $106,000 after buying an additional 1,085 shares during the period. Elkfork Partners LLC acquired a new position in American Assets Trust during the fourth quarter valued at approximately $112,000. Finally, CI Investments Inc. raised its position in American Assets Trust by 27.3% in the second quarter. CI Investments Inc. now owns 2,800 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 600 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.
About American Assets Trust
American Assets Trust, Inc is a full service, vertically integrated and self-administered real estate investment trust (REIT). The Company owns, operates, acquires and develops retail, office, multifamily and mixed-use properties in Southern California, Northern California, Oregon, Washington, Texas and Hawaii markets.
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