Lexington Realty Trust (NYSE:LXP) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS
Lexington Realty Trust (NYSE:LXP) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $0.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.01, Bloomberg Earnings reports. The company had revenue of $95.70 million during the quarter, compared to analysts’ expectations of $95.41 million. Lexington Realty Trust had a net margin of 19.61% and a return on equity of 5.97%. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.29 earnings per share. Lexington Realty Trust updated its FY17 guidance to $0.94-0.98 EPS.
Lexington Realty Trust (LXP) traded down 2.428% during trading on Tuesday, reaching $9.845. 566,476 shares of the company’s stock were exchanged. Lexington Realty Trust has a 52 week low of $9.00 and a 52 week high of $11.42. The stock has a market capitalization of $2.37 billion, a PE ratio of 29.127 and a beta of 0.96. The stock has a 50-day moving average of $10.10 and a 200-day moving average of $10.25.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 6.94%. The ex-dividend date was Wednesday, June 28th. Lexington Realty Trust’s dividend payout ratio is presently 218.76%.
LXP has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Lexington Realty Trust from a “sell” rating to a “hold” rating in a research report on Saturday, May 13th. Stifel Nicolaus reissued a “hold” rating and set a $10.00 price target on shares of Lexington Realty Trust in a research report on Thursday, July 6th. Jefferies Group LLC reissued a “hold” rating and set a $11.00 price target on shares of Lexington Realty Trust in a research report on Friday, June 23rd. Evercore ISI raised shares of Lexington Realty Trust from an “in-line” rating to an “outperform” rating and set a $11.00 price target for the company in a research report on Thursday, May 25th. Finally, BidaskClub raised shares of Lexington Realty Trust from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Lexington Realty Trust presently has a consensus rating of “Hold” and a consensus price target of $10.60.
In other news, Chairman E Robert Roskind sold 70,000 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $9.54, for a total transaction of $667,800.00. Following the completion of the sale, the chairman now owns 792,435 shares in the company, valued at $7,559,829.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Joseph Bonventre sold 135,298 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $10.13, for a total value of $1,370,568.74. Following the sale, 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. 3.10% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in LXP. Cambridge Investment Research Advisors Inc. boosted its stake in Lexington Realty Trust by 48.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 36,035 shares of the real estate investment trust’s stock valued at $357,000 after buying an additional 11,696 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Lexington Realty Trust by 10.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,984 shares of the real estate investment trust’s stock valued at $148,000 after buying an additional 1,460 shares during the period. Prudential Financial Inc. boosted its stake in Lexington Realty Trust by 10.6% in the second quarter. Prudential Financial Inc. now owns 2,552,690 shares of the real estate investment trust’s stock valued at $25,297,000 after buying an additional 245,469 shares during the period. American Century Companies Inc. boosted its stake in Lexington Realty Trust by 7.9% in the second quarter. American Century Companies Inc. now owns 1,667,651 shares of the real estate investment trust’s stock valued at $16,526,000 after buying an additional 122,715 shares during the period. Finally, Virginia Retirement Systems ET AL boosted its stake in Lexington Realty Trust by 8.8% in the second quarter. Virginia Retirement Systems ET AL now owns 324,200 shares of the real estate investment trust’s stock valued at $3,213,000 after buying an additional 26,200 shares during the period. Institutional investors and hedge funds own 72.11% of the company’s stock.
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Lexington Realty Trust Company Profile
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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