Altisource Residential Corporation Declares Quarterly Dividend of $0.15 (RESI)
Altisource Residential Corporation (NYSE:RESI) announced a quarterly dividend on Wednesday, September 20th, Wall Street Journal reports. Shareholders of record on Friday, September 29th will be paid a dividend of 0.15 per share by the real estate investment trust on Friday, October 13th. This represents a $0.60 dividend on an annualized basis and a yield of 5.49%. The ex-dividend date of this dividend is Thursday, September 28th.
Altisource Residential Corporation has raised its dividend payment by an average of 16.3% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. Altisource Residential Corporation has a dividend payout ratio of -20.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Altisource Residential Corporation to earn ($1.07) per share next year, which means the company may not be able to cover its $0.60 annual dividend with an expected future payout ratio of -56.1%.
Shares of Altisource Residential Corporation (NYSE:RESI) traded up 0.37% during midday trading on Wednesday, reaching $10.92. The company’s stock had a trading volume of 216,930 shares. The stock has a 50-day moving average of $11.98 and a 200 day moving average of $13.49. Altisource Residential Corporation has a 12-month low of $9.86 and a 12-month high of $15.66. The firm’s market capitalization is $582.68 million.
Altisource Residential Corporation (NYSE:RESI) last issued its quarterly earnings data on Tuesday, August 8th. The real estate investment trust reported ($1.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.30). The firm had revenue of $30.10 million during the quarter, compared to analyst estimates of $32.55 million. Altisource Residential Corporation had a negative return on equity of 21.82% and a negative net margin of 378.17%. The company’s revenue was up 250.0% on a year-over-year basis. During the same quarter last year, the company posted ($1.16) EPS. Equities research analysts predict that Altisource Residential Corporation will post ($2.07) EPS for the current fiscal year.
A number of research analysts have weighed in on RESI shares. ValuEngine upgraded shares of Altisource Residential Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded shares of Altisource Residential Corporation from a “sell” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Thursday, August 31st. BidaskClub downgraded shares of Altisource Residential Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, Northland Securities reiterated a “buy” rating and issued a $17.00 price objective on shares of Altisource Residential Corporation in a research report on Thursday, August 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. Altisource Residential Corporation currently has an average rating of “Hold” and a consensus target price of $15.33.
About Altisource Residential Corporation
Altisource Residential Corporation is a real estate investment trust (REIT). The Company focuses on acquiring, owning and managing single-family rental (SFR) properties throughout the United States. The Company conducts its activities through its subsidiary, Altisource Residential, L.P., and its subsidiaries.
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