Retail Properties of America (NYSE:RPAI) was upgraded by investment analysts at J P Morgan Chase & Co from a “neutral” rating to an “overweight” rating in a report released on Friday, MarketBeat reports. The firm presently has a $15.00 price objective on the real estate investment trust’s stock. J P Morgan Chase & Co’s target price suggests a potential upside of 14.85% from the company’s previous close.
Several other research analysts also recently commented on RPAI. KeyCorp raised Retail Properties of America from a “sector weight” rating to an “overweight” rating and set a $16.00 price objective for the company in a research note on Monday, November 20th. Boenning Scattergood reissued a “buy” rating and issued a $18.50 price objective on shares of Retail Properties of America in a research note on Thursday, November 2nd. Robert W. Baird reissued a “buy” rating and issued a $18.00 price objective on shares of Retail Properties of America in a research note on Wednesday, November 1st. BidaskClub downgraded Retail Properties of America from a “hold” rating to a “sell” rating in a research note on Friday, October 27th. Finally, Zacks Investment Research downgraded Retail Properties of America from a “buy” rating to a “hold” rating in a research note on Wednesday, October 25th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Retail Properties of America has a consensus rating of “Hold” and an average price target of $15.81.
Retail Properties of America (NYSE RPAI) traded down $0.07 during trading on Friday, reaching $13.06. The company’s stock had a trading volume of 1,440,300 shares, compared to its average volume of 1,755,801. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. Retail Properties of America has a 1-year low of $11.61 and a 1-year high of $15.81. The stock has a market cap of $2,981.82, a price-to-earnings ratio of 12.39 and a beta of 0.50.
Retail Properties of America declared that its board has authorized a share repurchase program on Thursday, December 14th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the real estate investment trust to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RPAI. Vident Investment Advisory LLC purchased a new position in shares of Retail Properties of America during the 3rd quarter worth $135,000. Profund Advisors LLC purchased a new position in shares of Retail Properties of America during the 2nd quarter worth $143,000. Brookstone Capital Management purchased a new position in shares of Retail Properties of America during the 2nd quarter worth $146,000. Stratos Wealth Partners LTD. purchased a new position in shares of Retail Properties of America during the 3rd quarter worth $148,000. Finally, Laurion Capital Management LP purchased a new position in shares of Retail Properties of America during the 2nd quarter worth $153,000. Institutional investors and hedge funds own 79.14% of the company’s stock.
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About Retail Properties of America
Retail Properties of America, Inc is a real estate investment trust (REIT). The Company owns and operates shopping centers located in the United States. As of December 31, 2016, it owned 156 retail operating properties representing 25,832,000 square feet of gross leasable area (GLA). Its retail operating portfolio includes neighborhood and community centers, power centers, and lifestyle centers and multi-tenant retail-focused mixed-use properties, as well as single-user retail properties.
