New York REIT Inc (NYSE:NYRT) announced a special dividend on Tuesday, January 9th, Wall Street Journal reports. Investors of record on Friday, January 19th will be given a dividend of 2.00 per share by the real estate investment trust on Friday, January 26th. The ex-dividend date is Monday, January 29th.
New York REIT has raised its dividend by an average of 115.5% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. New York REIT has a payout ratio of 6,153.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect New York REIT to earn $0.47 per share next year, which means the company may not be able to cover its $24.00 annual dividend with an expected future payout ratio of 5,106.4%.
Shares of New York REIT (NYSE:NYRT) traded down $0.02 during mid-day trading on Tuesday, hitting $4.15. The stock had a trading volume of 955,331 shares, compared to its average volume of 1,701,113. New York REIT has a one year low of $3.88 and a one year high of $10.10. The firm has a market cap of $702.78, a PE ratio of -8.34 and a beta of 0.68. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 1.45.
An institutional investor recently raised its position in New York REIT stock. State Street Corp lifted its stake in shares of New York REIT Inc (NYSE:NYRT) by 58.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,229 shares of the real estate investment trust’s stock after acquiring an additional 55,810 shares during the quarter. State Street Corp owned 0.09% of New York REIT worth $1,309,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 70.01% of the company’s stock.
NYRT has been the topic of several research analyst reports. ValuEngine upgraded New York REIT from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. SunTrust Banks set a $7.00 price objective on New York REIT and gave the stock a “hold” rating in a research note on Friday, December 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $8.38.
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About New York REIT
New York REIT, Inc is a real estate investment trust. The Company owns a portfolio of commercial real estate. The Company’s business is primarily conducted through New York Recovery Operating Partnership, L.P. As of December 31, 2016, the Company owned 19 properties, which aggregated 3.3 million rentable square feet.
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