Zacks Investment Research upgraded shares of Lexington Realty Trust (NYSE:LXP) from a hold rating to a buy rating in a research note issued to investors on Saturday morning, Zacks.com reports. Zacks Investment Research currently has $11.00 price target on the real estate investment trust’s stock.
According to Zacks, “LEXINGTON CORP PROPERTIES INC is a real estate investment trust engaged in the ownership, operation, management of a diverse portfolio of real properties. “
Separately, Stifel Nicolaus upgraded shares of Lexington Realty Trust from a sell rating to a hold rating and set a $9.15 price target for the company in a report on Tuesday, May 28th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Lexington Realty Trust currently has an average rating of Buy and a consensus price target of $9.54.
Shares of LXP stock traded down $0.16 during mid-day trading on Friday, hitting $9.61. The stock had a trading volume of 1,216,080 shares, compared to its average volume of 1,222,204. Lexington Realty Trust has a fifty-two week low of $7.66 and a fifty-two week high of $9.96. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of 10.01, a PEG ratio of -19.20 and a beta of 0.88. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a 50-day simple moving average of $9.58.
Lexington Realty Trust (NYSE:LXP) last released its earnings results on Wednesday, May 8th. The real estate investment trust reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.10). The firm had revenue of $81.25 million during the quarter, compared to analyst estimates of $80.70 million. Lexington Realty Trust had a return on equity of 21.72% and a net margin of 72.14%. The firm’s revenue was down 21.0% on a year-over-year basis. During the same quarter last year, the business posted $0.25 EPS. Research analysts expect that Lexington Realty Trust will post 0.78 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.102 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.41 dividend on an annualized basis and a dividend yield of 4.25%. Lexington Realty Trust’s dividend payout ratio is presently 42.71%.
In other Lexington Realty Trust news, EVP Joseph Bonventre sold 20,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $9.30, for a total transaction of $186,000.00. Following the completion of the transaction, the executive vice president now directly owns 362,103 shares in the company, valued at approximately $3,367,557.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.26% of the company’s stock.
A number of large investors have recently bought and sold shares of LXP. JPMorgan Chase & Co. increased its holdings in Lexington Realty Trust by 433.4% during the 1st quarter. JPMorgan Chase & Co. now owns 4,232,107 shares of the real estate investment trust’s stock valued at $38,342,000 after acquiring an additional 3,438,659 shares in the last quarter. Norges Bank purchased a new position in Lexington Realty Trust during the 4th quarter valued at about $23,974,000. NN Investment Partners Holdings N.V. purchased a new position in Lexington Realty Trust during the 2nd quarter valued at about $23,741,000. Laurion Capital Management LP purchased a new position in Lexington Realty Trust during the 1st quarter valued at about $9,824,000. Finally, Millennium Management LLC increased its holdings in Lexington Realty Trust by 263.7% during the 4th quarter. Millennium Management LLC now owns 910,602 shares of the real estate investment trust’s stock valued at $7,476,000 after acquiring an additional 660,258 shares in the last quarter. Hedge funds and other institutional investors own 86.32% of the company’s stock.
About Lexington Realty Trust
Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its industrial portfolio through build-to-suit transactions, sale-leaseback transactions and other transactions, including acquisitions.
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