BRT Apartments Corp. (NYSE:BRT – Get Rating) announced a quarterly dividend on Thursday, June 9th, Wall Street Journal reports. Shareholders of record on Thursday, June 30th will be given a dividend of 0.25 per share by the financial services provider on Friday, July 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.54%. The ex-dividend date is Wednesday, June 29th. This is a boost from BRT Apartments’s previous quarterly dividend of $0.23.
BRT Apartments has raised its dividend payment by an average of 4.0% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. BRT Apartments has a payout ratio of -129.6% indicating that 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 BRT Apartments to earn $1.66 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 55.4%.
Shares of NYSE BRT traded down $0.48 during trading on Thursday, reaching $22.03. The company had a trading volume of 128,032 shares, compared to its average volume of 61,820. The company’s fifty day moving average price is $22.22 and its 200-day moving average price is $21.93. BRT Apartments has a 12 month low of $17.05 and a 12 month high of $25.31. The stock has a market cap of $409.82 million, a P/E ratio of 9.11, a PEG ratio of 2.47 and a beta of 1.28. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 1.16.
In other news, major shareholder Investors L. P. Gould purchased 6,924 shares of the company’s stock in a transaction that occurred on Thursday, May 12th. The shares were acquired at an average cost of $19.99 per share, with a total value of $138,410.76. Following the purchase, the insider now owns 2,996,822 shares in the company, valued at $59,906,471.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 37.90% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY grew its holdings in shares of BRT Apartments by 83.9% in the first quarter. Metropolitan Life Insurance Co NY now owns 1,392 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 635 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of BRT Apartments by 94.2% in the third quarter. BNP Paribas Arbitrage SA now owns 2,921 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 1,417 shares in the last quarter. Citigroup Inc. grew its holdings in shares of BRT Apartments by 119.7% in the fourth quarter. Citigroup Inc. now owns 2,938 shares of the financial services provider’s stock valued at $70,000 after acquiring an additional 1,601 shares in the last quarter. UBS Group AG grew its holdings in shares of BRT Apartments by 96.4% in the third quarter. UBS Group AG now owns 3,022 shares of the financial services provider’s stock valued at $58,000 after acquiring an additional 1,483 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of BRT Apartments by 33.6% in the second quarter. Royal Bank of Canada now owns 3,975 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 1,000 shares in the last quarter. 28.28% of the stock is owned by institutional investors.
A number of brokerages have recently issued reports on BRT. StockNews.com raised BRT Apartments from a “hold” rating to a “buy” rating in a research note on Wednesday, May 25th. JMP Securities reissued a “buy” rating and issued a $28.00 price objective on shares of BRT Apartments in a research note on Wednesday, May 25th. B. Riley raised BRT Apartments from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $19.00 to $29.00 in a research note on Monday, March 21st. TheStreet raised BRT Apartments from a “c+” rating to a “b-” rating in a research note on Tuesday, May 10th. Finally, Zacks Investment Research raised BRT Apartments from a “hold” rating to a “strong-buy” rating and set a $24.00 price target on the stock in a research note on Tuesday, May 24th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, BRT Apartments has an average rating of “Buy” and a consensus target price of $26.50.
BRT Apartments Company Profile (Get Rating)
BRT is a real estate investment trust that owns, operates and develops multi-family properties.
- Get a free copy of the StockNews.com research report on BRT Apartments (BRT)
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