Zacks Investment Research cut shares of Retail Opportunity Investments (NASDAQ:ROIC) from a hold rating to a sell rating in a research report released on Saturday.
According to Zacks, “Retail Opportunity Investments Corp. is a corporation that intends to qualify as a REIT for U.S. federal incoming tax purposes and that expects to invest in, acquire, own, lease, reposition and manage a diverse portfolio of necessity-based retail properties. This includes primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The company may also acquire other retail properties, including power centers, regional malls lifestyle centers and single-tenant retail locations that are leased to national, regional and local tenants. In addition, the Company may supplement its direct purchases of retail properties with first mortgages or second mortgages, mezzanine loans, bridge or other loans or debt investments related to retail properties, in each case provided that the underlying real estate meets the Company’s criteria for direct investment. “
A number of other research analysts also recently weighed in on ROIC. BidaskClub downgraded Retail Opportunity Investments from a hold rating to a sell rating in a research note on Friday, January 4th. BMO Capital Markets restated a hold rating and issued a $18.00 price target on shares of Retail Opportunity Investments in a research note on Tuesday, February 19th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $18.25.
ROIC stock traded up $0.03 during mid-day trading on Friday, reaching $16.90. The company had a trading volume of 1,809,227 shares, compared to its average volume of 811,217. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.13. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 14.82, a P/E/G ratio of 3.56 and a beta of 0.72. Retail Opportunity Investments has a 52 week low of $15.44 and a 52 week high of $19.80.
Retail Opportunity Investments (NASDAQ:ROIC) last posted its quarterly earnings results on Tuesday, February 19th. The real estate investment trust reported $0.29 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.29. The firm had revenue of $75.20 million during the quarter, compared to the consensus estimate of $74.43 million. Retail Opportunity Investments had a return on equity of 3.25% and a net margin of 14.45%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company earned $0.30 earnings per share. On average, equities research analysts anticipate that Retail Opportunity Investments will post 1.15 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th will be paid a $0.197 dividend. This represents a $0.79 dividend on an annualized basis and a yield of 4.66%. This is an increase from Retail Opportunity Investments’s previous quarterly dividend of $0.20. The ex-dividend date is Wednesday, March 13th. Retail Opportunity Investments’s dividend payout ratio (DPR) is currently 69.30%.
Hedge funds have recently bought and sold shares of the business. Lindbrook Capital LLC bought a new position in shares of Retail Opportunity Investments during the 4th quarter worth approximately $27,000. Oregon Public Employees Retirement Fund bought a new position in shares of Retail Opportunity Investments during the 4th quarter worth approximately $43,000. PNC Financial Services Group Inc. boosted its stake in shares of Retail Opportunity Investments by 23.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,197 shares of the real estate investment trust’s stock worth $51,000 after acquiring an additional 603 shares during the period. Whittier Trust Co. boosted its stake in shares of Retail Opportunity Investments by 18.8% during the 4th quarter. Whittier Trust Co. now owns 3,684 shares of the real estate investment trust’s stock worth $59,000 after acquiring an additional 584 shares during the period. Finally, AlphaCrest Capital Management LLC bought a new position in shares of Retail Opportunity Investments during the 4th quarter worth approximately $173,000. Hedge funds and other institutional investors own 93.26% of the company’s stock.
About Retail Opportunity Investments
Retail Opportunity Investments Corp. (NASDAQ: ROIC), is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast. As of December 31, 2018, ROIC owned 91 shopping centers encompassing approximately 10.5 million square feet.
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