Retail Opportunity Investments Corp. (ROIC) Stock Rating Upgraded by Zacks Investment Research
Retail Opportunity Investments Corp. (NASDAQ:ROIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $23.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s target price would indicate a potential upside of 10.84% from the company’s previous close.
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 firms also recently weighed in on ROIC. Jefferies Group started coverage on shares of Retail Opportunity Investments Corp. in a report on Friday, November 18th. They set a “buy” rating and a $25.00 price target on the stock. FBR & Co restated a “hold” rating on shares of Retail Opportunity Investments Corp. in a report on Wednesday, October 26th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Retail Opportunity Investments Corp. currently has a consensus rating of “Buy” and an average target price of $22.25.
Shares of Retail Opportunity Investments Corp. (NASDAQ:ROIC) traded up 0.19% during midday trading on Wednesday, hitting $20.67. 60,586 shares of the stock were exchanged. The stock’s 50 day moving average is $20.80 and its 200 day moving average is $21.35. Retail Opportunity Investments Corp. has a 12-month low of $16.90 and a 12-month high of $23.05. The firm has a market cap of $2259.19 billion, a P/E ratio of 71.28 and a beta of 0.56.
Retail Opportunity Investments Corp. (NASDAQ:ROIC) last released its quarterly earnings results on Tuesday, October 25th. The real estate investment trust reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. The business had revenue of $59.40 million for the quarter, compared to the consensus estimate of $59.71 million. Retail Opportunity Investments Corp. had a net margin of 13.33% and a return on equity of 2.49%. Retail Opportunity Investments Corp.’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 EPS. On average, equities research analysts forecast that Retail Opportunity Investments Corp. will post $0.28 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, December 29th. Shareholders of record on Thursday, December 15th were given a $0.18 dividend. The ex-dividend date was Tuesday, December 13th. This represents a $0.72 annualized dividend and a yield of 3.47%. Retail Opportunity Investments Corp.’s dividend payout ratio is 180.00%.
Hedge funds have recently bought and sold shares of the company. Invictus RG bought a new stake in Retail Opportunity Investments Corp. during the second quarter valued at about $128,000. US Bancorp DE raised its stake in Retail Opportunity Investments Corp. by 65.3% in the second quarter. US Bancorp DE now owns 6,922 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 2,735 shares in the last quarter. Catalyst Capital Advisors LLC bought a new stake in Retail Opportunity Investments Corp. during the third quarter valued at about $183,000. Victory Capital Management Inc. raised its stake in Retail Opportunity Investments Corp. by 39.4% in the third quarter. Victory Capital Management Inc. now owns 8,850 shares of the real estate investment trust’s stock valued at $194,000 after buying an additional 2,500 shares in the last quarter. Finally, Zacks Investment Management bought a new stake in Retail Opportunity Investments Corp. during the third quarter valued at about $206,000. Institutional investors own 90.66% of the company’s stock.
About Retail Opportunity Investments Corp.
Retail Opportunity Investments Corp. is an integrated, self-managed real estate investment trust (REIT). The Company’s primary business is the ownership, management and redevelopment of retail real estate properties. The Company specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers on the west coast of the United States, anchored by supermarkets and drugstores.
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