Select Income REIT (SIR) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Select Income REIT (NASDAQ:SIR) from a hold rating to a buy rating in a report issued on Wednesday morning. The brokerage currently has $29.00 price objective on the real estate investment trust’s stock.
According to Zacks, “Select Income REIT is a real estate company formed to primarily own and invest in net leased, single tenant properties. It has properties in Oahu, Hawaii and the mainland United States. Select Income REIT is headquartered in Newton, MA. “
Other equities analysts have also issued research reports about the company. B. Riley reaffirmed a buy rating on shares of Select Income REIT in a research note on Wednesday, November 1st. FBR & Co reaffirmed a buy rating and issued a $34.00 price target on shares of Select Income REIT in a research note on Friday, October 27th. BidaskClub raised Select Income REIT from a hold rating to a buy rating in a research note on Friday, October 13th. Finally, Deutsche Bank upped their price target on Select Income REIT from $5.00 to $5.50 and gave the company a hold rating in a research note on Thursday, October 26th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Select Income REIT has an average rating of Buy and a consensus target price of $22.83.
Select Income REIT (NASDAQ:SIR) opened at $25.25 on Wednesday. Select Income REIT has a 12 month low of $22.51 and a 12 month high of $26.79. The company has a market capitalization of $2,259.55, a price-to-earnings ratio of 9.42 and a beta of 0.77. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.21.
Select Income REIT (NASDAQ:SIR) last announced its quarterly earnings results on Friday, October 27th. The real estate investment trust reported $0.68 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.01). Select Income REIT had a net margin of 19.15% and a return on equity of 4.36%. The business had revenue of $118.01 million during the quarter, compared to analyst estimates of $116.73 million. During the same period last year, the company earned $0.69 EPS. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. sell-side analysts expect that Select Income REIT will post 2.7 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, October 23rd were paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 8.08%. The ex-dividend date was Friday, October 20th. Select Income REIT’s payout ratio is 204.00%.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Suntrust Banks Inc. lifted its stake in Select Income REIT by 2.0% during the 2nd quarter. Suntrust Banks Inc. now owns 9,964 shares of the real estate investment trust’s stock worth $239,000 after acquiring an additional 191 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in Select Income REIT by 3.7% during the 2nd quarter. Advisors Asset Management Inc. now owns 16,078 shares of the real estate investment trust’s stock worth $386,000 after acquiring an additional 570 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Select Income REIT by 15.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,343 shares of the real estate investment trust’s stock worth $104,000 after acquiring an additional 575 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Select Income REIT by 1.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 50,107 shares of the real estate investment trust’s stock worth $1,204,000 after acquiring an additional 588 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in Select Income REIT by 13.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 5,800 shares of the real estate investment trust’s stock worth $139,000 after acquiring an additional 700 shares in the last quarter. 48.07% of the stock is currently owned by hedge funds and other institutional investors.
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About Select Income REIT
Select Income REIT is a real estate investment trust. The Company is engaged in the ownership of properties that include buildings and leased industrial lands that are primarily net leased to single tenants. As of December 31, 2016, the Company owned 121 properties (362 buildings, leasable land parcels and easements) with approximately 44.8 million rentable square feet.
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