Shikiar Asset Management Inc. Reduces Position in Lexington Realty Trust (LXP)
Shikiar Asset Management Inc. decreased its position in shares of Lexington Realty Trust (NYSE:LXP) by 10.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 575,800 shares of the real estate investment trust’s stock after selling 69,375 shares during the period. Lexington Realty Trust makes up about 2.5% of Shikiar Asset Management Inc.’s holdings, making the stock its 14th largest position. Shikiar Asset Management Inc.’s holdings in Lexington Realty Trust were worth $5,706,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Lexington Realty Trust by 8,779.8% in the first quarter. BlackRock Inc. now owns 31,979,546 shares of the real estate investment trust’s stock worth $319,155,000 after buying an additional 31,619,409 shares during the period. Denver Investment Advisors LLC purchased a new position in Lexington Realty Trust during the second quarter valued at approximately $17,700,000. Vanguard Group Inc. increased its position in Lexington Realty Trust by 3.1% in the first quarter. Vanguard Group Inc. now owns 39,695,075 shares of the real estate investment trust’s stock valued at $396,156,000 after buying an additional 1,204,191 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in Lexington Realty Trust by 49.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,684,423 shares of the real estate investment trust’s stock valued at $26,603,000 after buying an additional 892,164 shares during the last quarter. Finally, State Street Corp increased its position in Lexington Realty Trust by 8.1% in the first quarter. State Street Corp now owns 6,302,258 shares of the real estate investment trust’s stock valued at $62,902,000 after buying an additional 472,738 shares during the last quarter. 73.13% of the stock is owned by institutional investors.
Shares of Lexington Realty Trust (LXP) opened at 9.79 on Wednesday. The stock’s 50 day moving average price is $10.03 and its 200-day moving average price is $10.19. Lexington Realty Trust has a 52-week low of $9.00 and a 52-week high of $11.42. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 72.52 and a beta of 0.96.
Lexington Realty Trust (NYSE:LXP) last released its earnings results on Tuesday, August 8th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.01. The company had revenue of $95.70 million during the quarter, compared to the consensus estimate of $95.41 million. Lexington Realty Trust had a return on equity of 2.92% and a net margin of 9.80%. Lexington Realty Trust’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 EPS. On average, analysts predict that Lexington Realty Trust will post $0.35 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 7.15%. The ex-dividend date was Wednesday, June 28th. Lexington Realty Trust’s dividend payout ratio is presently 500.00%.
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Several analysts have issued reports on the company. BidaskClub raised Lexington Realty Trust from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Zacks Investment Research raised Lexington Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research report on Thursday, August 3rd. Jefferies Group LLC reissued a “hold” rating and issued a $11.00 price objective on shares of Lexington Realty Trust in a research report on Friday, June 23rd. Stifel Nicolaus reiterated a “hold” rating and set a $10.00 price objective on shares of Lexington Realty Trust in a research note on Thursday, July 6th. Finally, Evercore ISI upgraded Lexington Realty Trust from an “in-line” rating to an “outperform” rating and set a $11.00 price objective for the company in a research note on Thursday, May 25th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. Lexington Realty Trust presently has an average rating of “Hold” and a consensus price target of $10.60.
In other Lexington Realty Trust news, CEO T Wilson Eglin sold 24,170 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $9.81, for a total value of $237,107.70. Following the transaction, the chief executive officer now owns 2,223,251 shares in the company, valued at approximately $21,810,092.31. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Joseph Bonventre sold 135,298 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $10.13, for a total transaction of $1,370,568.74. Following the completion of the transaction, the executive vice president now owns 360,709 shares in the company, valued at approximately $3,653,982.17. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 229,468 shares of company stock valued at $2,275,476. Insiders own 3.10% of the company’s stock.
About Lexington Realty Trust
Lexington Realty Trust is a real estate investment trust (REIT). The Company owns a portfolio of equity and debt investments in single-tenant commercial properties. As of December 31, 2016, the Company had equity ownership interests in approximately 195 consolidated real estate properties, located in 40 states and containing an aggregate of approximately 43.3 million square feet of space, approximately 96.0% of which was leased.
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