Whitestone REIT (WSR) Trading Up NaN After Better-Than-Expected Earnings
Whitestone REIT (NYSE:WSR) shares were up NaN on Thursday following a better than expected earnings announcement. The company traded as high as $14.20 and last traded at $0.00. Approximately 705,265 shares changed hands during mid-day trading, an increase of Infinity from the average daily volume of 0 shares. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.07. Whitestone REIT had a net margin of 5.77% and a return on equity of 2.22%. The business had revenue of $33.70 million during the quarter, compared to analyst estimates of $32.78 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The company’s revenue for the quarter was up 32.2% compared to the same quarter last year.
The firm also recently announced a monthly dividend, which will be paid on Monday, November 13th. Stockholders of record on Friday, November 3rd will be issued a dividend of $0.095 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 8.22%. The ex-dividend date is Thursday, November 2nd. Whitestone REIT’s payout ratio is 670.59%.
A number of equities research analysts have recently issued reports on WSR shares. FBR & Co reaffirmed an “outperform” rating and set a $14.00 target price on shares of Whitestone REIT in a report on Tuesday, July 11th. Zacks Investment Research lowered shares of Whitestone REIT from a “hold” rating to a “sell” rating in a report on Friday, August 18th. ValuEngine lowered shares of Whitestone REIT from a “buy” rating to a “hold” rating in a report on Friday, September 1st. BidaskClub raised shares of Whitestone REIT from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. Finally, Ladenburg Thalmann Financial Services reissued a “hold” rating on shares of Whitestone REIT in a report on Friday, August 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $14.67.
In other news, Director Paul T. Lambert acquired 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was purchased at an average price of $12.29 per share, with a total value of $36,870.00. Following the completion of the acquisition, the director now owns 51,918 shares of the company’s stock, valued at approximately $638,072.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.29% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Whitestone REIT by 2.9% in the first quarter. Vanguard Group Inc. now owns 3,371,850 shares of the real estate investment trust’s stock valued at $46,666,000 after purchasing an additional 93,822 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in shares of Whitestone REIT by 2.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 216,182 shares of the real estate investment trust’s stock valued at $2,992,000 after purchasing an additional 4,959 shares during the period. Chilton Capital Management LLC purchased a new stake in shares of Whitestone REIT in the second quarter valued at about $6,727,000. Goldman Sachs Group Inc. grew its holdings in shares of Whitestone REIT by 17.0% in the first quarter. Goldman Sachs Group Inc. now owns 34,696 shares of the real estate investment trust’s stock valued at $480,000 after purchasing an additional 5,033 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Whitestone REIT by 20.4% in the second quarter. Bank of New York Mellon Corp now owns 326,832 shares of the real estate investment trust’s stock valued at $4,004,000 after purchasing an additional 55,350 shares during the period. 42.90% of the stock is owned by hedge funds and other institutional investors.
The firm has a market capitalization of $546.66, a price-to-earnings ratio of 10.91 and a beta of 0.98. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.01 and a current ratio of 0.82.
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About Whitestone REIT
Whitestone REIT is a real estate investment trust. The Company is engaged in owning and operating commercial properties in culturally diverse markets in various metropolitan areas. The Company’s acquisition targets are located in densely populated, culturally diverse neighborhoods, primarily in and around Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio.
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