Zacks Investment Research Upgrades InfraREIT, Inc. (HIFR) to Buy
Zacks Investment Research upgraded shares of InfraREIT, Inc. (NYSE:HIFR) from a hold rating to a buy rating in a research report released on Wednesday. They currently have $25.00 price target on the real estate investment trust’s stock.
According to Zacks, “InfraREIT, Inc. is a real estate investment trust which owns rate regulated electricity delivery infrastructure assets primarily in Texas. The company’s asset consists of Panhandle Assets, Stanton/Brady/Celeste Assets, McAllen Assets, Stanton Transmission Loop Assets and ERCOT Transmission Assets. InfraREIT, Inc. is based in Dallas, United States. “
Several other research analysts have also recently weighed in on HIFR. Wolfe Research upgraded InfraREIT from a market perform rating to an outperform rating in a research report on Monday, April 24th. BidaskClub upgraded InfraREIT from a buy rating to a strong-buy rating in a research report on Sunday, July 16th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $22.00.
InfraREIT (NYSE HIFR) opened at 22.39 on Wednesday. InfraREIT has a 52 week low of $14.59 and a 52 week high of $23.12. The company’s 50 day moving average price is $19.97 and its 200-day moving average price is $18.39. The company has a market capitalization of $980.19 million, a P/E ratio of 18.99 and a beta of 0.42.
InfraREIT (NYSE:HIFR) last announced its quarterly earnings results on Thursday, May 4th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.33 by $0.03. The company had revenue of $39.62 million for the quarter. InfraREIT had a net margin of 28.97% and a return on equity of 7.22%. Equities research analysts expect that InfraREIT will post $1.29 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which was paid on Thursday, July 20th. Investors of record on Friday, June 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.47%. The ex-dividend date was Wednesday, June 28th. InfraREIT’s dividend payout ratio is currently 84.75%.
In other InfraREIT news, major shareholder Insurance & Annuity A. Teachers sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $19.79, for a total value of $989,500.00. Following the sale, the insider now directly owns 5,526,235 shares of the company’s stock, valued at $109,364,190.65. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Insurance & Annuity A. Teachers sold 62,746 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $19.66, for a total value of $1,233,586.36. Following the completion of the sale, the insider now directly owns 5,463,489 shares in the company, valued at $107,412,193.74. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 748,877 shares of company stock valued at $16,130,101. 28.00% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of InfraREIT by 6.1% in the first quarter. Vanguard Group Inc. now owns 2,729,325 shares of the real estate investment trust’s stock valued at $49,128,000 after buying an additional 157,236 shares during the last quarter. State Street Corp raised its stake in shares of InfraREIT by 10.5% in the first quarter. State Street Corp now owns 787,301 shares of the real estate investment trust’s stock valued at $14,173,000 after buying an additional 74,806 shares during the last quarter. Neuberger Berman Group LLC raised its stake in shares of InfraREIT by 1.7% in the first quarter. Neuberger Berman Group LLC now owns 634,168 shares of the real estate investment trust’s stock valued at $11,415,000 after buying an additional 10,338 shares during the last quarter. Bank of America Corp DE raised its stake in shares of InfraREIT by 2.4% in the first quarter. Bank of America Corp DE now owns 615,191 shares of the real estate investment trust’s stock valued at $11,074,000 after buying an additional 14,493 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of InfraREIT by 49.7% in the first quarter. Prudential Financial Inc. now owns 607,290 shares of the real estate investment trust’s stock valued at $10,931,000 after buying an additional 201,600 shares during the last quarter. 84.25% of the stock is currently owned by institutional investors.
InfraREIT, Inc is a real estate investment trust. The Company is engaged in owning and leasing rate-regulated transmission and distribution (T&D) assets in Texas. It leases its T&D assets to Sharyland Utilities, L.P. Its assets are located in the Texas Panhandle near Amarillo, the Permian Basin in and around Stanton, Central Texas around Brady, Northeast Texas in and around Celeste and South Texas near McAllen.
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