Retail Properties of America Inc (RPAI) Shares Bought by Sumitomo Mitsui Asset Management Company LTD

Sumitomo Mitsui Asset Management Company LTD lifted its stake in Retail Properties of America Inc (NYSE:RPAI) by 222.0% in the third quarter, HoldingsChannel.com reports. The fund owned 792,823 shares of the real estate investment trust’s stock after purchasing an additional 546,610 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Retail Properties of America were worth $9,664,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Element Capital Management LLC bought a new stake in Retail Properties of America during the first quarter valued at approximately $118,000. Commonwealth Bank of Australia grew its position in Retail Properties of America by 67.2% during the second quarter. Commonwealth Bank of Australia now owns 10,366 shares of the real estate investment trust’s stock valued at $132,000 after buying an additional 4,166 shares during the period. Assetmark Inc. grew its position in Retail Properties of America by 1,064.5% during the first quarter. Assetmark Inc. now owns 10,981 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 10,038 shares during the period. RFG Advisory Group LLC bought a new stake in Retail Properties of America during the second quarter valued at approximately $143,000. Finally, ARP Americas LP bought a new stake in Retail Properties of America during the second quarter valued at approximately $206,000. Hedge funds and other institutional investors own 82.01% of the company’s stock.

In other Retail Properties of America news, Director Gerald M. Gorski sold 3,962 shares of Retail Properties of America stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $12.61, for a total transaction of $49,960.82. Following the transaction, the director now owns 55,129 shares of the company’s stock, valued at $695,176.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.49% of the stock is owned by insiders.

Shares of NYSE:RPAI opened at $11.82 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.82. Retail Properties of America Inc has a 1-year low of $10.84 and a 1-year high of $13.60. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 11.15 and a beta of 0.25.

Retail Properties of America (NYSE:RPAI) last issued its quarterly earnings results on Tuesday, July 31st. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.20). Retail Properties of America had a net margin of 39.61% and a return on equity of 10.31%. The firm had revenue of $119.16 million for the quarter, compared to analysts’ expectations of $120.92 million. On average, equities research analysts predict that Retail Properties of America Inc will post 1.01 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 10th. Shareholders of record on Tuesday, September 25th were issued a dividend of $0.166 per share. This represents a $0.66 annualized dividend and a yield of 5.62%. The ex-dividend date of this dividend was Monday, September 24th. Retail Properties of America’s dividend payout ratio is currently 62.26%.

Several brokerages recently issued reports on RPAI. ValuEngine upgraded shares of Retail Properties of America from a “sell” rating to a “hold” rating in a research report on Thursday, June 21st. Zacks Investment Research lowered shares of Retail Properties of America from a “hold” rating to a “sell” rating in a research report on Wednesday, July 18th. Jefferies Financial Group set a $13.00 target price on shares of Retail Properties of America and gave the company a “hold” rating in a research report on Tuesday, July 17th. Deutsche Bank upgraded shares of Retail Properties of America from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research report on Tuesday, August 28th. Finally, JPMorgan Chase & Co. cut their target price on shares of Retail Properties of America from $13.50 to $13.00 and set a “neutral” rating for the company in a research report on Thursday, September 27th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $15.07.

About Retail Properties of America

Retail Properties of America, Inc is a REIT that owns and operates high quality, strategically located open-air shopping centers, including properties with a mixed-use component. As of June 30, 2018, the Company owned 105 retail operating properties in the United States representing 19.5 million square feet.

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Institutional Ownership by Quarter for Retail Properties of America (NYSE:RPAI)

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