Zacks Investment Research upgraded shares of Weingarten Realty Investors (NYSE:WRI) from a sell rating to a hold rating in a research note released on Wednesday morning.
According to Zacks, “Weingarten Realty Investors is focused on delivering solid returns to shareholders by actively developing, acquiring, and intensively managing properties in twenty one states that span the southern portion of the United States from coast to coast. Weingarten’s business activities encompass the long-term ownership, management, acquisition, development and redevelopment of strategically located neighborhood and community shopping centers and select industrial properties. The vast majority of our shopping centers are anchored by either a supermarket or a national value-oriented retailer. These anchors combined with convenient locations, attractive and well-maintained properties and a strong tenant mix help to ensure the long-term success of our merchants and the viability of our portfolio. The Company’s portfolio of Thirf caproperties includes thirty neighborhood and community shopping centers and sixty four industrial properties, aggregating fourty million square feet. “
A number of other research analysts have also recently weighed in on WRI. BTIG Research began coverage on shares of Weingarten Realty Investors in a report on Wednesday, August 1st. They issued a buy rating and a $34.00 price objective for the company. Jefferies Financial Group set a $30.00 price objective on shares of Weingarten Realty Investors and gave the company a hold rating in a report on Wednesday, August 15th. JPMorgan Chase & Co. lifted their price objective on shares of Weingarten Realty Investors from $29.00 to $32.00 and gave the company a neutral rating in a report on Friday, August 10th. Wells Fargo & Co lifted their price objective on shares of Weingarten Realty Investors from $27.00 to $30.00 and gave the company a market perform rating in a report on Thursday, August 9th. Finally, Scotiabank began coverage on shares of Weingarten Realty Investors in a report on Tuesday, October 16th. They issued a sector perform rating for the company. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $31.33.
Weingarten Realty Investors (NYSE:WRI) last announced its quarterly earnings results on Wednesday, October 24th. The real estate investment trust reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Weingarten Realty Investors had a net margin of 80.35% and a return on equity of 22.88%. The business had revenue of $125.26 million during the quarter, compared to analysts’ expectations of $126.36 million. As a group, equities research analysts predict that Weingarten Realty Investors will post 2.31 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, December 7th will be issued a $0.395 dividend. This represents a $1.58 dividend on an annualized basis and a dividend yield of 5.68%. The ex-dividend date of this dividend is Thursday, December 6th. Weingarten Realty Investors’s dividend payout ratio (DPR) is currently 64.49%.
In other Weingarten Realty Investors news, CEO Andrew M. Alexander sold 126,730 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $30.71, for a total transaction of $3,891,878.30. Following the completion of the transaction, the chief executive officer now owns 1,263,172 shares in the company, valued at approximately $38,792,012.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Stephen C. Richter sold 102,454 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $30.83, for a total transaction of $3,158,656.82. Following the transaction, the chief financial officer now owns 351,286 shares of the company’s stock, valued at approximately $10,830,147.38. The disclosure for this sale can be found here. Insiders own 7.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of WRI. Wells Fargo & Company MN grew its holdings in Weingarten Realty Investors by 8.6% during the 1st quarter. Wells Fargo & Company MN now owns 149,804 shares of the real estate investment trust’s stock worth $4,206,000 after acquiring an additional 11,871 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Weingarten Realty Investors during the 1st quarter worth approximately $407,000. Royal Bank of Canada grew its holdings in Weingarten Realty Investors by 29.1% during the 1st quarter. Royal Bank of Canada now owns 113,038 shares of the real estate investment trust’s stock worth $3,175,000 after acquiring an additional 25,471 shares in the last quarter. Xact Kapitalforvaltning AB grew its holdings in Weingarten Realty Investors by 39.8% during the 1st quarter. Xact Kapitalforvaltning AB now owns 15,097 shares of the real estate investment trust’s stock worth $424,000 after acquiring an additional 4,300 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Weingarten Realty Investors by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 522,358 shares of the real estate investment trust’s stock worth $14,668,000 after acquiring an additional 13,297 shares in the last quarter. Institutional investors own 77.16% of the company’s stock.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At June 30, 2018, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 190 properties which are located in 17 states spanning the country from coast to coast.
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