Wedbush Securities Inc. trimmed its position in shares of Monmouth R.E. Inv. Corp. (NYSE:MNR) by 9.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,362 shares of the real estate investment trust’s stock after selling 3,783 shares during the quarter. Wedbush Securities Inc.’s holdings in Monmouth R.E. Inv. were worth $591,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in MNR. Bank of Montreal Can purchased a new position in Monmouth R.E. Inv. during the 2nd quarter valued at about $841,000. Amalgamated Bank purchased a new position in Monmouth R.E. Inv. during the 2nd quarter valued at about $175,000. Raymond James Financial Services Advisors Inc. purchased a new position in Monmouth R.E. Inv. during the 2nd quarter valued at about $740,000. Wells Fargo & Company MN boosted its holdings in Monmouth R.E. Inv. by 25.6% during the 2nd quarter. Wells Fargo & Company MN now owns 923,547 shares of the real estate investment trust’s stock valued at $15,265,000 after acquiring an additional 188,451 shares during the period. Finally, Virginia Retirement Systems ET AL boosted its holdings in Monmouth R.E. Inv. by 266.6% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 120,600 shares of the real estate investment trust’s stock valued at $1,994,000 after acquiring an additional 87,700 shares during the period. Institutional investors own 64.41% of the company’s stock.
MNR stock opened at $13.79 on Friday. The company has a current ratio of 3.43, a quick ratio of 3.43 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 15.83, a P/E/G ratio of 2.12 and a beta of 0.63. Monmouth R.E. Inv. Corp. has a 1 year low of $13.46 and a 1 year high of $18.27.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Thursday, November 15th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date is Wednesday, November 14th. Monmouth R.E. Inv.’s dividend payout ratio is currently 78.16%.
A number of brokerages recently commented on MNR. Boenning Scattergood restated a “buy” rating and set a $19.00 target price on shares of Monmouth R.E. Inv. in a report on Friday, September 7th. ValuEngine upgraded Monmouth R.E. Inv. from a “sell” rating to a “hold” rating in a report on Wednesday, October 17th. Zacks Investment Research lowered Monmouth R.E. Inv. from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Finally, B. Riley raised Monmouth R.E. Inv. from a “neutral” rating to a “buy” rating and reduced their price target for the company from $17.50 to $17.00 in a research report on Tuesday, October 9th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $18.25.
In related news, insider Umh Properties, Inc. purchased 9,396 shares of Monmouth R.E. Inv. stock in a transaction on Monday, September 17th. The shares were bought at an average price of $16.39 per share, with a total value of $154,000.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael P. Landy purchased 2,000 shares of Monmouth R.E. Inv. stock in a transaction on Friday, November 30th. The stock was bought at an average cost of $13.70 per share, for a total transaction of $27,400.00. Following the transaction, the insider now directly owns 407,747 shares in the company, valued at $5,586,133.90. The disclosure for this purchase can be found here. Insiders acquired a total of 13,841 shares of company stock worth $216,122 in the last ninety days. 4.63% of the stock is owned by corporate insiders.
Monmouth R.E. Inv. Profile
Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. The Company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully-integrated and self-managed real estate company, whose property portfolio consists of 109 properties containing a total of approximately 20.5 million rentable square feet, geographically diversified across 30 states.
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