Equity One Given “Market Perform” Rating at BMO Capital Markets (EQY)
Equity One (NYSE: EQY)‘s stock had its “market perform” rating restated by equities researchers at BMO Capital Markets in a report issued on Monday. They currently have a $24.00 target price on the stock, up from their previous target price of $21.00.
The analysts wrote, “With lease expirations manageable at 10% of total SF in ’13 (vs. 13% last year) and demand picking up in the more challenging small shop space, we expect EQY to experience organic growth through modest occupancy gains and high-single-digit rent spreads. While $300 mn of planned dispositions will knock ~$0.05 from FFO, all else equal, rent commencements at the Gallery at Westbury (currently 75% leased and 60% occupied), $200 mn of planned acquisitions (excluding JVs), and the $262 mn redevelopment pipeline will be key drivers this year. On the balance sheet front, we estimate that EQY can lower its Debt/EBITDA to 6.6x by year-end (a tad above its long term 6.5x target) from the current 7.1x through judicious use of disposition proceeds.”
Equity One traded up 0.17% on Monday, hitting $23.86. Equity One has a 1-year low of $18.81 and a 1-year high of $24.22. The stock’s 50-day moving average is currently $23.14. The company’s market cap is $2.837 billion.
Equity One last announced its earnings results on Wednesday, February 20th. The company reported $0.30 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.29 by $0.01. The company had revenue of $85.10 million for the quarter, compared to the consensus estimate of $84.46 million. During the same quarter in the prior year, the company posted $0.29 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis. Equity One has set its FY13 guidance at $1.18-1.22 EPS. Analysts expect that Equity One will post $1.19 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase raised their price target on shares of Equity One to $25.00 in a research note to investors on Thursday, February 28th. Separately, analysts at Stifel Nicolaus raised their price target on shares of Equity One from $23.00 to $24.00 in a research note to investors on Tuesday, February 26th. They now have a “buy” rating on the stock. Finally, analysts at Raymond James raised their price target on shares of Equity One from $23.00 to $24.00 in a research note to investors on Monday, February 25th.
Two analysts have rated the stock with a buy rating, two have given an overweight rating, nine have given a hold rating, one has assigned an underweight rating, and two have issued a sell rating to the stock. The stock currently has a consensus rating of “hold” and an average target price of $22.10.
The company also recently announced a quarterly dividend, which is scheduled for Friday, March 29th. Investors of record on Friday, March 15th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.69%. The ex-dividend date is Wednesday, March 13th.
Equity One, Inc. is a real estate investment trust (REIT) that principally owns, manages, acquires and develops neighborhood and community shopping centers.
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