Lexington Realty Trust (LXP) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS
Lexington Realty Trust (NYSE:LXP) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.01, Bloomberg Earnings reports. The firm had revenue of $95.70 million for the quarter, compared to analyst estimates of $95.41 million. Lexington Realty Trust had a return on equity of 5.97% and a net margin of 19.61%. The business’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 earnings per share. Lexington Realty Trust updated its FY17 guidance to $0.94-0.98 EPS.
Shares of Lexington Realty Trust (NYSE LXP) traded down 0.30% during trading on Wednesday, hitting $9.86. The stock had a trading volume of 140,931 shares. Lexington Realty Trust has a 1-year low of $9.00 and a 1-year high of $11.42. The company has a market cap of $2.37 billion, a PE ratio of 29.17 and a beta of 0.96. The firm’s 50 day moving average is $10.09 and its 200 day moving average is $10.24.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a dividend of $0.175 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.70 dividend on an annualized basis and a yield of 7.08%. Lexington Realty Trust’s dividend payout ratio (DPR) is presently 218.76%.
Several research firms recently weighed in on LXP. BidaskClub raised Lexington Realty Trust from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Zacks Investment Research upgraded Lexington Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research note on Thursday, August 3rd. Stifel Nicolaus restated a “hold” rating and set a $10.00 price objective on shares of Lexington Realty Trust in a research note on Thursday, July 6th. Jefferies Group LLC restated a “hold” rating and set a $11.00 price objective on shares of Lexington Realty Trust in a research note on Friday, June 23rd. Finally, Evercore ISI upgraded Lexington Realty Trust from an “in-line” rating to an “outperform” rating and set a $11.00 price objective on the stock in a research note on Thursday, May 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $10.60.
In related news, EVP Joseph Bonventre sold 135,298 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $10.13, for a total value of $1,370,568.74. Following the sale, the executive vice president now owns 360,709 shares in the company, valued at $3,653,982.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman E Robert Roskind sold 70,000 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $9.54, for a total value of $667,800.00. Following the completion of the sale, the chairman now owns 792,435 shares in the company, valued at approximately $7,559,829.90. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.
Several large investors have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Lexington Realty Trust by 8,779.8% in the first quarter. BlackRock Inc. now owns 31,979,546 shares of the real estate investment trust’s stock worth $319,155,000 after buying an additional 31,619,409 shares during the period. Denver Investment Advisors LLC acquired a new stake in shares of Lexington Realty Trust during the second quarter worth about $17,700,000. Vanguard Group Inc. increased its stake in shares of Lexington Realty Trust by 3.1% in the first quarter. Vanguard Group Inc. now owns 39,695,075 shares of the real estate investment trust’s stock worth $396,156,000 after buying an additional 1,204,191 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Lexington Realty Trust by 49.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,684,423 shares of the real estate investment trust’s stock worth $26,603,000 after buying an additional 892,164 shares during the period. Finally, State Street Corp increased its stake in shares of Lexington Realty Trust by 8.1% in the first quarter. State Street Corp now owns 6,302,258 shares of the real estate investment trust’s stock worth $62,902,000 after buying an additional 472,738 shares during the period. Institutional investors own 72.11% of the company’s stock.
About Lexington Realty Trust
Lexington Realty Trust is a real estate investment trust (REIT). The Company owns a portfolio of equity and debt investments in single-tenant commercial properties. As of December 31, 2016, the Company had equity ownership interests in approximately 195 consolidated real estate properties, located in 40 states and containing an aggregate of approximately 43.3 million square feet of space, approximately 96.0% of which was leased.
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