American Assets Trust (AAT) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of American Assets Trust (NYSE:AAT) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The firm currently has $45.00 price target on the real estate investment trust’s stock.
According to Zacks, “American Assets, Inc. is a real estate investment trust, or REIT, that owns, operates, acquires and develops retail and office properties primarily in Southern California, Northern California and Hawaii. The trusts assets include retail properties, office properties, Waikiki Beach Walk property and multifamily properties. American Assets, Inc. is based in San Diego, California. “
Several other analysts have also commented on AAT. Mizuho reiterated a buy rating and issued a $43.00 price target on shares of American Assets Trust in a research report on Wednesday, November 7th. ValuEngine upgraded shares of American Assets Trust from a sell rating to a hold rating in a research report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of $41.40.
American Assets Trust (NYSE:AAT) last issued its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.28). American Assets Trust had a return on equity of 2.43% and a net margin of 6.09%. The company had revenue of $82.51 million for the quarter, compared to analyst estimates of $79.33 million. Equities analysts anticipate that American Assets Trust will post 2.1 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 27th. Stockholders of record on Thursday, December 13th will be given a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, December 12th. This is a positive change from American Assets Trust’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 2.83%. American Assets Trust’s dividend payout ratio is currently 56.25%.
In other American Assets Trust news, CEO Ernest S. Rady purchased 13,002 shares of the stock in a transaction dated Friday, November 9th. The shares were acquired at an average cost of $39.08 per share, for a total transaction of $508,118.16. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ernest S. Rady purchased 8,606 shares of the stock in a transaction dated Monday, November 12th. The stock was acquired at an average price of $39.42 per share, for a total transaction of $339,248.52. The disclosure for this purchase can be found here. Insiders bought 75,202 shares of company stock worth $2,944,078 over the last quarter. Company insiders own 37.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of American Assets Trust by 5.8% in the second quarter. BlackRock Inc. now owns 6,654,405 shares of the real estate investment trust’s stock valued at $254,797,000 after purchasing an additional 365,588 shares during the last quarter. AEW Capital Management L P grew its position in shares of American Assets Trust by 2.3% in the second quarter. AEW Capital Management L P now owns 2,124,559 shares of the real estate investment trust’s stock valued at $81,349,000 after purchasing an additional 47,700 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of American Assets Trust by 2.0% in the third quarter. Victory Capital Management Inc. now owns 1,798,381 shares of the real estate investment trust’s stock valued at $67,062,000 after purchasing an additional 35,460 shares during the last quarter. American Assets Investment Management LLC grew its position in shares of American Assets Trust by 76.5% in the second quarter. American Assets Investment Management LLC now owns 1,455,336 shares of the real estate investment trust’s stock valued at $55,739,000 after purchasing an additional 630,764 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of American Assets Trust by 8.8% during the third quarter. JPMorgan Chase & Co. now owns 940,822 shares of the real estate investment trust’s stock valued at $35,083,000 after buying an additional 76,419 shares during the period. Institutional investors and hedge funds own 93.69% of the company’s stock.
American Assets Trust Company Profile
American Assets Trust, Inc (the company) is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The company has over 50 years of experience in acquiring, improving, developing and managing premier retail, office and residential properties throughout the United States in some of the nation's most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington, Texas and Hawaii.
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