Bluerock Residential Growth REIT Inc (BRG) to Issue $0.16 Quarterly Dividend
Bluerock Residential Growth REIT Inc (NYSEAMERICAN:BRG) declared a quarterly dividend on Monday, March 11th, Wall Street Journal reports. Investors of record on Monday, March 25th will be paid a dividend of 0.1625 per share by the financial services provider on Friday, April 5th. This represents a $0.65 dividend on an annualized basis and a yield of 6.16%. The ex-dividend date is Friday, March 22nd.
Bluerock Residential Growth REIT has decreased its dividend payment by an average of 20.4% per year over the last three years. Bluerock Residential Growth REIT has a dividend payout ratio of 141.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.
Shares of NYSEAMERICAN BRG opened at $10.55 on Friday. Bluerock Residential Growth REIT has a 52-week low of $8.05 and a 52-week high of $11.24.
A hedge fund recently raised its stake in Bluerock Residential Growth REIT stock. Geode Capital Management LLC lifted its holdings in Bluerock Residential Growth REIT Inc (NYSEAMERICAN:BRG) by 11.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 296,958 shares of the financial services provider’s stock after purchasing an additional 30,107 shares during the quarter. Geode Capital Management LLC owned 1.25% of Bluerock Residential Growth REIT worth $2,678,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 34.46% of the company’s stock.
Several research firms have recently weighed in on BRG. TheStreet upgraded shares of Bluerock Residential Growth REIT from a “d+” rating to a “c-” rating in a report on Thursday, January 24th. Zacks Investment Research cut shares of Bluerock Residential Growth REIT from a “buy” rating to a “hold” rating in a report on Tuesday, January 29th. Finally, Boenning Scattergood reiterated a “buy” rating and issued a $10.50 price target on shares of Bluerock Residential Growth REIT in a report on Friday, February 15th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $11.17.
About Bluerock Residential Growth REIT
Bluerock Residential Growth REIT, Inc (NYSE American: BRG) is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy growth markets to appeal to the renter by choice.
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