Bank of America Corp DE Buys Shares of 405,934 LXP Industrial Trust $LXP

Key Points

• Bank of America acquired 405,934 shares of LXP Industrial Trust in the second quarter, valued at approximately $21.9 million and representing about 0.69% of the REIT. Institutional investors collectively own 93.52% of the company.
• Analyst sentiment is largely neutral: LXP has a consensus “Hold” rating from MarketBeat, with an average price target of $57.40. Recent coverage included an “outperform” rating from BMO and a downgrade to “hold” from Jefferies.
• LXP reported quarterly EPS of $0.84, slightly above estimates, while revenue reached $88.11 million versus expectations of $85.37 million. Shares opened at $60.88, near their 52-week high of $61.61.

Bank of America Corp DE purchased a new position in LXP Industrial Trust (NYSE:LXP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 405,934 shares of the real estate investment trust's stock, valued at approximately $21,872,000. Bank of America Corp DE owned approximately 0.69% of LXP Industrial Trust at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. IFP Advisors Inc raised its position in LXP Industrial Trust by 63.8% during the fourth quarter. IFP Advisors Inc now owns 837 shares of the real estate investment trust's stock valued at $41,000 after purchasing an additional 326 shares in the last quarter. Allworth Financial LP bought a new position in shares of LXP Industrial Trust during the 2nd quarter valued at about $78,000. Summit Securities Group LLC purchased a new position in shares of LXP Industrial Trust during the 1st quarter valued at about $83,000. State of Wyoming purchased a new position in shares of LXP Industrial Trust during the 2nd quarter valued at about $221,000. Finally, Freestone Grove Partners LP bought a new stake in LXP Industrial Trust in the 2nd quarter worth approximately $271,000. Institutional investors own 93.52% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on LXP shares. Evercore set a $54.00 target price on LXP Industrial Trust in a research note on Monday, June 8th. Weiss Ratings reissued a "hold (c+)" rating on shares of LXP Industrial Trust in a research note on Friday, September 11th. BMO Capital Markets began coverage on shares of LXP Industrial Trust in a report on Thursday, July 9th. They issued an "outperform" rating and a $65.00 price objective for the company. Raymond James Financial began coverage on shares of LXP Industrial Trust in a report on Wednesday, June 17th. They set a "market perform" rating on the stock. Finally, Jefferies Financial Group cut shares of LXP Industrial Trust from a "buy" rating to a "hold" rating and decreased their target price for the stock from $62.00 to $61.00 in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $57.40.

LXP Industrial Trust Price Performance

Shares of LXP Industrial Trust stock opened at $60.88 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.10 and a quick ratio of 0.10. LXP Industrial Trust has a one year low of $43.97 and a one year high of $61.61. The business's 50 day simple moving average is $60.68 and its two-hundred day simple moving average is $54.44. The stock has a market capitalization of $3.59 billion, a P/E ratio of 60.88 and a beta of 1.02.

LXP Industrial Trust (NYSE:LXP - Get Free Report) last issued its earnings results on Wednesday, July 29th. The real estate investment trust reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. The firm had revenue of $88.11 million for the quarter, compared to analysts' expectations of $85.37 million. LXP Industrial Trust had a net margin of 18.66% and a return on equity of 3.37%. The business's revenue was up .4% on a year-over-year basis. During the same quarter last year, the business earned $0.16 earnings per share. Analysts forecast that LXP Industrial Trust will post 3.34 EPS for the current year.

LXP Industrial Trust Profile

LXP Industrial Trust NYSE: LXP is a real estate investment trust that owns and operates industrial properties in the United States. The company focuses primarily on single-tenant warehouse, distribution and manufacturing facilities that are leased to business and industrial tenants.

LXP typically leases its properties under long-term net lease agreements, under which tenants are generally responsible for many property-level operating expenses, including maintenance, insurance and taxes.

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