Millennium Management LLC Buys 84,308 Shares of Federal Realty Investment Trust $FRT

Key Points

• Millennium Management LLC increased its stake in Federal Realty Investment Trust by 59.4%, owning 226,358 shares worth $22.14 million at the end of the latest quarter.
• Several brokerages have raised their target prices for Federal Realty Investment Trust, with Wells Fargo increasing it to $116.00, reflecting positive sentiment surrounding the stock's performance.
• Federal Realty Investment Trust announced a quarterly dividend increase to $1.13 per share, representing a 4.4% yield, highlighting the company's commitment to returning value to shareholders.

Millennium Management LLC boosted its position in shares of Federal Realty Investment Trust (NYSE:FRT - Free Report) by 59.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 226,358 shares of the real estate investment trust's stock after purchasing an additional 84,308 shares during the period. Millennium Management LLC owned 0.26% of Federal Realty Investment Trust worth $22,142,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Curi RMB Capital LLC lifted its stake in shares of Federal Realty Investment Trust by 56.0% in the 1st quarter. Curi RMB Capital LLC now owns 217,143 shares of the real estate investment trust's stock valued at $21,241,000 after purchasing an additional 77,905 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Federal Realty Investment Trust by 16.0% during the 1st quarter. AQR Capital Management LLC now owns 120,840 shares of the real estate investment trust's stock worth $11,771,000 after purchasing an additional 16,633 shares during the period. Amundi increased its holdings in shares of Federal Realty Investment Trust by 19.0% during the 1st quarter. Amundi now owns 263,832 shares of the real estate investment trust's stock worth $24,452,000 after purchasing an additional 42,168 shares during the period. Adage Capital Partners GP L.L.C. increased its holdings in shares of Federal Realty Investment Trust by 30.8% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 420,400 shares of the real estate investment trust's stock worth $41,124,000 after purchasing an additional 98,900 shares during the period. Finally, Royal Bank of Canada increased its stake in Federal Realty Investment Trust by 2.9% in the first quarter. Royal Bank of Canada now owns 472,924 shares of the real estate investment trust's stock valued at $46,262,000 after acquiring an additional 13,323 shares during the period. Institutional investors and hedge funds own 93.86% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Scotiabank upped their target price on shares of Federal Realty Investment Trust from $113.00 to $114.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Wells Fargo & Company increased their price objective on shares of Federal Realty Investment Trust from $113.00 to $116.00 and gave the company an "overweight" rating in a report on Wednesday, August 27th. Raymond James Financial cut their price objective on shares of Federal Realty Investment Trust from $117.00 to $110.00 and set an "outperform" rating on the stock in a report on Friday, May 23rd. Piper Sandler lowered their target price on shares of Federal Realty Investment Trust from $135.00 to $120.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Finally, Wall Street Zen raised shares of Federal Realty Investment Trust from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Federal Realty Investment Trust currently has a consensus rating of "Moderate Buy" and an average price target of $109.31.

Federal Realty Investment Trust Stock Performance

Shares of NYSE FRT traded up $1.02 during mid-day trading on Thursday, reaching $100.31. 500,068 shares of the company were exchanged, compared to its average volume of 580,255. The company's 50-day simple moving average is $96.53 and its 200-day simple moving average is $95.62. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $8.65 billion, a P/E ratio of 25.39, a P/E/G ratio of 3.79 and a beta of 1.16. Federal Realty Investment Trust has a twelve month low of $80.65 and a twelve month high of $118.09.

Federal Realty Investment Trust (NYSE:FRT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The real estate investment trust reported $1.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.18. Federal Realty Investment Trust had a net margin of 28.01% and a return on equity of 11.19%. The company had revenue of $302.48 million during the quarter, compared to analysts' expectations of $309.25 million. During the same quarter last year, the company posted $1.69 EPS. Federal Realty Investment Trust's quarterly revenue was up 5.2% compared to the same quarter last year. As a group, research analysts predict that Federal Realty Investment Trust will post 7.15 earnings per share for the current year.

Federal Realty Investment Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a $1.13 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $4.52 annualized dividend and a yield of 4.5%. This is an increase from Federal Realty Investment Trust's previous quarterly dividend of $1.10. Federal Realty Investment Trust's payout ratio is 111.39%.

Federal Realty Investment Trust Company Profile

Federal Realty Investment Trust is an equity real estate investment trust, which engages in the provision of ownership, management, and redevelopment of retail and mixed-use properties located primarily in communities where demand exceeds supply in strategically selected metropolitan markets. The company was founded in 1962 and is headquartered in North Bethesda, MD.