Millennium Management LLC Raises Stock Position in InvenTrust Properties Corp. $IVT

Key Points

• Millennium Management LLC increased its stake in InvenTrust Properties Corp. by 6.8%, acquiring an additional 166,881 shares, bringing its total ownership to approximately 2.62 million shares, valued at $77.07 million.
• Wells Fargo & Company raised their target price for InvenTrust Properties shares from $32.00 to $34.00, maintaining an "overweight" rating.
• The company's latest quarterly dividend was increased to $0.2377, representing an annual yield of 3.2%, up from the previous dividend of $0.24.

Millennium Management LLC grew its holdings in InvenTrust Properties Corp. (NYSE:IVT - Free Report) by 6.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,624,186 shares of the company's stock after purchasing an additional 166,881 shares during the period. Millennium Management LLC owned about 3.38% of InvenTrust Properties worth $77,072,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of IVT. Avalon Trust Co bought a new stake in shares of InvenTrust Properties during the first quarter valued at approximately $36,000. GF Fund Management CO. LTD. purchased a new position in InvenTrust Properties during the 4th quarter worth $42,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in InvenTrust Properties during the 1st quarter worth $57,000. Ameriflex Group Inc. bought a new stake in InvenTrust Properties during the 4th quarter valued at $60,000. Finally, Comerica Bank lifted its holdings in shares of InvenTrust Properties by 80.5% in the 1st quarter. Comerica Bank now owns 2,245 shares of the company's stock worth $66,000 after buying an additional 1,001 shares during the period. Hedge funds and other institutional investors own 61.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IVT. Wells Fargo & Company raised their price objective on InvenTrust Properties from $32.00 to $34.00 and gave the company an "overweight" rating in a research report on Wednesday, August 27th. LADENBURG THALM/SH SH assumed coverage on InvenTrust Properties in a research report on Tuesday. They set a "neutral" rating and a $31.00 price objective on the stock. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $32.60.

InvenTrust Properties Price Performance

Shares of IVT traded up $0.27 during trading hours on Wednesday, hitting $29.34. 562,264 shares of the stock were exchanged, compared to its average volume of 411,474. The company has a debt-to-equity ratio of 0.41, a quick ratio of 5.26 and a current ratio of 5.26. InvenTrust Properties Corp. has a 12-month low of $25.21 and a 12-month high of $31.65. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 20.38, a price-to-earnings-growth ratio of 3.22 and a beta of 0.88. The stock's 50-day moving average price is $28.04 and its two-hundred day moving average price is $28.12.

InvenTrust Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.2377 per share. The ex-dividend date was Monday, June 30th. This is a positive change from InvenTrust Properties's previous quarterly dividend of $0.24. This represents a $0.95 annualized dividend and a dividend yield of 3.2%. InvenTrust Properties's dividend payout ratio (DPR) is presently 65.97%.

InvenTrust Properties Company Profile

InvenTrust Properties Corp. (the "Company," "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component.