Retail Opportunity Investments (NASDAQ:ROIC) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a report released on Saturday, Zacks.com reports. The firm currently has a $20.00 target price on the real estate investment trust's stock. Zacks Investment Research's price target would indicate a potential upside of 13.19% from the company's previous close.
According to Zacks, "Retail Opportunity Investments Corp. is a corporation that intends to qualify as a REIT for U.S. federal incoming tax purposes and that expects to invest in, acquire, own, lease, reposition and manage a diverse portfolio of necessity-based retail properties. This includes primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The company may also acquire other retail properties, including power centers, regional malls lifestyle centers and single-tenant retail locations that are leased to national, regional and local tenants. In addition, the Company may supplement its direct purchases of retail properties with first mortgages or second mortgages, mezzanine loans, bridge or other loans or debt investments related to retail properties, in each case provided that the underlying real estate meets the Company's criteria for direct investment. "
A number of other research firms have also recently weighed in on ROIC. Robert W. Baird started coverage on Retail Opportunity Investments in a report on Tuesday, April 13th. They set an "outperform" rating for the company. Citigroup upgraded Retail Opportunity Investments from a "neutral" rating to a "buy" rating in a report on Thursday, July 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company's stock. Retail Opportunity Investments presently has an average rating of "Buy" and a consensus target price of $16.10.
Shares of NASDAQ:ROIC opened at $17.67 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average of $17.84. The stock has a market cap of $2.10 billion, a PE ratio of 73.63, a P/E/G ratio of 8.05 and a beta of 1.54. Retail Opportunity Investments has a 52-week low of $9.63 and a 52-week high of $18.86.
Retail Opportunity Investments (NASDAQ:ROIC) last issued its earnings results on Wednesday, July 28th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.06 by $0.08. Retail Opportunity Investments had a return on equity of 2.14% and a net margin of 9.85%. Analysts predict that Retail Opportunity Investments will post 0.99 EPS for the current year.
A number of institutional investors have recently made changes to their positions in ROIC. Norges Bank purchased a new position in Retail Opportunity Investments during the 4th quarter valued at about $20,144,000. Investment Counselors of Maryland LLC purchased a new position in Retail Opportunity Investments during the 1st quarter valued at about $13,374,000. BlackRock Inc. boosted its holdings in Retail Opportunity Investments by 3.6% during the 1st quarter. BlackRock Inc. now owns 21,940,816 shares of the real estate investment trust's stock valued at $348,201,000 after acquiring an additional 768,527 shares during the period. Federated Hermes Inc. boosted its holdings in Retail Opportunity Investments by 17.8% during the 1st quarter. Federated Hermes Inc. now owns 3,327,861 shares of the real estate investment trust's stock valued at $52,812,000 after acquiring an additional 502,450 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Retail Opportunity Investments by 43.1% during the 1st quarter. JPMorgan Chase & Co. now owns 1,634,681 shares of the real estate investment trust's stock valued at $25,943,000 after acquiring an additional 492,659 shares during the period. Institutional investors own 91.63% of the company's stock.
About Retail Opportunity Investments
Retail Opportunity Investments Corp. (NASDAQ: ROIC), is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely populated, metropolitan markets across the West Coast. As of September 30, 2020, ROIC owned 88 shopping centers encompassing approximately 10.1 million square feet.
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