InfraREIT, Inc. (HIFR) Cut to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of InfraREIT, Inc. (NYSE:HIFR) from a sell rating to a strong sell rating in a research report sent to investors on Saturday.

HIFR has been the topic of a number of other research reports. Evercore ISI reaffirmed an outperform rating and issued a $24.00 target price on shares of InfraREIT in a research note on Saturday, September 30th. Royal Bank Of Canada reaffirmed a hold rating and issued a $22.00 target price on shares of InfraREIT in a research note on Wednesday, August 9th. Finally, Zacks Investment Research raised InfraREIT from a hold rating to a buy rating and set a $25.00 target price on the stock in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The company has an average rating of Hold and an average target price of $23.67.

Shares of InfraREIT (HIFR) opened at $20.26 on Friday. InfraREIT has a 52 week low of $16.00 and a 52 week high of $23.22. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.90.

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The firm also recently declared a quarterly dividend, which was paid on Thursday, October 19th. Shareholders of record on Friday, September 29th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date was Thursday, September 28th. InfraREIT’s dividend payout ratio is presently 86.21%.

In other InfraREIT news, major shareholder Insurance & Annuity A. Teachers sold 150,000 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $21.98, for a total transaction of $3,297,000.00. Following the transaction, the insider now owns 4,572,394 shares of the company’s stock, valued at approximately $100,501,220.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Insurance & Annuity A. Teachers sold 80,088 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $22.43, for a total value of $1,796,373.84. Following the transaction, the insider now directly owns 4,298,306 shares in the company, valued at approximately $96,411,003.58. The disclosure for this sale can be found here. In the last three months, insiders have sold 424,088 shares of company stock worth $9,397,774. Corporate insiders own 28.00% of the company’s stock.

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of InfraREIT by 7.0% during the 2nd quarter. Vanguard Group Inc. now owns 2,919,574 shares of the real estate investment trust’s stock worth $55,909,000 after purchasing an additional 190,249 shares during the period. Reaves W H & Co. Inc. acquired a new stake in shares of InfraREIT during the 3rd quarter worth $27,671,000. JPMorgan Chase & Co. increased its holdings in shares of InfraREIT by 30.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 946,440 shares of the real estate investment trust’s stock worth $21,371,000 after buying an additional 221,025 shares during the last quarter. State Street Corp increased its holdings in shares of InfraREIT by 10.8% during the 2nd quarter. State Street Corp now owns 871,997 shares of the real estate investment trust’s stock worth $16,697,000 after buying an additional 84,696 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of InfraREIT by 2.4% during the 1st quarter. Bank of America Corp DE now owns 615,191 shares of the real estate investment trust’s stock worth $11,074,000 after buying an additional 14,493 shares during the last quarter. 84.81% of the stock is currently owned by institutional investors.

About InfraREIT

InfraREIT, Inc is a real estate investment trust. The Company is engaged in owning and leasing rate-regulated transmission and distribution (T&D) assets in Texas. It leases its T&D assets to Sharyland Utilities, L.P. Its assets are located in the Texas Panhandle near Amarillo, the Permian Basin in and around Stanton, Central Texas around Brady, Northeast Texas in and around Celeste and South Texas near McAllen.

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