Zacks Investment Research Downgrades Retail Properties of America (RPAI) to Sell

Retail Properties of America (NYSE:RPAI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.

According to Zacks, “Retail Properties of America, Inc. is a real estate investment trust that owns and operates shopping centers in the United States. Its retail-operating portfolio includes power centers, community centers, neighborhood centers, lifestyle centers and single-user retail properties. The Company’s retail properties are primarily located in retail districts. Retail Properties of America, Inc. is headquartered in Oak Brook, IL. “

Several other equities research analysts have also weighed in on RPAI. BidaskClub lowered Retail Properties of America from a “hold” rating to a “sell” rating in a research note on Friday, October 27th. Robert W. Baird reissued a “buy” rating and set a $18.00 price objective on shares of Retail Properties of America in a research note on Wednesday, November 1st. Boenning Scattergood reissued a “buy” rating and set a $18.50 price objective on shares of Retail Properties of America in a research note on Thursday, November 2nd. KeyCorp raised Retail Properties of America from a “sector weight” rating to an “overweight” rating and set a $16.00 price objective for the company in a research note on Monday, November 20th. Finally, JPMorgan Chase & Co. raised Retail Properties of America from a “neutral” rating to an “overweight” rating and set a $15.00 price objective for the company in a research note on Friday, December 15th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $16.00.

Shares of Retail Properties of America (NYSE RPAI) opened at $11.69 on Thursday. The firm has a market capitalization of $2,600.29, a price-to-earnings ratio of 11.24 and a beta of 0.32. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 0.89. Retail Properties of America has a one year low of $10.94 and a one year high of $15.81.

Retail Properties of America announced that its Board of Directors has approved a stock buyback program on Thursday, December 14th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Several institutional investors have recently modified their holdings of the company. Millennium Management LLC boosted its position in Retail Properties of America by 91.2% during the fourth quarter. Millennium Management LLC now owns 3,421,897 shares of the real estate investment trust’s stock valued at $45,990,000 after purchasing an additional 1,632,224 shares during the last quarter. Renaissance Technologies LLC boosted its position in Retail Properties of America by 39.4% during the fourth quarter. Renaissance Technologies LLC now owns 5,154,055 shares of the real estate investment trust’s stock valued at $69,270,000 after purchasing an additional 1,455,955 shares during the last quarter. Two Sigma Investments LP acquired a new stake in Retail Properties of America during the fourth quarter valued at $19,373,000. American Century Companies Inc. acquired a new stake in Retail Properties of America during the fourth quarter valued at $18,630,000. Finally, Zimmer Partners LP acquired a new stake in Retail Properties of America during the fourth quarter valued at $17,808,000. 79.35% of the stock is owned by institutional investors and hedge funds.

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Retail Properties of America Company Profile

Retail Properties of America, Inc is a real estate investment trust (REIT). The Company owns and operates shopping centers located in the United States. As of December 31, 2016, it owned 156 retail operating properties representing 25,832,000 square feet of gross leasable area (GLA). Its retail operating portfolio includes neighborhood and community centers, power centers, and lifestyle centers and multi-tenant retail-focused mixed-use properties, as well as single-user retail properties.

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