NexPoint Residential Trust Inc (NYSE: NXRT) received a Buy rating and a $35 price target from Boenning & Scattergood analyst Merrill Ross today. The company’s shares closed on Friday at $32.18, close to its 52-week high of $33.64.
Ross wrote:
“We are initiating coverage of NexPoint Residential Trust (NXRT) with an Outperform rating and a price target of $35.00, even though the stock trades at a premium to the peer group and near its 52-week high. What we like about this company is that it has delivered steady growth in NAV, resulting in a high total return to shareholders. It has strong same store sales driven by its value-add renovation program that brings lifestyle amenities to workforce housing. NXRT is externally managed, but fees to the manager are capped and there is no incentive fee. We think the manager’s high level of ownership (>22%) helps align interests of shareholders and manager.”
According to TipRanks.com, Ross is a 1-star analyst with an average return of -0.8% and a 50.5% success rate. Ross covers the Financial sector, focusing on stocks such as Bluerock Residential Growth, Gladstone Commercial Corp, and Monmouth Real Estate ate.
NexPoint Residential Trust Inc has an analyst consensus of Strong Buy, with a price target consensus of $34.25.
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The company has a one-year high of $33.64 and a one-year low of $23.03. Currently, NexPoint Residential Trust Inc has an average volume of 75.86K.
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NexPoint Residential Trust, Inc. engages in the acquisition, management, and disposition of multifamily assets. It also focuses on providing lifestyle amenities and upgraded living spaces to low and moderate income renters in the Southeastern United States and Texas. The company was founded on September 19, 2014 and is headquartered in Dallas, TX.
