In a report released today, Merrill Ross from Boenning & Scattergood initiated coverage with a Buy rating on Whitestone REIT (NYSE: WSR) and a price target of $13.50. The company’s shares closed yesterday at $12.67.
Ross commented:
“We are initiating coverage of Whitestone REIT with an Outperform rating and a $13.50 price target. Current management overcame a contested proxy vote in 2018 that forced it to better articulate its strategy and promoted annual “say on pay” voting. WSR’s core strategy is to own and operate ecommerce resistant shopping centers, where tenants provide services or needs-based goods. WSR is unique among shopping center REITs in that it owns very few large boxes – the average lease is for space under 3,000 square feet. With 4.9 million square feet of GLA in its core wholly-owned portfolio, WSR has over 1,300 tenants. The portfolio is concentrated in high-growth, business-friendly markets in Arizona and Texas where the surrounding households have relatively high household income.”
According to TipRanks.com, Ross is a 1-star analyst with an average return of -1.0% and a 50.0% success rate. Ross covers the Financial sector, focusing on stocks such as Gladstone Commercial Corp, Monmouth Real Estate ate, and City Office REIT.
Whitestone REIT has an analyst consensus of Moderate Buy, with a price target consensus of $16.
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Based on Whitestone REIT’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $2.92 million. In comparison, last year the company had a net profit of $1.93 million.
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Whitestone REIT is a real estate company, which acquires, owns, manages, develops, and redevelops commercial properties in the markets of major metropolitan areas. The company was founded on August 20, 1998 and is headquartered in Houston, TX.
