In a report released today, Merrill Ross from Boenning & Scattergood maintained a Buy rating on Easterly Government Properties (DEA), with a price target of $24. The company’s shares closed yesterday at $17.64.
Ross observed:
“We expect the company to make one-off acquisitions over the balance of 2019 totaling approximately $200 million. Moreover, Easterly is now on track to deliver a high- yielding, built-to-suit property about every nine months going through to 2020, and we believe the pace of deliveries could have some upside where it could deliver two properties in 2020 because the balance sheet now has the scale to support $175 million of development (which is limited, by the company’s business plan, to 10% of the cost of the portfolio). Development of these specialized properties is very accretive delivery.”
According to TipRanks.com, Ross is a 2-star analyst with an average return of 0.6% and a 54.1% success rate. Ross covers the Financial sector, focusing on stocks such as Essential Properties Realty Trust Inc, Pennsylvania Real Estate Investment, and Preferred Apartment Communities.
Easterly Government Properties has an analyst consensus of Moderate Buy, with a price target consensus of $21.50.
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Easterly Government Properties’ market cap is currently $1.2B and has a P/E ratio of 364.46. The company has a Price to Book ratio of 1.22.
Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2019, Alison Bernard, the EVP & CAO of DEA sold 20,000 shares for a total of $360,600.
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Easterly Government Properties, Inc. operates as a real estate investment trust, which engages in the acquisition, development, and management of commercial properties that are leased to U.S. Government agencies. The company was founded on October 10, 2014 and is headquartered in Washington, DC.
