In a report released today, Merrill Ross from Boenning & Scattergood initiated coverage with a Buy rating on Gladstone Commercial Corp (NASDAQ: GOOD) and a price target of $21. The company’s shares closed yesterday at $19.81.
Ross noted:
“We are initiating coverage of Gladstone Commercial Corporation (GOOD) with an Outperform rating and a $21.00 price target. GOOD is an externally-managed REIT that owns office and industrial properties that are triple-net leased to companies that may not be investment grade-rated. The company relies on its sponsor’s underwriting expertise. Since coming public in the summer of 2003 as a blind pool, GOOD has purchased over $1 billion of commercial real estate and has experienced only one tenant default. GOOD has maintained its $1.50 per share annual dividend declared since inception, even when it had not been covered by cash available for distribution.”
According to TipRanks.com, Ross is ranked #3847 out of 4836 analysts.
The the analyst consensus on Gladstone Commercial Corp is currently a Hold rating.
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The company has a one-year high of $23.29 and a one-year low of $16.78. Currently, Gladstone Commercial Corp has an average volume of 103.1K.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GOOD in relation to earlier this year.
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Gladstone Commercial Corp. is a real estate investment trust, which engages in the acquisition, investmen,t and ownership of net leased industrial, commercial, and retail real properties. Its portfolio consists of single-tenant commercial and industrial real properties.
