Boenning & Scattergood analyst Merrill Ross maintained a Buy rating on Gladstone Commercial Corp (NASDAQ: GOOD) today and set a price target of $21. The company’s shares opened today at $19.
Ross observed:
“We think the fact that a property owner was willing to accept OP units is a positive signal about value creation, and it could allow for CAD dividend coverage sooner. Moreover, NAV accretion could be enhanced if the seller takes OP units at market valuation. At September 30, GOOD owned 99 properties totaling 11.6 million square feet that were 99.1% occupied. As a result of GOOD’s active portfolio management and acquisition activity, we think GOOD will cover its dividend with funds available after tenant improvements and leasing cost within the next six to nine months. We believe the monthly dividend to be stable as it has been since the company’s inception.”
According to TipRanks.com, Ross is a 1-star analyst with an average return of -1.3% and a 47.5% success rate. Ross covers the Financial sector, focusing on stocks such as Preferred Apartment Communities, NexPoint Residential Trust Inc, and Bluerock Residential Growth.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Gladstone Commercial Corp with a $20.50 average price target.
See today’s analyst top recommended stocks >>
Based on Gladstone Commercial Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $2.53 million. In comparison, last year the company had a net profit of $2.38 million.
Based on the recent corporate insider activity of 21 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.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
