Boenning & Scattergood analyst Matthew Schultheis initiated coverage with a Buy rating on Monmouth Real Estate ate (NYSE: MNR) today and set a price target of $18.50. The company’s shares closed yesterday at $16.10.
Schultheis noted:
“We are initiating coverage of Outperform rating and an $18.50 price target. MNR is one of the oldest public REITs, having priced its IPO in 1968. Eugene W. Landy did not set out to make MNR the largest REIT, he set out to make the most reliable and predictable REIT. A testament to his success is the fact that MNR has maintained or increased its quarterly dividend for 26 years. Significant participation in the dividend reinvestment plan and issuance of a Series C redeemable preferred has funded steady acquisition activity. Cap rates are low, but MNR is purchasing properties with significant acreage for expansion. We think the value of the land is not factored into the current market valuation the stock.”
According to TipRanks.com, Schultheis is a 4-star analyst with an average return of 10.2% and a 79.7% success rate. Schultheis covers the Financial sector, focusing on stocks such as Orrstown Financial Services Inc, Citizens Financial Services Inc, and Provident Financial Services.
The word on The Street in general, suggests a Hold analyst consensus rating for Monmouth Real Estate ate with a $17.25 average price target.
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Based on Monmouth Real Estate ate’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $11.65 million. In comparison, last year the company had a net profit of $11.73 million.
Based on the recent corporate insider activity of 86 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 MNR in relation to earlier this year.
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Monmouth Real Estate Investment Corp. engages in the ownership and management of real estate. It invests in well-located, modern, single tenant, industrial buildings, leased primarily to investment-grade tenants on long-term net leases. The company was founded by Eugene W. Landy in 1968 and is headquartered in Freehold, NJ.
