.jpg "American Homes (NYSE: AMH)")
B.Riley FBR analyst Alex Rygiel reiterated a Buy rating on American Homes (AMH) today and set a price target of $28. The company’s shares closed yesterday at $25.20, close to its 52-week high of $26.
Rygiel said:
“After the close (7/29/19), Rent (AMH – Buy, $28 PT) reported solid results, with core FFO per share coming in at $0.28, representing an ~7.7% increase Y/Y , beating our/ consensus’ estimate of $0.27. The company posted strong same-home operating results, with core NOI growth of 3.6% Y/Y , driven by core revenue growth of 4.4% and core expense growth of 5.8%, with top-line results benefiting from a 3.7% increase in average monthly realized rent per property and a 40-bp increase in average occupied days percentage, to 95.7%. AMH also reiterated its outlook for 2019, with core FFO still expected to fall in the range of $1.06 to $1.14; management continues to expect 2019 results to be driven by core revenue, expense, and NOI (after capex) growth of 3.7%, 4.0%, and 3.1%, respectively (each representing the midpoint). We reiterate our Buy rating and $28 PT.”
According to TipRanks.com, Rygiel is a 4-star analyst with an average return of 6.5% and a 58.8% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, Tutor Perini Corp, and Quanta Services.
Currently, the analyst consensus on American Homes is a Moderate Buy with an average price target of $26.50.
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Based on American Homes’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $36.3 million. In comparison, last year the company had a net profit of $29.05 million.
Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is negative on the stock.
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American Homes 4 Rent operates as a real estate investment trust. It engages in the acquisition, renovation, leasing, and operating single-family home as rental properties. The company was founded by Bradley Wayne Hughes, Sr. on October 19, 2012 and is headquartered in Agoura Hills, CA.
