B.Riley FBR analyst Alex Rygiel reiterated a Buy rating on Invitation Homes Inc (INVH) today and set a price target of $30. The company’s shares closed last Monday at $27.85, close to its 52-week high of $28.17.
Rygiel noted:
“We are updating our model/expectations for Invitation Homes (INVH) to reflect 2Q19 results (released on 7/30). INVH continues to benefit from the positive fundamentals driving the single-family rental market, finishing 2Q19 with strong same-store occupancy (96.5% average occupancy vs. prior year at 96.1%) combined with solid blended rental rate growth (+5.3% vs. the prior year at +4.7%) during the quarter. Additionally, the company’s turnover rate came in at 8.5% for the same-store portfolio, down 100 bps from 2Q18. Operationally, the company was able to achieve a 7.2% Y/Y reduction in controllable expenses, primarily due to lower turn volume and efficiency enhancements to the company’s operating platform, which was offset by a 7.0% Y/Y increase in property taxes.”
According to TipRanks.com, Rygiel is a 4-star analyst with an average return of 5.3% and a 53.8% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, Tutor Perini Corp, and Quanta Services.
Invitation Homes Inc has an analyst consensus of Strong Buy, with a price target consensus of $29.30.
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The company has a one-year high of $28.17 and a one-year low of $19.21. Currently, Invitation Homes Inc has an average volume of 4.8M.
Based on the recent corporate insider activity of 76 insiders, corporate insider sentiment is negative on the stock.
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Invitation Homes, Inc. engages in the acquisition, renovation, leasing and operating single-family homes as rental properties, including single-family homes in planned unit developments. Its services include property management, selection of homes, maintenance program, and online payment.
