Zacks Investment Research Downgrades Select Income REIT (SIR) to Hold

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Select Income REIT (NYSE:SIR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Saturday.
According to Zacks, “Select Income REIT is a real estate company formed to primarily own and invest in net leased, single tenant properties. It has properties in Oahu, Hawaii and the mainland United States. Select Income REIT is headquartered in Newton, MA. “
Several other research firms have also recently issued reports on SIR. FBR & Co assumed coverage on Select Income REIT in a report on Monday, August 22nd. They issued an “outperform” rating and a $35.00 price target on the stock. JMP Securities raised Select Income REIT from a “market perform” rating to an “outperform” rating in a report on Monday, August 22nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $32.67.

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Select Income REIT (NYSE:SIR) opened at 26.25 on Friday. Select Income REIT has a 52-week low of $17.07 and a 52-week high of $27.97. The firm has a 50-day moving average price of $27.12 and a 200 day moving average price of $24.72.
Select Income REIT (NYSE:SIR) last posted its quarterly earnings results on Tuesday, July 26th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.36. The company earned $114.90 million during the quarter, compared to the consensus estimate of $114.80 million. Select Income REIT’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 EPS. On average, equities analysts anticipate that Select Income REIT will post $1.41 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 18th. Shareholders of record on Friday, July 22nd were paid a dividend of $0.51 per share. This is an increase from Select Income REIT’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 7.77%. The ex-dividend date of this dividend was Wednesday, July 20th. Select Income REIT’s payout ratio is 172.41%.
A number of hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp purchased a new stake in shares of Select Income REIT during the fourth quarter valued at about $9,632,000. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Select Income REIT by 2.9% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 34,062 shares of the real estate investment trust’s stock valued at $778,000 after buying an additional 944 shares during the period. Fox Run Management L.L.C. boosted its position in Select Income REIT by 6.4% in the second quarter. Fox Run Management L.L.C. now owns 21,500 shares of the real estate investment trust’s stock valued at $559,000 after buying an additional 1,300 shares in the last quarter. Cue Financial Group Inc. boosted its position in Select Income REIT by 29.6% in the first quarter. Cue Financial Group Inc. now owns 13,140 shares of the real estate investment trust’s stock valued at $303,000 after buying an additional 3,000 shares in the last quarter. Finally, Naples Global Advisors LLC boosted its position in Select Income REIT by 10.5% in the second quarter. Naples Global Advisors LLC now owns 40,580 shares of the real estate investment trust’s stock valued at $1,055,000 after buying an additional 3,850 shares in the last quarter.
About Select Income REIT
Select Income REIT is a real estate investment trust. The Company primarily owns single tenant, net leased properties. The Company’s segment is the ownership of properties that include buildings and leased industrial lands that are primarily net leased to single tenants. The Company owns approximately 120 properties with over 44.7 million rentable square feet.
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