Retail Properties of America (RPAI) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Retail Properties of America (NYSE:RPAI) from a hold rating to a sell rating in a report released on Thursday morning.

According to Zacks, “Retail Properties of America, Inc. is a real estate investment trust that owns and operates shopping centers in the United States. Its retail-operating portfolio includes power centers, community centers, neighborhood centers, lifestyle centers and single-user retail properties. The Company’s retail properties are primarily located in retail districts. Retail Properties of America, Inc. is headquartered in Oak Brook, IL. “

A number of other brokerages have also weighed in on RPAI. ValuEngine lowered shares of Retail Properties of America from a buy rating to a hold rating in a report on Sunday, December 31st. Jefferies Group set a $14.00 price objective on shares of Retail Properties of America and gave the stock a hold rating in a report on Friday, December 15th. KeyCorp upgraded shares of Retail Properties of America from a sector weight rating to an overweight rating and set a $16.00 price objective for the company in a report on Monday, November 20th. JPMorgan Chase & Co. upgraded shares of Retail Properties of America from a neutral rating to an overweight rating and set a $15.00 price objective for the company in a report on Friday, December 15th. Finally, BidaskClub lowered shares of Retail Properties of America from a hold rating to a sell rating in a report on Friday, October 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $16.00.

Shares of Retail Properties of America (NYSE:RPAI) opened at $12.30 on Thursday. The firm has a market cap of $2,793.33, a P/E ratio of 11.60 and a beta of 0.32. The company has a quick ratio of 0.89, a current ratio of 0.81 and a debt-to-equity ratio of 0.93. Retail Properties of America has a 1-year low of $10.94 and a 1-year high of $15.81.

Retail Properties of America declared that its Board of Directors has approved a stock repurchase program on Thursday, December 14th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 10th. Investors of record on Tuesday, March 27th will be paid a $0.1656 dividend. This represents a $0.66 annualized dividend and a dividend yield of 5.39%. The ex-dividend date of this dividend is Monday, March 26th. Retail Properties of America’s payout ratio is 63.46%.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Westwood Holdings Group Inc. increased its stake in shares of Retail Properties of America by 44.2% in the fourth quarter. Westwood Holdings Group Inc. now owns 91,337 shares of the real estate investment trust’s stock worth $1,228,000 after buying an additional 27,987 shares during the period. Macquarie Group Ltd. increased its stake in shares of Retail Properties of America by 96.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,115,023 shares of the real estate investment trust’s stock worth $18,753,000 after buying an additional 547,510 shares during the period. Vident Investment Advisory LLC increased its stake in shares of Retail Properties of America by 78.8% in the fourth quarter. Vident Investment Advisory LLC now owns 18,382 shares of the real estate investment trust’s stock worth $247,000 after buying an additional 8,100 shares during the period. Jane Street Group LLC purchased a new position in shares of Retail Properties of America in the fourth quarter worth $362,000. Finally, Verition Fund Management LLC increased its stake in shares of Retail Properties of America by 265.2% in the fourth quarter. Verition Fund Management LLC now owns 49,267 shares of the real estate investment trust’s stock worth $662,000 after buying an additional 35,776 shares during the period. 79.35% of the stock is currently owned by institutional investors.

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Retail Properties of America Company Profile

Retail Properties of America, Inc is a real estate investment trust (REIT). The Company owns and operates shopping centers located in the United States. As of December 31, 2016, it owned 156 retail operating properties representing 25,832,000 square feet of gross leasable area (GLA). Its retail operating portfolio includes neighborhood and community centers, power centers, and lifestyle centers and multi-tenant retail-focused mixed-use properties, as well as single-user retail properties.

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