Retail Opportunity Investments Corp (NASDAQ:ROIC) was the recipient of a significant decrease in short interest in the month of March. As of March 13th, there was short interest totalling 3,948,400 shares, a decrease of 36.8% from the February 27th total of 6,250,000 shares. Currently, 3.5% of the shares of the company are sold short. Based on an average daily volume of 1,614,000 shares, the days-to-cover ratio is currently 2.4 days.
A number of hedge funds have recently modified their holdings of the stock. Municipal Employees Retirement System of Michigan lifted its position in Retail Opportunity Investments by 2.0% in the fourth quarter. Municipal Employees Retirement System of Michigan now owns 34,980 shares of the real estate investment trust’s stock worth $618,000 after purchasing an additional 680 shares during the period. SG Americas Securities LLC lifted its position in Retail Opportunity Investments by 4.7% in the fourth quarter. SG Americas Securities LLC now owns 21,646 shares of the real estate investment trust’s stock worth $382,000 after purchasing an additional 969 shares during the period. Pictet Asset Management Ltd. lifted its position in Retail Opportunity Investments by 5.0% in the fourth quarter. Pictet Asset Management Ltd. now owns 25,000 shares of the real estate investment trust’s stock worth $442,000 after purchasing an additional 1,200 shares during the period. 6 Meridian lifted its position in Retail Opportunity Investments by 4.2% in the fourth quarter. 6 Meridian now owns 31,298 shares of the real estate investment trust’s stock worth $553,000 after purchasing an additional 1,270 shares during the period. Finally, Texas Permanent School Fund lifted its position in Retail Opportunity Investments by 2.0% in the fourth quarter. Texas Permanent School Fund now owns 79,342 shares of the real estate investment trust’s stock worth $1,401,000 after purchasing an additional 1,537 shares during the period. 95.74% of the stock is owned by hedge funds and other institutional investors.
ROIC has been the subject of a number of recent analyst reports. BidaskClub cut Retail Opportunity Investments from a “sell” rating to a “strong sell” rating in a research report on Friday, March 20th. Raymond James cut Retail Opportunity Investments from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the company from $20.00 to $19.00 in a research report on Tuesday, January 7th. Royal Bank of Canada reissued a “buy” rating and issued a $19.00 price objective on shares of Retail Opportunity Investments in a research report on Wednesday, March 4th. BTIG Research reduced their price objective on Retail Opportunity Investments from $19.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Zacks Investment Research cut Retail Opportunity Investments from a “hold” rating to a “sell” rating in a research report on Wednesday, March 11th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $17.40.
Shares of ROIC traded up $0.98 during mid-day trading on Thursday, hitting $9.93. The company’s stock had a trading volume of 2,571,990 shares, compared to its average volume of 1,448,048. Retail Opportunity Investments has a one year low of $5.84 and a one year high of $19.18. The company has a debt-to-equity ratio of 1.09, a quick ratio of 3.66 and a current ratio of 3.66. The firm has a market capitalization of $949.55 million, a PE ratio of 22.57, a price-to-earnings-growth ratio of 3.83 and a beta of 0.81. The stock’s 50-day moving average is $14.25 and its two-hundred day moving average is $16.97.
Retail Opportunity Investments (NASDAQ:ROIC) last posted its quarterly earnings data on Tuesday, February 18th. The real estate investment trust reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. Retail Opportunity Investments had a return on equity of 3.80% and a net margin of 16.56%. The company had revenue of $73.60 million during the quarter, compared to analysts’ expectations of $74.43 million. During the same period in the prior year, the business earned $0.29 earnings per share. Retail Opportunity Investments’s revenue for the quarter was down 2.1% compared to the same quarter last year. Analysts expect that Retail Opportunity Investments will post 1.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be given a $0.20 dividend. This is a boost from Retail Opportunity Investments’s previous quarterly dividend of $0.20. This represents a $0.80 annualized dividend and a yield of 8.06%. The ex-dividend date is Friday, March 13th. Retail Opportunity Investments’s dividend payout ratio (DPR) is 72.73%.
About Retail Opportunity Investments
Retail Opportunity Investments Corp. (NASDAQ: ROIC), is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast. As of March 31, 2019, ROIC owned 90 shopping centers encompassing approximately 10.3 million square feet.
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