Select Income REIT (SIR) Upgraded by Zacks Investment Research to Buy

Select Income REIT (NASDAQ:SIR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $29.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 15.58% from the company’s previous close.

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. “

Other research analysts have also recently issued research reports about the stock. B. Riley restated a “buy” rating on shares of Select Income REIT in a research report on Wednesday, November 1st. FBR & Co restated a “buy” rating and issued a $34.00 price objective on shares of Select Income REIT in a research report on Friday, October 27th. BidaskClub upgraded shares of Select Income REIT from a “hold” rating to a “buy” rating in a research report on Friday, October 13th. Finally, Deutsche Bank boosted their price objective on shares of Select Income REIT from $5.00 to $5.50 and gave the stock a “hold” rating in a research report on Thursday, October 26th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Select Income REIT currently has an average rating of “Buy” and an average price target of $22.83.

Select Income REIT (NASDAQ SIR) opened at $25.09 on Wednesday. The company has a market capitalization of $2,264.03, a P/E ratio of 9.44 and a beta of 0.77. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.21. Select Income REIT has a 1-year low of $22.51 and a 1-year high of $26.79.

Select Income REIT (NASDAQ:SIR) last posted its quarterly earnings data on Friday, October 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.01). Select Income REIT had a return on equity of 4.36% and a net margin of 19.15%. The company had revenue of $118.01 million during the quarter, compared to the consensus estimate of $116.73 million. During the same quarter last year, the firm earned $0.69 EPS. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. research analysts anticipate that Select Income REIT will post 2.7 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp boosted its stake in Select Income REIT by 7.5% in the 2nd quarter. Northern Trust Corp now owns 1,693,476 shares of the real estate investment trust’s stock worth $40,694,000 after purchasing an additional 118,408 shares during the period. State Street Corp boosted its stake in Select Income REIT by 5.6% in the 2nd quarter. State Street Corp now owns 1,565,702 shares of the real estate investment trust’s stock worth $37,624,000 after purchasing an additional 83,346 shares during the period. Dimensional Fund Advisors LP boosted its stake in Select Income REIT by 3.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,031,624 shares of the real estate investment trust’s stock worth $24,161,000 after purchasing an additional 34,189 shares during the period. Bank of New York Mellon Corp boosted its stake in Select Income REIT by 1.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 753,163 shares of the real estate investment trust’s stock worth $17,638,000 after purchasing an additional 7,425 shares during the period. Finally, Prudential Financial Inc. boosted its stake in Select Income REIT by 14.5% in the 2nd quarter. Prudential Financial Inc. now owns 670,686 shares of the real estate investment trust’s stock worth $16,116,000 after purchasing an additional 84,970 shares during the period. Institutional investors and hedge funds own 48.07% of the company’s stock.

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About Select Income REIT

Select Income REIT is a real estate investment trust. The Company is engaged in the ownership of properties that include buildings and leased industrial lands that are primarily net leased to single tenants. As of December 31, 2016, the Company owned 121 properties (362 buildings, leasable land parcels and easements) with approximately 44.8 million rentable square feet.

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