The Washington Real Estate Investment Trust (WRE) Upgraded to Buy by Zacks Investment Research

The Washington Real Estate Investment Trust (WRE) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Washington Real Estate Investment Trust (NYSE:WRE) from a hold rating to a buy rating in a report published on Thursday. The brokerage currently has $33.00 price objective on the real estate investment trust’s stock.

According to Zacks, “WASHINGTON R.E. INV. TRUST is a self-administered qualified equity real estate investment trust. The Trust’s business consists of the ownership of income-producing real estate properties principally in the Greater Washington-Baltimore Region. The Trust has a fundamental strategy of regional focus, diversified property type ownership and conservative financial management. “

Separately, Robert W. Baird downgraded Washington Real Estate Investment Trust from an outperform rating to a neutral rating and lifted their price target for the company from $32.00 to $35.00 in a research note on Wednesday, August 17th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of Hold and an average price target of $32.75.

Shares of Washington Real Estate Investment Trust (NYSE:WRE) traded down 0.765% during midday trading on Thursday, reaching $29.175. The company had a trading volume of 182,494 shares. The company has a 50 day moving average price of $31.52 and a 200-day moving average price of $30.81. The firm has a market capitalization of $2.15 billion, a P/E ratio of 20.839 and a beta of 0.80. Washington Real Estate Investment Trust has a one year low of $23.89 and a one year high of $34.61.

Washington Real Estate Investment Trust (NYSE:WRE) last released its quarterly earnings results on Wednesday, July 27th. The real estate investment trust reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The business earned $79.41 million during the quarter, compared to the consensus estimate of $77.74 million. Washington Real Estate Investment Trust had a return on equity of 11.37% and a net margin of 30.90%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 EPS. On average, analysts anticipate that Washington Real Estate Investment Trust will post $1.76 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date was Tuesday, September 13th. Washington Real Estate Investment Trust’s payout ratio is currently 86.33%.

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Japan Co. Ltd increased its position in Washington Real Estate Investment Trust by 0.9% in the first quarter. BlackRock Japan Co. Ltd now owns 3,608 shares of the real estate investment trust’s stock worth $105,000 after buying an additional 33 shares during the last quarter. BNP Paribas Arbitrage SA bought a new position in Washington Real Estate Investment Trust during the second quarter worth about $106,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Washington Real Estate Investment Trust by 8.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,629 shares of the real estate investment trust’s stock worth $114,000 after buying an additional 280 shares during the last quarter. Creative Planning increased its position in Washington Real Estate Investment Trust by 1.0% in the second quarter. Creative Planning now owns 4,189 shares of the real estate investment trust’s stock worth $132,000 after buying an additional 40 shares during the last quarter. Finally, Societe Generale bought a new position in Washington Real Estate Investment Trust during the second quarter worth about $133,000. 84.11% of the stock is owned by institutional investors.

About Washington Real Estate Investment Trust

Washington Real Estate Investment Trust is a self-administered, self-managed equity real estate investment trust. The Company’s business consists of the ownership and operation of income-producing real property in the greater Washington metro region. The Company’s three segments include office, retail and multifamily.

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