BMO Capital Markets initiated coverage on shares of Monmouth Real Estate Investment Corporation (NYSE:MNR) in a research note released on Monday, MarketBeat.com reports. The brokerage issued a market perform rating and a $16.50 price target on the real estate investment trust’s stock.

A number of other brokerages have also recently weighed in on MNR. BidaskClub cut Monmouth Real Estate Investment Corporation from a buy rating to a hold rating in a research report on Thursday, July 27th. Zacks Investment Research upgraded Monmouth Real Estate Investment Corporation from a hold rating to a buy rating and set a $17.00 price objective for the company in a research report on Wednesday, August 16th. National Securities reiterated a buy rating and set a $18.00 price objective (up previously from $16.50) on shares of Monmouth Real Estate Investment Corporation in a research report on Monday, August 21st. FBR & Co reiterated an outperform rating and set a $16.50 price objective on shares of Monmouth Real Estate Investment Corporation in a research report on Tuesday, July 11th. Finally, DA Davidson upgraded Monmouth Real Estate Investment Corporation from a neutral rating to a buy rating and set a $16.00 price objective for the company in a research report on Thursday, May 18th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Monmouth Real Estate Investment Corporation has a consensus rating of Buy and a consensus price target of $16.80.

Shares of Monmouth Real Estate Investment Corporation (NYSE:MNR) opened at 16.30 on Monday. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 54.88 and a beta of 0.50. The company has a 50-day moving average of $15.60 and a 200 day moving average of $14.95. Monmouth Real Estate Investment Corporation has a one year low of $12.89 and a one year high of $16.43.

Monmouth Real Estate Investment Corporation (NYSE:MNR) last released its quarterly earnings data on Wednesday, August 9th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.04. The firm had revenue of $28.61 million during the quarter, compared to analysts’ expectations of $28.81 million. Monmouth Real Estate Investment Corporation had a return on equity of 7.91% and a net margin of 32.02%. Monmouth Real Estate Investment Corporation’s revenue was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.19 earnings per share. On average, equities analysts forecast that Monmouth Real Estate Investment Corporation will post $0.33 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Friday, August 11th. Monmouth Real Estate Investment Corporation’s dividend payout ratio is currently 213.33%.

In other news, Chairman Eugene W. Landy sold 32,500 shares of Monmouth Real Estate Investment Corporation stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $16.27, for a total value of $528,775.00. Following the transaction, the chairman now directly owns 880,705 shares of the company’s stock, valued at approximately $14,329,070.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders bought a total of 2,131 shares of company stock worth $39,703 over the last ninety days. Corporate insiders own 5.31% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Monmouth Real Estate Investment Corporation by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 7,955,098 shares of the real estate investment trust’s stock worth $119,724,000 after acquiring an additional 287,857 shares in the last quarter. BlackRock Inc. lifted its position in Monmouth Real Estate Investment Corporation by 0.3% during the 2nd quarter. BlackRock Inc. now owns 6,034,708 shares of the real estate investment trust’s stock worth $90,823,000 after acquiring an additional 16,118 shares in the last quarter. Boulegeris Investments Inc. lifted its position in Monmouth Real Estate Investment Corporation by 1.6% during the 2nd quarter. Boulegeris Investments Inc. now owns 2,396,252 shares of the real estate investment trust’s stock worth $36,063,000 after acquiring an additional 38,494 shares in the last quarter. Renaissance Technologies LLC lifted its position in Monmouth Real Estate Investment Corporation by 22.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,674,797 shares of the real estate investment trust’s stock worth $25,206,000 after acquiring an additional 307,197 shares in the last quarter. Finally, State Street Corp lifted its position in Monmouth Real Estate Investment Corporation by 7.1% during the 2nd quarter. State Street Corp now owns 1,618,598 shares of the real estate investment trust’s stock worth $24,360,000 after acquiring an additional 107,580 shares in the last quarter. 60.58% of the stock is currently owned by hedge funds and other institutional investors.

About Monmouth Real Estate Investment Corporation

Monmouth Real Estate Investment Corporation is a real estate investment trust (REIT). The Company’s primary business is the ownership of real estate. Its investment focus is to own single tenant, industrial buildings and leased to investment-grade tenants or their subsidiaries on long-term net leases.

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