Whitestone REIT (NYSE:WSR) announced a — dividend on Tuesday, September 24th, Wall Street Journal reports. Shareholders of record on Monday, November 4th will be given a dividend of 0.095 per share by the real estate investment trust on Thursday, November 14th. This represents a yield of 8.5%. The ex-dividend date is Friday, November 1st.
Whitestone REIT has a payout ratio of 109.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Whitestone REIT to earn $0.96 per share next year, which means the company may not be able to cover its $1.14 annual dividend with an expected future payout ratio of 118.8%.
Whitestone REIT stock traded down $0.06 during trading hours on Tuesday, hitting $13.34. The stock had a trading volume of 171,826 shares, compared to its average volume of 239,608. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.75 and a quick ratio of 1.75. The stock has a market capitalization of $540.35 million, a price-to-earnings ratio of 11.50 and a beta of 1.02. Whitestone REIT has a 1-year low of $11.50 and a 1-year high of $14.65. The stock’s fifty day moving average is $12.77 and its two-hundred day moving average is $12.55.
In related news, CEO James C. Mastandrea acquired 10,000 shares of Whitestone REIT stock in a transaction dated Friday, September 6th. The shares were acquired at an average cost of $12.64 per share, for a total transaction of $126,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,027,250 shares of the company’s stock, valued at $12,984,440. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 5.60% of the stock is owned by corporate insiders.
Several analysts have weighed in on WSR shares. Zacks Investment Research lowered Whitestone REIT from a “hold” rating to a “sell” rating in a report on Saturday. B. Riley set a $13.00 target price on Whitestone REIT and gave the company a “hold” rating in a report on Friday, August 2nd. Finally, Maxim Group set a $15.00 target price on Whitestone REIT and gave the company a “buy” rating in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $14.00.
About Whitestone REIT
Whitestone is a community-centered retail REIT that acquires, owns, manages, develops and redevelops high quality "E-Commerce resistant" neighborhood, community and lifestyle retail centers principally located in the largest, fastest growing and most affluent markets in the Sunbelt. Whitestone's optimal mix of national, regional and local tenants provides daily necessities, needed services and entertainment to the communities in which they are located.
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