LXP Industrial Trust (NYSE:LXP) Announces Quarterly Dividend of $0.13

LXP Industrial Trust (NYSE:LXP – Get Rating) declared a quarterly dividend on Wednesday, March 15th, Zacks reports. Investors of record on Friday, March 31st will be given a dividend of 0.125 per share by the real estate investment trust on Monday, April 17th. This represents a $0.50 annualized dividend and a yield of 5.09%. The ex-dividend date of this dividend is Thursday, March 30th.

LXP Industrial Trust has raised its dividend by an average of 5.6% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. LXP Industrial Trust has a dividend payout ratio of 1,666.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect LXP Industrial Trust to earn $0.72 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 69.4%.

LXP Industrial Trust Price Performance

LXP Industrial Trust stock opened at $9.82 on Friday. The company has a fifty day simple moving average of $10.93 and a 200-day simple moving average of $10.31. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 26.18, a PEG ratio of 14.58 and a beta of 0.82. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.19. LXP Industrial Trust has a 52-week low of $8.81 and a 52-week high of $16.10.

Institutional Investors Weigh In On LXP Industrial Trust

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in LXP Industrial Trust in the fourth quarter worth approximately $29,910,000. State Street Corp increased its position in shares of LXP Industrial Trust by 12.6% during the 1st quarter. State Street Corp now owns 17,231,555 shares of the real estate investment trust’s stock worth $272,573,000 after purchasing an additional 1,921,716 shares during the last quarter. Vanguard Group Inc. raised its holdings in LXP Industrial Trust by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 46,080,850 shares of the real estate investment trust’s stock valued at $723,469,000 after buying an additional 1,259,719 shares during the period. Millennium Management LLC lifted its position in LXP Industrial Trust by 154.8% in the fourth quarter. Millennium Management LLC now owns 1,755,447 shares of the real estate investment trust’s stock valued at $17,590,000 after buying an additional 1,066,532 shares during the last quarter. Finally, Citadel Advisors LLC lifted its position in LXP Industrial Trust by 92.0% in the second quarter. Citadel Advisors LLC now owns 1,130,312 shares of the real estate investment trust’s stock valued at $12,139,000 after buying an additional 541,695 shares during the last quarter. 97.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LXP. StockNews.com started coverage on shares of LXP Industrial Trust in a research note on Thursday. They set a “hold” rating for the company. TheStreet cut LXP Industrial Trust from a “b-” rating to a “c” rating in a report on Friday, December 30th.

LXP Industrial Trust Company Profile

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LXP Industrial Trust is a real estate investment trust, which engages in financing, acquisition, and ownership of portfolio of single-tenant commercial properties. It also provides investment advisory and asset management services. The company was founded by E. Robert Roskind in October 1993 and is headquartered in New York, NY.