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US REITs trade 10% below price targets

The large majority of publicly traded real estate investment trusts traded below their consensus S&P Global Market Intelligence price targets as of Jan. 16.

The 156 analyzed REITs include those that trade on the Nasdaq, NYSE or NYSE American with at least three price targets. On a median basis, REIT share prices sat 10.1% below their Jan. 16 consensus price targets, with 145 REITs trading lower.

Colony Capital Inc. shares traded 48.6% below the company's price target of $8.50 on Jan. 16, the largest percentage difference of any U.S. REIT. RBC Capital Markets LLC analyst Jason Arnold assigned an outperform rating to the diversified REIT in a Nov. 7, 2018, research report, while B. Riley FBR's Randy Binner assigned the REIT a buy rating on Nov. 13, 2018, and Mitch Germain from JMP Securities LLC currently has Colony Capital rated at market outperform.

Hotel REIT Ashford Hospitality Trust Inc. traded 42.8% lower than its price target. Manufactured home REIT UMH Properties Inc. followed, at 39.9%.

Only 11 REITs traded above their Jan. 16 consensus price targets, with seven of those from the healthcare sector.

Diversified REIT PS Business Parks Inc. traded 8.4% above its price target of $127.33, the largest premium of the group. KeyBanc Capital Markets Inc. analyst Craig Mailman in a Nov. 16, 2018, report gave the REIT a sector weight rating, meaning it was expected to perform in-line with the analyst's sector coverage over the next six to 12 months.

Healthcare REITs Omega Healthcare Investors Inc., Medical Properties Trust Inc. and Ventas Inc. traded at the next-highest premiums, respectively.

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For further analysis, try S&P Global Market Intelligence's REIT Consensus Estimates Model. Other templates are available in the Excel Template Library.