BRT Apartments Corp. (NYSE:BRT) Sees Large Decline in Short Interest

BRT Apartments Corp. (NYSE:BRT) was the recipient of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 125,000 shares, a drop of 10.1% from the March 15th total of 139,000 shares. Based on an average trading volume of 40,600 shares, the short-interest ratio is currently 3.1 days. Approximately 1.1% of the company’s shares are sold short.

BRT Apartments Stock Down 1.1 %

Shares of BRT Apartments stock traded down $0.18 during trading hours on Wednesday, reaching $16.82. The company’s stock had a trading volume of 38,378 shares, compared to its average volume of 50,232. BRT Apartments has a one year low of $15.21 and a one year high of $20.69. The company has a market capitalization of $312.52 million, a P/E ratio of 93.87, a P/E/G ratio of 2.36 and a beta of 1.15. The stock’s fifty day simple moving average is $16.32 and its two-hundred day simple moving average is $17.26. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.10 and a current ratio of 1.10.

BRT Apartments Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Wednesday, March 27th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.95%. The ex-dividend date was Tuesday, March 26th. BRT Apartments’s dividend payout ratio (DPR) is 555.59%.

Analysts Set New Price Targets

A number of equities research analysts have commented on BRT shares. B. Riley started coverage on shares of BRT Apartments in a report on Thursday, April 11th. They issued a “buy” rating and a $19.50 price target for the company. JMP Securities reduced their price target on shares of BRT Apartments from $28.00 to $24.00 and set an “outperform” rating for the company in a report on Thursday, March 14th.

Insider Activity

In other news, SVP Matthew J. Gould acquired 12,200 shares of the firm’s stock in a transaction dated Thursday, April 11th. The stock was bought at an average cost of $16.89 per share, for a total transaction of $206,058.00. Following the completion of the transaction, the senior vice president now directly owns 3,671,069 shares in the company, valued at approximately $62,004,355.41. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Investors L. P. Gould acquired 3,471 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was bought at an average cost of $16.26 per share, for a total transaction of $56,438.46. Following the completion of the transaction, the insider now directly owns 3,532,398 shares in the company, valued at approximately $57,436,791.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Matthew J. Gould acquired 12,200 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were purchased at an average price of $16.89 per share, with a total value of $206,058.00. Following the completion of the transaction, the senior vice president now owns 3,671,069 shares of the company’s stock, valued at $62,004,355.41. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 77,787 shares of company stock valued at $1,284,955. Insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BRT. BlackRock Inc. lifted its position in shares of BRT Apartments by 5.6% during the second quarter. BlackRock Inc. now owns 986,852 shares of the financial services provider’s stock valued at $19,540,000 after purchasing an additional 52,417 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of BRT Apartments by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 606,984 shares of the financial services provider’s stock valued at $11,284,000 after purchasing an additional 7,610 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of BRT Apartments by 6.6% during the second quarter. Geode Capital Management LLC now owns 246,761 shares of the financial services provider’s stock valued at $4,886,000 after purchasing an additional 15,328 shares in the last quarter. Finally, State Street Corp lifted its position in shares of BRT Apartments by 0.3% during the second quarter. State Street Corp now owns 230,808 shares of the financial services provider’s stock valued at $4,628,000 after purchasing an additional 704 shares in the last quarter. 29.07% of the stock is owned by institutional investors.

BRT Apartments Company Profile

BRT is a real estate investment trust that owns, operates and, to a lesser extent, holds interests in joint ventures that own multi-family properties. As of December 31, 2023, BRT owns or has interests in 28 multi-family properties with 7,707 units in 11 states.