|Bid||37.56 x 21500|
|Ask||37.57 x 1300|
|Day's Range||37.52 - 37.99|
|52 Week Range||29.52 - 38.62|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||0.56|
|Expense Ratio (net)||0.13%|
Real estate investment trusts and sector-related exchange traded funds have been a standout segment of the U.S. markets this year as falling interest rates and bets on the future of e-commerce helped prop ...
The real estate investment trust (REIT) sector rallied again toward a record high in midday trading Monday, boosted by a rally in 10-year Treasurys that pushed the yield down toward a near 2-year low. The SPDR Real Estate Select Sector ETF climbed 0.6%, as 27 of 32 components gained ground, and as 12 components reached 52-week highs, to put it on track for a 4th-straight record close. Among the more-active components, shares of Ventas Inc. climbed 1.8%, Kimco Realty Corp. rose 1.7%, HCP Inc. gained 0.9% and Host Hotels & Resorts Inc. hiked up 0.9%, while Weyerhaeuser Co. fell 0.6%. The REIT sector is often viewed as a defensive bond proxy given its relatively high dividend yield, so disappointing data that pushed Treasury yields lower can attract investors. On Monday, disappointing manufacturing and home builder sentiment data knocked the 10-year Treasury yield down 1.3 basis points to 2.080%, or well below the REIT ETF's dividend yield of 3.14%. The ETF has now rallied 7.0% over the past three months while the Dow Jones Industrial Average , which has an implied dividend yield of 2.07%, has gained 1.1%.
Priam Properties Inc. set terms Monday for its initial public offering, in which the Nashville-based real estate investment trust expects to raise up to $180 million and be valued at about $233.51 million. The newly formed REIT, which is focused on acquiring and owning multi-tenant office urban properties in the Midwest and Southeast, with a particular focus on millennials, is offering 9 million shares, with the IPO expected to price between $18 and $20 a share. The stock is expected to list on the New York Stock Exchange under the ticker symbol "PRMI." If the underwriters, BofA Merrill Lynch, Baird and RBC Capital Markets, exercise all options to buy up to 1.35 million additional shares, Priam could raise up to $207 million. After the IPO, the company will have 11.68 million shares outstanding. The company is looking to go public at a time that Renaissance IPO ETF has gained 2.3% over the past three months, while the SPDR Real Estate Select Sector ETF has tacked on 6.4% and the S&P 500 has advanced 2.3%.
ETFs tracking three of the S&P 500's 11 sectors are headed for record closes Friday, but before investors see that as a bullish sign they should note two are for sectors used as bond proxies and the other is a defensive sector. The SPDR Real Estate Select Sector ETF rose 0.4% toward a third-straight record close; the SPDR Utilities Select Sector ETF rallied 1.1%, to top the previous record reached on June 6; and the SPDR Consumer Staples Select Sector ETF edged up 0.2% toward a seventh-straight record. Many use the REIT and utilities ETFs as bond proxies given their relatively high yields, with the REIT ETF yielding 3.16% and the utilities ETF yielding 2.97%, versus the S&P 500's implied yield of 1.99%. The 10-year Treasury note has been rallying, and yields have been falling, as investors believe the Federal Reserve's next move on interest rates will be a cut amid concerns that the economy is a slowing. That concern is also helping the consumer staple sector, which is seen as defensive as it includes companies that sell products consumer need rather than want.
MGM Growth Properties LLC raised its quarterly dividend by 5%, to 46.75 cents a share from 44.5 cents a share. The real estate investment trust's new dividend will be payable July 15 to shareholders of record on June 28. Based on Thursday's stock closing price of $31.32, the new annual dividend rate would be 5.97%, which is above the yield for the SPDR Real Estate Select Sector ETF of 3.17% and above the S&P 500's implied yield of 1.99%, according to FactSet. MGM Growth's stock, which was still inactive in premarket trading, has gained 3.0% over the past 12 months, while the REIT ETF has rallied 18% and the S&P 500 has advanced 3.9%.
In the latest equity market rebound, safer sector-specific ETFs stood out, reflecting a shift in attitude as investors look for more defensive plays in a time of lingering uncertainties. For example, investors may be looking into sector-specific plays like the Utilities Select Sector SPDR (XLU) , Consumer Staples Select SPDR (NYSEArca: XLP) and Real Estate Select Sector SPDR Fund (XLRE) . The utilities, consumer staples and real estate sectors of the S& 500 have been outperforming the broader market, with at least 69% of companies in each of those groups trading above their 50-day moving average, the Wall Street Journal reports.
Real estate investment trusts and sector-related ETFs could be an area for investors to look to as the U.S.-China trade tiff grips the markets. REITs are comprised of companies that own office towers, ...
Sectors and exchange traded funds focusing on the domestic economy could benefit investors amid international headline risk. Even better if those funds offer solid income streams and above-average dividend ...
LendingTree Chief Economist Tendayi Kapfidze talked to Yahoo Finance On the Move about the latest housing starts results.
Shares of Postal Realty Trust Inc. opened in line with the pricing of its initial public offering, then rose slightly in their public debut. The first trade was at $17 at 9:39 a.m. Eastern, matching the $17 IPO price. The stock has since traded in a range of $16.80 to $17.37, and was last 0.5% above its IPO price. The real estate investment trust, which owns and manages properties that are leased to the U.S. Postal Service, sold 4.5 million shares in the IPO to raise $76.5 million. The REIT went public at a time that the Renaissance IPO ETF has rallied 31.3% year to date, while the SPDR Real Estate Select Sector ETF has advanced 17.4% and the S&P 500 has gained 13.4%.
PIMCO Mortgage Income Trust Inc. has set terms of its initial public offering, in which the real estate finance company could raise $1 billion. The company said it is offering 50 million shares to the public, with the IPO expected to price at $20 a share, and to list on the NYSE under the ticker symbol "PMTG." The real estate investment trust plans to use "a significant portion" of the proceeds from the IPO to buy agency residential mortgage backed securities (RMBS) and, over time, excess mortgage servicing rights (MSR) and residential mortgage loans. The joint book-running managers include Credit Suisse, BofA Merrill Lynch, Goldman Sachs and Morgan Stanley. The REIT is looking to go public at a time that the Renaissance IPO ETF has rallied 35.9% year to date, while the SPDR Real Estate Select Sector ETF has climbed 16.6% and the S&P 500 has gained 16.5%.
Stocks reversed lower Wednesday after the Federal Reserve gave its latest take on interest rates, with indexes closing at session lows.
Investors should consider sector-specific ETFs to focus on targeted segments of the market, especially as U.S. markets head in to the late business cycle. On the recent webcast, How Sectors Can Help with ...
Sectors can be an efficient tool to help advisors get a leg up on a changing market. In this upcoming webcast, gain insight on navigating sector investing in the late business cycle and how to best diversify ...
Small-cap underperformance and sector rotation signal trader hesitance as the S&P 500's gravestone doji warns of an end to the bounce.
Real estate investment trusts and related REIT ETFs are rebounding as investors look back into attractive yield-generating assets with the Federal Reserve signalling it will ease back on further interest ...
The Federal Reserve will leave rates unchanged but has removed its 'patience' in monetary policy. Yahoo Finance's Brian Cheung breaks it down.
The S&P CoreLogic Case-Shiller Index weakened yet again in March for the 12th month in a row, showing an increase of 3.7% down from 3.9% in February. Realtor.com Chief Economist Danielle Hale and Zillow Director of Economic Research
Stocks sank sharply for the second day in a row, as investor concern that delicate trade talks between the U.S. and China could collapse. Michael Gapen, Barclays Chief U.S. Economist, joins Seana Smith on 'The Ticker' to discuss how a trade war could impact the country's GDP.
Even though the housing market has declined over the last few months, the luxury market in Manhattan is strengthening. Lisa Simonsen, Luxury Real Estate Broker at Douglas Elliman, joins us with her insight.