Bluerock Residential (NYSEAMERICAN:BRG) was the recipient of a significant increase in short interest during the month of March. As of March 29th, there was short interest totalling 2,661,680 shares, an increase of 7.8% from the March 15th total of 2,469,000 shares. Currently, 11.1% of the company’s shares are sold short. Based on an average daily trading volume, of 231,229 shares, the short-interest ratio is presently 11.5 days.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Family Management Corp bought a new stake in shares of Bluerock Residential during the 4th quarter valued at $314,000. Park West Asset Management LLC bought a new stake in shares of Bluerock Residential during the 4th quarter valued at $6,689,000. Millennium Management LLC lifted its position in shares of Bluerock Residential by 71.3% during the 4th quarter. Millennium Management LLC now owns 127,227 shares of the financial services provider’s stock valued at $1,286,000 after acquiring an additional 52,937 shares during the period. TIAA CREF Investment Management LLC lifted its position in shares of Bluerock Residential by 27.2% during the 4th quarter. TIAA CREF Investment Management LLC now owns 212,762 shares of the financial services provider’s stock valued at $2,151,000 after acquiring an additional 45,533 shares during the period. Finally, Guggenheim Capital LLC lifted its position in shares of Bluerock Residential by 37.7% during the 4th quarter. Guggenheim Capital LLC now owns 90,422 shares of the financial services provider’s stock valued at $913,000 after acquiring an additional 24,754 shares during the period. Institutional investors and hedge funds own 34.46% of the company’s stock.
BRG stock opened at $8.80 on Wednesday. The company has a debt-to-equity ratio of 2.47, a current ratio of 304.45 and a quick ratio of 304.45. Bluerock Residential has a 1-year low of $7.02 and a 1-year high of $13.77.
Bluerock Residential announced that its board has initiated a stock buyback plan on Wednesday, February 14th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
BRG has been the topic of several recent analyst reports. Northland Securities set a $13.00 price objective on Bluerock Residential and gave the company a “buy” rating in a report on Thursday, February 15th. B. Riley set a $11.50 price objective on Bluerock Residential and gave the company a “buy” rating in a report on Thursday, February 22nd. National Securities upgraded Bluerock Residential from a “neutral” rating to a “buy” rating in a report on Tuesday, February 20th. Finally, Zacks Investment Research raised Bluerock Residential from a “sell” rating to a “hold” rating in a research report on Monday, February 19th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $12.25.
About Bluerock Residential
Bluerock Residential Growth REIT, Inc (NYSE American: BRG) is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy growth markets to appeal to the renter by choice.
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