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

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

BRT Apartments Stock Performance

NYSE:BRT traded down $0.18 during midday trading on Wednesday, hitting $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 fifty-two week low of $15.21 and a fifty-two week high of $20.69. The firm’s 50 day moving average is $16.32 and its 200-day moving average is $17.26. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market cap 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.

BRT Apartments Dividend Announcement

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

Insider Activity

In related news, SVP Matthew J. Gould acquired 11,200 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average price of $16.14 per share, for a total transaction of $180,768.00. Following the completion of the acquisition, the senior vice president now directly owns 3,547,873 shares in the company, valued at approximately $57,262,670.22. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, major shareholder Investors L. P. Gould acquired 3,471 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were purchased at an average price of $16.26 per share, for a total transaction of $56,438.46. Following the completion of the acquisition, the insider now directly owns 3,532,398 shares in the company, valued at approximately $57,436,791.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Matthew J. Gould acquired 11,200 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were bought at an average price of $16.14 per share, for a total transaction of $180,768.00. Following the acquisition, the senior vice president now owns 3,547,873 shares of the company’s stock, valued at $57,262,670.22. The disclosure for this purchase can be found here. Insiders have purchased a total of 77,787 shares of company stock worth $1,284,955 over the last 90 days. 38.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BRT Apartments

Several hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC lifted its position in shares of BRT Apartments by 566.8% during the 1st quarter. Acadian Asset Management LLC now owns 18,491 shares of the financial services provider’s stock valued at $442,000 after buying an additional 15,718 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in shares of BRT Apartments in the 1st quarter worth $149,000. Metropolitan Life Insurance Co NY increased its position in shares of BRT Apartments by 83.9% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 1,392 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 635 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of BRT Apartments by 2.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 118,333 shares of the financial services provider’s stock worth $2,837,000 after purchasing an additional 2,817 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of BRT Apartments by 19.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 98,835 shares of the financial services provider’s stock worth $2,370,000 after purchasing an additional 15,787 shares during the last quarter. Hedge funds and other institutional investors own 29.07% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BRT. JMP Securities cut their price target on shares of BRT Apartments from $28.00 to $24.00 and set an “outperform” rating on the stock in a report on Thursday, March 14th. B. Riley began coverage on shares of BRT Apartments in a report on Thursday, April 11th. They issued a “buy” rating and a $19.50 price target on the stock.

About BRT Apartments

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.