Share Buyback Plan Declared by Bluerock Residential Growth REIT (BRG) Board of Directors
Bluerock Residential Growth REIT (NYSEAMERICAN:BRG) declared that its board has approved a share buyback program, which allows the company to buyback $25.00 million in shares on Wednesday, February 14th, EventVestor reports. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
A number of equities analysts have recently commented on BRG shares. Zacks Investment Research downgraded shares of Bluerock Residential Growth REIT from a “hold” rating to a “sell” rating in a research note on Tuesday, January 9th. Janney Montgomery Scott downgraded shares of Bluerock Residential Growth REIT from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 12th.
Bluerock Residential Growth REIT (NYSEAMERICAN BRG) traded up $0.21 during trading on Thursday, hitting $7.68. 234,453 shares of the stock were exchanged, compared to its average volume of 418,086. Bluerock Residential Growth REIT has a one year low of $7.02 and a one year high of $13.94. The company has a debt-to-equity ratio of 2.47, a quick ratio of 304.45 and a current ratio of 304.45. The firm has a market cap of $178.89, a P/E ratio of -23.34 and a beta of 0.44.
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Bluerock Residential Growth REIT Company Profile
Bluerock Residential Growth REIT, Inc is a real estate investment trust. The Company is focused on acquiring a portfolio of residential real estate assets. As of December 31, 2016, the Company’s portfolio consisted of interests in 31 properties (21 operating and 10 development properties). As of December 31, 2016, its properties contained an aggregate of 9,570 units, consisting of 6,972 operating units and 2,598 units under development.
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