Bank of America Corp DE Raises Position in RMR Group Inc (RMR)
Bank of America Corp DE increased its stake in shares of RMR Group Inc (NASDAQ:RMR) by 9.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,886 shares of the financial services provider’s stock after acquiring an additional 1,241 shares during the quarter. Bank of America Corp DE’s holdings in RMR Group were worth $1,168,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of RMR. Principal Financial Group Inc. bought a new position in shares of RMR Group during the first quarter worth $219,000. Eqis Capital Management Inc. purchased a new stake in RMR Group during the second quarter valued at $225,000. Hartford Investment Management Co. purchased a new stake in RMR Group during the second quarter valued at $232,000. Legal & General Group Plc raised its stake in RMR Group by 67.5% during the first quarter. Legal & General Group Plc now owns 3,390 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 1,366 shares in the last quarter. Finally, Raymond James & Associates purchased a new stake in RMR Group during the second quarter valued at $238,000. Hedge funds and other institutional investors own 18.15% of the company’s stock.
A number of equities research analysts recently issued reports on RMR shares. B. Riley upped their price target on shares of RMR Group from $88.00 to $89.00 and gave the company a “$85.80” rating in a research note on Thursday, July 19th. BidaskClub downgraded shares of RMR Group from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 8th. Finally, Zacks Investment Research raised shares of RMR Group from a “hold” rating to a “buy” rating and set a $101.00 price target on the stock in a research note on Wednesday, September 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $95.00.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Monday, October 29th were paid a dividend of $0.35 per share. This is an increase from RMR Group’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, October 26th. This represents a $1.40 dividend on an annualized basis and a yield of 2.04%. RMR Group’s dividend payout ratio is presently 36.94%.
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About RMR Group
The RMR Group Inc, through its subsidiary, The RMR Group LLC, provides business and property management services in the United States. It provides management services to its four publicly traded real estate investment trusts (REITs) and three real estate operating companies. As of September 30, 2017, the company had approximately 1,400 properties under management, which are primarily owned by its Managed Equity REITs.
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