Why Lexington Realty Trust got downgraded?

Lexington Realty Trust (NYSE:LXP) received a stock rating downgrade from BofA/Merrill on Mar-29-16. In a note to investors, the firm issued an Underperform rating. The analysts previously had a Neutral rating on the stock.

Analysts have a consensus target price of $ 9.17 in the 12-month period. The price objective is 6.75% higher than the recent closing price of $ 8.59. The 52-week price range is $ 6.52 – 9.59 and the company has a market capitalization of $ 2.02B. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. zero analyst has rated the stock with a sell rating, 6 has assigned a hold rating, zero says it’s a buy, and 2 have assigned a strong buy rating to the company.

On March 15, 2016 Lexington Realty Trust (LXP) a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced that it declared a regular common share/unit dividend/distribution for the quarter ending March 31, 2016 of $0.17 per common share/unit payable on or about April 15, 2016 to common shareholders/unitholders of record as of March 31, 2016.

Lexington also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock (“Series C Preferred Shares”) for the quarter ending June 30, 2016. This Series C Preferred Share dividend is payable on or about August 15, 2016, to shareholders of record of Series C Preferred Shares as of July 29, 2016.

Lexington Corporate Properties Trust operates as a self-managed and self-administered real estate investment trust (REIT). The company acquires, owns, and manages a portfolio of office, industrial, and retail properties net-leased to corporate tenants in the United States. It also provides investment advisory and asset management services to institutional investors in the net lease area. As of June 30, 2005, the company operated 185 properties and managed 2 properties. Lexington Corporate Properties Trust has elected to qualify as a REIT for federal income tax purposes. As a REIT, it would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. The company was founded in 1991 and is based in New York City.

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