Dallas, Texas 09/17/2013 (Financialstrend) – Elected to be taxed as a Real Estate Investment Trust (REIT), Glimcher Realty Trust (NYSE:GRT) owns and operates a portfolio of retail properties as well as community shopping centers. These properties include outlet centers, enclosed regional malls, super-regional malls, open-air centers, and community shopping centers. Being registered as REIT, the trust is not subjected to corporate income tax provided it distributes over 90% of net income to its shareholders.
On Monday, September 16 the stock closed at $10.26, around 2.7% up from its previous close. At the current price the stock is trading around 22% below its 52 week high of $13.22. The 52 week low remains at $9.70. The stock has plunged over 11% in past six months losing around $1.27 per share.
Glimcher Realty Trust (NYSE:GRT) currently pays quarterly dividend of $0.10 per share which works out to an annual yield of 3.89% at the current market price of $10.26. Looking into its consistent dividend history and high annualized yield further supported by dips in its share prices offers the dividend investors an exciting entry point on the buy side.
Glimcher Realty Trust (NYSE:GRT) reported more than 5.55% growth in comparable mall net operating income and 8.5% growth in mall store sales for the 2Q13. The trust reported adjusted funds from operations at $0.18 per share during 2Q13 compared to $0.14 per share during 2Q12. The trust also accomplished divestiture of two moderately performing centers alongside significant growth in its core portfolio during the quarter.
Technically, the stock is trading in the oversold territory which is indicated by Relative Strength Index (RSI) below 30. At current market price the Glimcher Realty Trust (NYSE:GRT) shares has the RSI value below 28.
Recently analysts at Janney Montgomery Scott and Zacks initiated coverage with ‘buy’ rating for the stock expecting this as a good entry time after the recent drop. Zacks has upgraded the full year earnings per share estimate for the stock to $0.71.