Modiv Inc. (NYSE:MDV – Get Rating) was the target of a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 37,200 shares, a growth of 7.2% from the November 15th total of 34,700 shares. Currently, 0.6% of the company's stock are sold short. Based on an average daily volume of 21,100 shares, the days-to-cover ratio is presently 1.8 days.
Institutional Trading of Modiv
A number of institutional investors and hedge funds have recently modified their holdings of MDV. Vanguard Group Inc. raised its holdings in shares of Modiv by 56.7% during the third quarter. Vanguard Group Inc. now owns 307,385 shares of the company's stock worth $4,488,000 after purchasing an additional 111,266 shares during the period. BlackRock Inc. raised its holdings in shares of Modiv by 365.9% during the third quarter. BlackRock Inc. now owns 80,380 shares of the company's stock worth $1,174,000 after purchasing an additional 63,129 shares during the period. Millennium Management LLC acquired a new stake in shares of Modiv during the second quarter worth $298,000. Laurel Wealth Advisors Inc. acquired a new stake in shares of Modiv during the second quarter worth $216,000. Finally, UBS Group AG raised its holdings in shares of Modiv by 851.9% during the third quarter. UBS Group AG now owns 10,024 shares of the company's stock worth $146,000 after purchasing an additional 8,971 shares during the period. 21.09% of the stock is owned by institutional investors and hedge funds.
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Analyst Upgrades and Downgrades
MDV has been the subject of several analyst reports. LADENBURG THALM/SH SH initiated coverage on shares of Modiv in a research note on Friday, November 11th. They issued a "buy" rating and a $18.50 target price for the company. B. Riley cut their price target on shares of Modiv from $22.00 to $19.00 in a report on Monday, November 21st. Janney Montgomery Scott began coverage on shares of Modiv in a report on Friday, September 30th. They issued a "buy" rating and a $20.00 price target on the stock. Finally, EF Hutton Acquisition Co. I cut their price target on shares of Modiv from $21.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, November 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $19.30.
Modiv Price Performance
MDV traded up $0.34 during trading on Friday, hitting $12.86. The company had a trading volume of 27,027 shares, compared to its average volume of 24,438. The company has a market cap of $95.90 million and a PE ratio of -9.25. Modiv has a 1-year low of $9.61 and a 1-year high of $89.99. The business has a 50-day moving average of $11.52 and a 200-day moving average of $14.31.
Modiv Dividend Announcement
The firm also recently announced a monthly dividend, which will be paid on Tuesday, April 25th. Shareholders of record on Friday, March 31st will be issued a dividend of $0.0958 per share. The ex-dividend date is Thursday, March 30th. This represents a $1.15 dividend on an annualized basis and a dividend yield of 8.94%. Modiv's dividend payout ratio (DPR) is -82.73%.
About Modiv
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Modiv Inc, (the Company) was incorporated on May 14, 2015 as a Maryland corporation. The Company was formed to primarily invest, directly or indirectly, in real estate owning entities which own single-tenant income-producing properties located in the United States, which are leased to creditworthy tenants under long-term net leases.
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