Modiv Inc. (NYSE:MDV – Get Rating) was the target of a significant growth in short interest in 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. Based on an average daily volume of 21,100 shares, the days-to-cover ratio is currently 1.8 days. Approximately 0.6% of the shares of the stock are sold short.
Modiv Stock Up 2.7 %
MDV opened at $12.86 on Monday. Modiv has a 52-week low of $9.61 and a 52-week high of $89.99. The company has a market cap of $95.90 million and a P/E ratio of -9.25. The firm's 50-day moving average price is $11.52 and its 200-day moving average price is $14.28.
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Modiv Dividend Announcement
The business also recently disclosed a monthly dividend, which will be paid on Tuesday, April 25th. Shareholders of record on Friday, March 31st will be given a $0.0958 dividend. The ex-dividend date is Thursday, March 30th. This represents a $1.15 annualized dividend and a yield of 8.94%. Modiv's dividend payout ratio is presently -82.73%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its stake in Modiv by 1,706.6% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,186 shares of the company's stock valued at $32,000 after purchasing an additional 2,065 shares during the last quarter. UBS Group AG increased its position in shares of Modiv by 851.9% during the 3rd 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 last quarter. Laurel Wealth Advisors Inc. purchased a new position in Modiv during the 2nd quarter valued at about $216,000. Millennium Management LLC purchased a new position in Modiv during the 2nd quarter valued at about $298,000. Finally, BlackRock Inc. boosted its holdings in Modiv by 365.9% during the 3rd quarter. BlackRock Inc. now owns 80,380 shares of the company's stock valued at $1,174,000 after acquiring an additional 63,129 shares during the period. Hedge funds and other institutional investors own 21.09% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on MDV. LADENBURG THALM/SH SH began coverage on shares of Modiv in a report on Friday, November 11th. They set a "buy" rating and a $18.50 price target on the stock. B. Riley lowered their price target on shares of Modiv from $22.00 to $19.00 in a report on Monday, November 21st. EF Hutton Acquisition Co. I reduced their price objective on shares of Modiv from $21.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, November 15th. Finally, Janney Montgomery Scott began coverage on shares of Modiv in a research report on Friday, September 30th. They set a "buy" rating and a $20.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Modiv has a consensus rating of "Buy" and a consensus price target of $19.30.
Modiv Company Profile
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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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