Bluerock Residential Growth REIT Inc (BRG) Sees Large Drop in Short Interest

Bluerock Residential Growth REIT Inc (NYSE:BRG) was the recipient of a large drop in short interest in July. As of July 14th, there was short interest totalling 733,193 shares, a drop of 2.0% from the June 30th total of 748,188 shares. Based on an average daily trading volume, of 155,645 shares, the short-interest ratio is currently 4.7 days. Currently, 3.0% of the shares of the stock are sold short.

Bluerock Residential Growth REIT (NYSE:BRG) traded down 1.75% on Friday, reaching $10.10. The company had a trading volume of 365,425 shares. The company’s 50-day moving average is $12.41 and its 200-day moving average is $12.57. Bluerock Residential Growth REIT has a 52-week low of $9.93 and a 52-week high of $14.79.

The company also recently announced a monthly dividend, which will be paid on Thursday, October 5th. Shareholders of record on Monday, September 25th will be given a dividend of $0.0967 per share. This represents a $1.16 dividend on an annualized basis and a yield of 11.49%. This is an increase from Bluerock Residential Growth REIT’s previous monthly dividend of $0.10. The ex-dividend date of this dividend is Friday, September 22nd.

Hedge funds have recently bought and sold shares of the company. Nationwide Fund Advisors increased its stake in Bluerock Residential Growth REIT by 22.4% in the second quarter. Nationwide Fund Advisors now owns 36,615 shares of the company’s stock worth $472,000 after buying an additional 6,700 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in Bluerock Residential Growth REIT by 75.9% in the second quarter. TIAA CREF Investment Management LLC now owns 135,862 shares of the company’s stock worth $1,751,000 after buying an additional 58,606 shares during the last quarter. Alliancebernstein L.P. purchased a new stake in Bluerock Residential Growth REIT during the second quarter worth approximately $220,000. Wells Fargo & Company MN increased its stake in Bluerock Residential Growth REIT by 9.8% in the second quarter. Wells Fargo & Company MN now owns 24,733 shares of the company’s stock worth $318,000 after buying an additional 2,215 shares during the last quarter. Finally, Kennedy Capital Management Inc. increased its stake in Bluerock Residential Growth REIT by 2.2% in the second quarter. Kennedy Capital Management Inc. now owns 245,170 shares of the company’s stock worth $3,160,000 after buying an additional 5,204 shares during the last quarter.

A number of brokerages have recently issued reports on BRG. Zacks Investment Research lowered Bluerock Residential Growth REIT from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Compass Point lowered Bluerock Residential Growth REIT from a “buy” rating to a “neutral” rating and decreased their target price for the company from $16.50 to $11.00 in a research report on Monday, August 7th. FBR & Co reiterated an “outperform” rating and set a $15.00 target price on shares of Bluerock Residential Growth REIT in a research report on Tuesday, July 11th. Finally, TheStreet upgraded Bluerock Residential Growth REIT from a “d+” rating to a “c-” rating in a research report on Thursday, June 1st.

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Bluerock Residential Growth REIT Company Profile

Bluerock Residential Growth REIT, Inc is a real estate investment trust. The Company is focused on acquiring a portfolio of residential real estate assets. As of December 31, 2016, the Company’s portfolio consisted of interests in 31 properties (21 operating and 10 development properties). As of December 31, 2016, its properties contained an aggregate of 9,570 units, consisting of 6,972 operating units and 2,598 units under development.

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