LXP Industrial Trust (NYSE:LXP) Increases Dividend to $0.14 Per Share

LXP Industrial Trust (NYSE:LXP) announced a quarterly dividend on Wednesday, November 6th,Zacks Dividends reports. Investors of record on Tuesday, December 31st will be given a dividend of 0.135 per share by the real estate investment trust on Wednesday, January 15th. This represents a $0.54 annualized dividend and a yield of 5.64%. The ex-dividend date is Tuesday, December 31st. This is a boost from LXP Industrial Trust’s previous quarterly dividend of $0.13.

LXP Industrial Trust has increased its dividend payment by an average of 6.1% per year over the last three years. LXP Industrial Trust has a payout ratio of -2,600.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect LXP Industrial Trust to earn $0.66 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 78.8%.

LXP Industrial Trust Stock Performance

LXP opened at $9.58 on Friday. The firm has a market cap of $2.82 billion, a P/E ratio of 119.76 and a beta of 0.88. LXP Industrial Trust has a 1-year low of $8.08 and a 1-year high of $10.56. The company has a 50 day simple moving average of $9.85 and a two-hundred day simple moving average of $9.47. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.11 and a quick ratio of 0.11.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI increased their price target on LXP Industrial Trust from $10.00 to $11.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, LXP Industrial Trust presently has an average rating of “Hold” and a consensus price target of $11.25.

About LXP Industrial Trust

LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. LXP seeks to expand its industrial portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects and other transactions.