Russell Investments Group Ltd. Reduces Position in Retail Opportunity Investments Corp. (NASDAQ:ROIC)

Russell Investments Group Ltd. lessened its holdings in shares of Retail Opportunity Investments Corp. (NASDAQ:ROIC) by 16.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,945 shares of the real estate investment trust’s stock after selling 8,666 shares during the period. Russell Investments Group Ltd.’s holdings in Retail Opportunity Investments were worth $627,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ROIC. Norges Bank purchased a new stake in shares of Retail Opportunity Investments in the 4th quarter valued at approximately $17,732,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Retail Opportunity Investments by 91.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,244,645 shares of the real estate investment trust’s stock worth $31,335,000 after purchasing an additional 1,074,859 shares during the period. Federated Hermes Inc. boosted its position in shares of Retail Opportunity Investments by 42.1% during the 1st quarter. Federated Hermes Inc. now owns 3,435,254 shares of the real estate investment trust’s stock worth $47,956,000 after purchasing an additional 1,017,352 shares during the period. State Street Corp boosted its position in shares of Retail Opportunity Investments by 11.9% during the 1st quarter. State Street Corp now owns 7,382,667 shares of the real estate investment trust’s stock worth $144,090,000 after purchasing an additional 787,907 shares during the period. Finally, Weiss Multi Strategy Advisers LLC purchased a new position in shares of Retail Opportunity Investments during the 1st quarter worth approximately $11,958,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Retail Opportunity Investments Price Performance

Shares of ROIC opened at $13.39 on Friday. Retail Opportunity Investments Corp. has a twelve month low of $11.97 and a twelve month high of $17.50. The firm’s fifty day simple moving average is $13.94 and its 200-day simple moving average is $13.47. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 36.19, a PEG ratio of 3.32 and a beta of 1.40. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.00.

Retail Opportunity Investments Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 15th will be issued a $0.15 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.48%. Retail Opportunity Investments’s payout ratio is 162.16%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ROIC shares. StockNews.com upgraded shares of Retail Opportunity Investments from a “sell” rating to a “hold” rating in a report on Monday, August 28th. Wells Fargo & Company started coverage on shares of Retail Opportunity Investments in a report on Tuesday, May 23rd. They set an “overweight” rating and a $14.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Retail Opportunity Investments has an average rating of “Hold” and an average target price of $15.50.

Insider Activity

In related news, Director Laura H. Pomerantz sold 4,000 shares of the stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $13.46, for a total value of $53,840.00. Following the transaction, the director now directly owns 51,557 shares of the company’s stock, valued at approximately $693,957.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.00% of the company’s stock.

About Retail Opportunity Investments

Retail Opportunity Investments Corp. (NASDAQ: ROIC), is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast. As of June 30, 2023, ROIC owned 93 shopping centers encompassing approximately 10.6 million square feet.