Markets

Single-family rental rivals Invitation Homes and Starwood Waypoint Homes to merge

Single-family rental rivals Invitation Homes and Starwood Waypoint Homes to merge

The company provided EPS guidance of $1.85-1.90 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.82.

"This strategic transaction combines two companies with highly complementary capabilities, including Invitation Homes' industry-leading approach to customer service and asset-management expertise, and Starwood Waypoint Homes' industry-leading technology", the companies said. (INVH) traded up 4.24% during midday trading on Thursday, hitting $21.88. The stock has a 50 day moving average of $21.44 and a 200-day moving average of $21.45.

Citigroup Inc. started coverage on shares of Colony Starwood Homes (NYSE:SFR) in a research note published on Thursday, July 20th, Marketbeat reports.

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Invitation Home (NYSE:INVH) last issued its quarterly earnings data on Thursday, May 11th. The firm had revenue of $238.80 million during the quarter, compared to analyst estimates of $238.10 million. Over the past month the firm's stock is -1.23%, 1.17% for the last quarter, 6.33% for the past six-months and 2.97% for the a year ago. State of Alaska Department of Revenue bought a new position in shares of Invitation Home during the second quarter valued at $136,000. Analysts predict that Colony Starwood Homes will post ($0.03) EPS for the current fiscal year. Shareholders of record on Friday, June 30th were given a dividend of $0.22 per share. This represents a $0.32 annualized dividend and a yield of 1.52%. This is an increase from Invitation Home's previous quarterly dividend of $0.06. (NYSE:INVH) during the first quarter, according to its most recent Form 13F filing with the SEC. Zelman & Associates raised shares of Invitation Home from a hold rating to a buy rating in a research report on Friday, June 23rd. They issued an outperform rating and a $38.00 target price on the stock. Royal Bank Of Canada restated an "outperform" rating and set a $24.00 target price (up previously from $23.00) on shares of Invitation Home in a report on Tuesday, May 16th. The company now has an average rating of "Buy" and an average target price of $24.08.

Invitation Homes is majority owned by Blackstone Group, one of the first private equity firms to begin purchasing foreclosed homes in the wake of the 2008 financial crisis, then fixing them up and renting them out. If you are reading this piece of content on another domain, it was illegally stolen and reposted in violation of worldwide copyright & trademark law.

Upon completion of the transaction, Fred Tuomi, Chief Executive Officer of Starwood Waypoint Homes, will become CEO of Invitation Homes; Ernie Freedman, Chief Financial Officer of Invitation Homes, will remain CFO; Charles Young, Chief Operating Officer of Starwood Waypoint Homes, will become COO; and Dallas Tanner, Chief Investment Officer of Invitation Homes, will remain CIO.


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