After weeks of intense and relentless selling, have real estate investment trusts (REITs) finally bottomed out?
No one can say for sure, but REITs overall had a very good Monday with some of the best upside moves in a while.
The following five REITs easily surpassed the Standard & Poor’s 500 on Monday, and that benchmark index was up 2.65%.
Host Hotels & Resorts Inc. (NASDAQ: HST) is headquartered in Bethesda, Maryland and operates 78 hotels in 20 US markets.
The 3.39% gain goes to sellers at the falling 50-day moving average. Note that the Host September low remains above the early July low, a positive sign.
Summit Hotel Properties Inc. (NYSE: MOTEL) is headquartered in Austin, Texas and operates a portfolio of 102 properties, of which 61 are wholly owned.
Monday’s gain of 5.32% is certain, but the REIT has a lot of work to do to be considered bullish again. A few closes above the declining 50-day moving average would be helpful.
Ryman Hospitality Properties Inc. (NYSE: RHP) is based in Tennessee and owns the Gaylord Opryland Resort & Convention Center in Nashville, among other properties around the country.
The 4.45% gain brings the price back above the falling 50-day moving average, a positive sign for the stock.
Sunstone Hotel Investors Inc. (NYSE: SHOES) is headquartered in Irvine, California and has a portfolio of residential properties throughout the United States
Stocks have a long way to go before they can be called bullish again, but Monday’s 3.88% gain continues the momentum from early October.
Simon Property Group Inc. (NYSE: SPG) has corporate headquarters in Indianapolis, Indiana, and owns shopping, dining, and mixed-use properties in the US, Europe, and Asia.
The 3.43% increase found sellers at the 50-day moving average. Note that volume has picked up quite a bit from Monday’s higher price, a confirmation factor for the bulls.
Do not miss:
Not investment advice. For educational purposes only.
See more from Benzinga
Don’t miss real-time alerts on your stocks – join Benzinga Pro free! Try the tool that will help you invest smarter, faster and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. Copyright Registered.
