Shares of Brookdale Senior Living (Ticker: BKD) got dinged Thursday after Deutsche Bank analysts tweaked their price target for the nursing home operator to $32 from $33. That helped take down Brookdale about 3 percent on the day to $24.51, but it's still up more than 40 percent this year — mainly on the back of M&A chatter.
Analysts at SunTrust Robinson Humphrey have begun covering shares of Healthcare Realty Trust with a 'neutral' rating. That gives them plenty of company: Of the 13 other firms following West End-based Healthcare Realty, only RBC (via locally based Frank Morgan) and BMO Capital Markets have 'buy' ratings and only Cowen & Co. is telling investors to sell the company. Shares of Healthcare Realty (Ticker: HR) are up 26 percent this year.
The Advocat shareholder who in May sued the company over its rejection of a buyout offer is coming after the company a second time. Frank Rossello, who had his first case dismissed last month by District Court Judge Todd Campbell, has now filed a putative class action in Williamson County Chancery Court.
SEE ALSO: Advocat class action dismissed
File this under "Because you just never know..."
The board of nursing home chain Advocat has voted to move forward the record and payout dates for the company's fourth-quarter dividend. Rather than be paid during the second week of January — you know, after we might have driven off that fiscal cliff — the company now will cut its checks on Christmas Eve.
A putative class action against the board of Advocat was dismissed from District Court earlier this month on procedural grounds, specifically because it did not satisfy the federal case requirement that the claim involved was for more than $75,000. But that doesn't mean the case, which centers on the buyout approach made by the Covington Investments group that owns about 15 percent of Advocat, is over: The plaintiffs can refile in state court if they choose.
Deutsche Bank analyst Darren Lehrich provided a nice pop to shares of Brookdale Senior Living Friday when he wrote that the company could separate its property holdings and nursing home businesses and place the former into a real estate investment trust. (Apparently, it's what all the cool local kids are doing these days.) If it happens, look for Fortress Investment Group, which owns 14 percent of Brookdale and has two board seats, to drive the train. Fortress has been doing the same at Penn National Gaming.
“To the extent that Fortress played a big role behind the scenes to effect [the Penn deal], it could potentially have implications for [Brookdale],” Lehrich wrote.
SEE ALSO: Details on two other recent instances when market chatter lifted Brookdale shares
Shares of National Health Investors were among those taking collateral damage Tuesday from a Jefferies & Co. downgrade of several health care real estate investment trusts because of Medicare reimbursement concerns. Jefferies analyst Omotayo Okusanya said the upcoming negotiations to resolve the fiscal cliff are likely to have a negative impact on Medicare. Owners of long-term acute-care and inpatient rehab centers could see clients flow to traditional nursing homes, he said.
After losing about 1 percent Tuesday, NHI shares (Ticker: NHI) are holding their own in early trading today around $52.95. Year to date, they're up about 20 percent.
Workers have broken ground on a $9 million project that will expand part of the five-year-old Heritage at Brentwood retirement community off Concord Road. The plan is for the development's Somerfield Health Center to grow to 66 beds from 30 and be divided into a number of areas focused on specific conditions.
In addition to memory care, the other four neighborhoods will encompass primarily private rooms and suites and allow for varying levels of care, in line with the company’s Centered Around Resident-Empowered Services (CARES) program to meet residents’ diverse health care needs. Each neighborhood will be equipped with a dining room, kitchen and activity room.
From left: John Stone, owner in The Heritage; Joe Reagan, former Brentwood mayor and Heritage resident; Lucille Nabors, chair of the Residents Council at The Heritage; Dahlen Jordan, administrator of The Heritage; Jon Tagatz, executive director of The Heritage; Brentwood Mayor Paul Webb; John Cooper, owner in The Heritage
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR