After Buffett Stake, Time to Take Profits in Store Capital?

28 June, 2017, 05:16 | Author: Franklin Nunez
  • Paul Morigi  Getty Images

Store Capital describes itself as a leader in the single tenant operational real estate and dedicates itself to net-lease profit-center property investments.

Argus began new coverage on Berkshire Hathaway giving the company a "hold" rating.

The REIT said it has issued 18.6 million shares of stock to a Berkshire subsidiary via a private placement, issuing that stock at $20.25 per share.

Shares of Store rose more than $2, or 10 percent, to $22.86 in early trading.Berkshire did not immediately respond to a request for comment.

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Store Capital shares were down about 16.5% in 2017 before the Buffett investment.

Buffett has said real estate was a solid investment that was less volatile than stock prices and likely to produce gains.

Buffett is a believer in the real estate space and in 2016 said there is no bubble, Business Insider noted.

Following U.S. election volatility some analysts have updated their recommended target prices on shares of Berkshire Hathaway (NYSE:BRK-B). They were prepared to take advantage of an attractive buying opportunity in the market and they did so.

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The $377 million investment by Berkshire follows a deal last week in which Buffett's company agreed to prop up Canada's Home Capital Group Inc. by providing a credit line and committing to take an equity stake. It is not clear who at the company is directly responsible for the Store Capital investment.

"The stock market has been going up basically since March of 2009", said Buffett, 86.

Berkshire's investment makes it Store Capital's third-largest shareholder, behind the Vanguard Group and Fidelity Management & Research Co., according to data from FactSet.

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