Top 3 Real Estate Stocks Which Could Rescue Your Portfolio This Month

Author: Avi Kapoor | February 29, 2024 08:26am

The most oversold stocks in the real estate sector presents an opportunity to buy into undervalued companies.

The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.

Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.

Office Properties Income Trust (NASDAQ:OPI)

• On Feb. 15, Office Props IT posted upbeat quarterly sales. The company’s stock fell around 17% over the past five days and has a 52-week low of $2.70 .
• RSI Value: 25.19
• OPI Price Action: Shares of Office Properties Income Trust fell 5.6% to close at $2.70 on Wednesday.

Orion Office REIT Inc. (NYSE:ONL)

• On Feb. 27, Orion Office REIT POSTED worse-than-expected fourth-quarter financial results and issued FY24 Core FFO guidance below estimates. Paul McDowell, Orion’s Chief Executive Officer commented, "2023 marked a year of progress for the Orion team despite the challenging economic environment and office market headwinds. We closed on the sale of six non-core properties for a total of 17 sold since the spin-off, executed 261,000 square feet of leasing activity and repaid $59.0 million in debt." The company’s stock fell around 21% over the past five days. It has a 52-week low of $3.65.
• RSI Value: 25.45
• ONL Price Action: Shares of Orion Office REIT fell 16.9% to close at $3.68 on Wednesday.

City Office REIT, Inc. (NYSE:CIO)

• On Feb. 22, City Office REIT posted downbeat quarterly sales. "We are seeing positive signs that leasing activity is gathering momentum, especially across our premium properties and locations," commented James Farrar, the Company's Chief Executive Officer. "The new leasing achieved in the fourth quarter was the most new leasing of any quarter in 2023, and those leases had a healthy eight-year average lease term. That strong leasing momentum carried over into the first quarter of 2024, and we currently have a pipeline of over 200,000 square feet of leasing prospects that we are actively pursuing." The company’s stock fell around 10% over the past five days and has a 52-week low of $3.4550.
• RSI Value: 29.62
• CIO Price Action: Shares of City Office REIT closed at $4.12 on Wednesday.

 

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Posted In: CIO ONL OPI