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iShares Residential and Multisector Real Estate ETF (REZ) - free report >>
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iShares Residential and Multisector Real Estate ETF (REZ) - free report >>
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Real Estate ETF (REZ) Hits New 52-Week High
Residential and Multisector Real Estate ETF (REZ - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 2.98% from its 52-week low price of $60.64/share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.
REZ in Focus
The underlying FTSE NAREIT All Residential Capped Index measures the performance of the residential, healthcare and self-storage real estate sectors of the U.S. equity market. The product charges 48 bps in annual fees and yields 2.64% annually.
Why the Move?
The Fed might cut rates in September due to the cooling in inflation reading as well as in the labor market data. Since real estate sector is rate-sensitive in nature, a dovish Fed move should go in favor of the ETF.
More Gains Ahead?
Currently, REZ has a Zacks ETF Rank #4 (Sell). However, it might continue its strong performance in the near term, with a positive weighted alpha of 19.99, which gives cues of a further rally.