The market has been heading higher lately, but real estate investment trust (REIT) Federal Realty Investment Corp. (NYSE: FRT) is still down nearly 30% from its early-2020 highs. Looking a little further back, it's roughly 45% lower than the peak it achieved in 2016. There's good news and bad news here -- but if you are looking for a cheap stock as the broader market rallies to new highs, Federal Realty still seems like it's in bargain territory.
One of the most incredible things about Federal Realty is that it has increased its dividend annually for more than five decades without fail. That puts the real estate investment trust into Dividend Aristocrat territory. You don't create that kind of dividend record by accident -- it requires a long-term commitment to returning value to investors via cash distributions, and, even more importantly, an effective management strategy and team. Fifty years is a long time, and Federal Realty has deftly handled the ups and downs and management transitions all along the way.
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Source Fool.com