Will Health Care REIT (HCN) Stock Be Affected By Its Public Offering?

NEW YORK (TheStreet) -- Shares of Health Care REIT Inc. (HCN) are down -3.41% to $62.23 on Wednesday.

The real estate investment trust, which has a portfolio that includes a range of senior housing and health care real estate, announced today it has priced its public offering of 14 million shares of common stock at $62.35 per share.

The company upped its original offering of $12 million shares.

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Underwriters have been granted an option to purchase an additional 2,100,000 shares over the next 30 days, Health Care REIT said.

Estimated gross proceeds from the offering will be $873 million, or $1 billion if the underwriter option is "exercised in full" the company said.

TheStreet Ratings team rates HEALTH CARE REIT INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate HEALTH CARE REIT INC (HCN) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, impressive record of earnings per share growth and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

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