Brixmor Property Group (BRX) Rating Increased to Overweight at Citigroup
Citigroup upgraded shares of Brixmor Property Group (NYSE:BRX) to an overweight rating in a research report report published on Wednesday morning, The Fly reports. The firm currently has $21.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $19.00. The analysts noted that the move was a valuation call.
A number of other brokerages have also weighed in on BRX. Boenning Scattergood upgraded Brixmor Property Group from a neutral rating to an outperform rating and set a $22.00 target price on the stock in a research note on Tuesday, September 12th. BMO Capital Markets assumed coverage on Brixmor Property Group in a research note on Monday, September 11th. They issued a market perform rating and a $20.00 target price on the stock. ValuEngine upgraded Brixmor Property Group from a hold rating to a buy rating in a research note on Monday, October 2nd. Zacks Investment Research cut Brixmor Property Group from a hold rating to a sell rating in a report on Tuesday, October 3rd. Finally, Mizuho reiterated a buy rating and issued a $19.50 price objective on shares of Brixmor Property Group in a report on Friday, November 10th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $21.38.
Shares of Brixmor Property Group (NYSE BRX) traded down $0.10 during midday trading on Wednesday, reaching $17.92. The company’s stock had a trading volume of 1,630,000 shares, compared to its average volume of 2,209,474. The company has a market cap of $5,464.47, a price-to-earnings ratio of 8.49, a P/E/G ratio of 2.00 and a beta of 0.52. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.70 and a quick ratio of 0.70. Brixmor Property Group has a fifty-two week low of $17.23 and a fifty-two week high of $25.34.
Brixmor Property Group (NYSE:BRX) last announced its earnings results on Monday, October 30th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.24). The business had revenue of $314.50 million during the quarter, compared to the consensus estimate of $317.31 million. Brixmor Property Group had a return on equity of 11.08% and a net margin of 25.14%. Brixmor Property Group’s revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.51 earnings per share. sell-side analysts expect that Brixmor Property Group will post 2.08 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Thursday, January 4th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, January 3rd. This is a boost from Brixmor Property Group’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a yield of 6.14%. Brixmor Property Group’s dividend payout ratio is currently 103.77%.
Brixmor Property Group announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 5th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, EVP Mark Horgan bought 3,000 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The stock was bought at an average cost of $17.64 per share, for a total transaction of $52,920.00. Following the acquisition, the executive vice president now directly owns 56,703 shares of the company’s stock, valued at approximately $1,000,240.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.27% of the company’s stock.
A number of hedge funds have recently modified their holdings of BRX. BlackRock Inc. raised its position in Brixmor Property Group by 35.0% during the 2nd quarter. BlackRock Inc. now owns 29,066,747 shares of the real estate investment trust’s stock valued at $519,713,000 after purchasing an additional 7,543,528 shares during the last quarter. Presima Inc. bought a new position in Brixmor Property Group during the 3rd quarter valued at approximately $24,750,000. State Street Corp raised its position in Brixmor Property Group by 12.0% during the 2nd quarter. State Street Corp now owns 10,792,595 shares of the real estate investment trust’s stock valued at $192,965,000 after purchasing an additional 1,159,181 shares during the last quarter. Brookfield Asset Management Inc. raised its position in Brixmor Property Group by 15.9% during the 2nd quarter. Brookfield Asset Management Inc. now owns 6,618,651 shares of the real estate investment trust’s stock valued at $118,341,000 after purchasing an additional 908,572 shares during the last quarter. Finally, Macquarie Group Ltd. raised its position in Brixmor Property Group by 118.5% during the 2nd quarter. Macquarie Group Ltd. now owns 1,630,279 shares of the real estate investment trust’s stock valued at $29,150,000 after purchasing an additional 884,018 shares during the last quarter. Institutional investors own 98.30% of the company’s stock.
Brixmor Property Group Company Profile
Brixmor Property Group Inc is an internally managed real estate investment trust. The Company conducts its operations primarily through Brixmor Operating Partnership LP and subsidiaries (collectively, the Operating Partnership). As of December 31, 2016, it owned interests in 512 shopping centers (the Portfolio) with approximately 86 million square feet of gross leasable area (GLA), including 511 shopping centers and one shopping center held through an unconsolidated joint venture.
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