Brookfield Property Partners L.P. (BPY) Board of Directors Declares Stock Buyback Program
Brookfield Property Partners L.P. (NYSE:BPY) (TSE:BPY.UN) declared that its board has authorized a share buyback program, which authorizes the company to buyback 20,470,000 outstanding shares on Wednesday, August 16th, EventVestor reports. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
Shares of Brookfield Property Partners L.P. (NYSE:BPY) traded up 0.09% during midday trading on Wednesday, reaching $23.47. 9,941 shares of the company were exchanged. The company has a market capitalization of $6.01 billion, a PE ratio of 14.42 and a beta of 0.90. The firm’s 50 day moving average is $23.73 and its 200-day moving average is $22.80. Brookfield Property Partners L.P. has a 52-week low of $20.31 and a 52-week high of $24.25.
Brookfield Property Partners L.P. (NYSE:BPY) (TSE:BPY.UN) last issued its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.31 earnings per share for the quarter. The firm had revenue of $1.02 billion for the quarter. Brookfield Property Partners L.P. had a return on equity of 2.52% and a net margin of 17.30%. On average, equities analysts forecast that Brookfield Property Partners L.P. will post $1.14 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a $0.295 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.18 dividend on an annualized basis and a yield of 5.03%. Brookfield Property Partners L.P.’s dividend payout ratio is currently 74.68%.
A number of equities analysts have recently weighed in on the stock. BidaskClub cut shares of Brookfield Property Partners L.P. from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $26.00 price target on shares of Brookfield Property Partners L.P. in a research note on Friday, July 7th. Scotiabank reaffirmed an “outperform” rating and set a $34.00 price target on shares of Brookfield Property Partners L.P. in a research note on Friday, April 21st. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $28.00 price target on shares of Brookfield Property Partners L.P. in a research note on Monday, May 8th.
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Brookfield Property Partners L.P. Company Profile
Brookfield Property Partners L.P. is a diversified global real estate company. The Company owns, operates and develops a portfolio of office, retail, multifamily, industrial, hospitality, triple net lease, self-storage and student housing assets. Its partnership is Brookfield Asset Management Inc’s public commercial property entity and the primary vehicle through which it invests in real estate on a global basis.
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