Deutsche Bank Downgrades BRE Properties to Hold (BRE)
BRE Properties (NYSE:BRE) was downgraded by stock analysts at Deutsche Bank from a “buy” rating to a “hold” rating in a report issued on Friday, TheFlyOnTheWall.com reports. They currently have a $57.00 target price on the stock. Deutsche Bank’s price objective suggests a potential upside of 5.34% from the stock’s previous close.
The analysts wrote, “Though we continue to see modest upside to BRE’s shares from current levels, we are moving to the sides following the announced merger agreement between BRE and ESS. Our downgrade to Hold is not reflective of a change in our fundamental outlook for BRE, which remains positive. However, with near-term trading likely dictated by merger arb dynamics and the immediate upside now behind us, we believe the risk/reward is now more balanced.”
A number of other analysts have also recently weighed in on BRE. Analysts at BMO Capital Markets upgraded shares of BRE Properties from an “underperform” rating to a “market perform” rating in a research note to investors on Monday, December 9th. They now have a $59.00 price target on the stock, up previously from $50.00. Separately, analysts at RBC Capital raised their price target on shares of BRE Properties from $24.00 to $25.00 in a research note to investors on Wednesday, December 4th. Finally, analysts at Goldman Sachs Group Inc. reiterated a “sell” rating on shares of BRE Properties in a research note to investors on Sunday, November 10th. They now have a $44.00 price target on the stock. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company. The stock has an average rating of “Hold” and an average price target of $49.56.
Shares of BRE Properties (NYSE:BRE) traded up 0.06% on Friday, hitting $54.14. 1,402,117 shares of the company’s stock traded hands. BRE Properties has a 1-year low of $45.76 and a 1-year high of $61.50. The stock has a 50-day moving average of $54.26 and a 200-day moving average of $51.41. The company has a market cap of $4.179 billion and a P/E ratio of 24.15.
BRE Properties (NYSE:BRE) last released its earnings data on Monday, November 4th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.01. The company had revenue of $104.62 million for the quarter, compared to the consensus estimate of $103.50 million. During the same quarter in the previous year, the company posted $0.62 earnings per share. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, analysts predict that BRE Properties will post $2.51 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of 0.395 per share. This represents a $1.58 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend is Wednesday, December 11th.
BRE Properties, Inc (NYSE:BRE) is a self-administered equity real estate investment trust (REIT) focused on the development, acquisition and management of multifamily apartment communities primarily located in the metropolitan markets within the State of California, and the Seattle, Washington region.
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