Brixmor Property Group Inc. (BRX) Declares Dividend Increase – $0.28 Per Share
Brixmor Property Group Inc. (NYSE:BRX) announced a quarterly dividend on Tuesday, October 31st, Wall Street Journal reports. Investors of record on Thursday, January 4th will be paid a dividend of 0.275 per share by the real estate investment trust on Tuesday, January 16th. This represents a $1.10 dividend on an annualized basis and a yield of 6.30%. The ex-dividend date is Wednesday, January 3rd. This is a boost from Brixmor Property Group’s previous quarterly dividend of $0.26.
Brixmor Property Group has a dividend payout ratio of 49.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Brixmor Property Group to earn $0.86 per share next year, which means the company may not be able to cover its $1.04 annual dividend with an expected future payout ratio of 120.9%.
Shares of Brixmor Property Group (NYSE BRX) traded down 2.94% during midday trading on Tuesday, reaching $17.47. The company had a trading volume of 3,135,986 shares. The firm has a market capitalization of $5.33 billion, a price-to-earnings ratio of 17.90 and a beta of 0.54. Brixmor Property Group has a 12-month low of $17.23 and a 12-month high of $25.46. The company has a 50 day moving average of $18.78 and a 200 day moving average of $18.96.
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 (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.24). The firm had revenue of $314.50 million during the quarter, compared to analysts’ expectations of $317.31 million. Brixmor Property Group had a return on equity of 10.22% and a net margin of 23.06%. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.51 earnings per share. Analysts anticipate that Brixmor Property Group will post $0.86 EPS for the current year.
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Several research analysts have recently commented on BRX shares. Mizuho raised Brixmor Property Group from a “neutral” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Monday, August 14th. ValuEngine raised Brixmor Property Group from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Barclays PLC decreased their price objective on Brixmor Property Group from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 18th. Zacks Investment Research raised Brixmor Property Group from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Brixmor Property Group in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $23.50.
In other news, Director John Schreiber purchased 10,000 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was acquired at an average price of $18.72 per share, for a total transaction of $187,200.00. Following the acquisition, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $374,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James M. Taylor, Jr. purchased 15,600 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were purchased at an average price of $19.24 per share, with a total value of $300,144.00. Following the acquisition, the insider now directly owns 224,793 shares in the company, valued at $4,325,017.32. The disclosure for this purchase can be found here. Company insiders own 0.27% of the company’s stock.
About Brixmor Property Group
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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