Brixmor Property Group (BRX) Board Approves Stock Repurchase Program
Brixmor Property Group (NYSE:BRX) declared that its board has authorized a stock repurchase plan, which permits the company to repurchase $400.00 million in outstanding shares on Tuesday, December 5th, EventVestor reports. This repurchase authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
Shares of Brixmor Property Group (BRX) traded down $0.46 during midday trading on Wednesday, hitting $18.12. The stock had a trading volume of 2,474,200 shares, compared to its average volume of 2,849,076. Brixmor Property Group has a twelve month low of $17.23 and a twelve month high of $25.34. The stock has a market capitalization of $5,665.73, a P/E ratio of 8.81, a price-to-earnings-growth ratio of 2.00 and a beta of 0.52. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.70 and a current ratio of 0.70.
Brixmor Property Group (NYSE:BRX) last posted its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.24). Brixmor Property Group had a net margin of 25.14% and a return on equity of 11.08%. The business had revenue of $314.50 million for the quarter, compared to analyst estimates of $317.31 million. During the same period in the previous year, the firm posted $0.51 earnings per share. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. research analysts anticipate that Brixmor Property Group will post 2.08 earnings per share for the current fiscal year.
A number of brokerages have recently weighed in on BRX. KeyCorp reiterated a “hold” rating on shares of Brixmor Property Group in a report on Friday, August 25th. Boenning Scattergood upgraded Brixmor Property Group from a “neutral” rating to an “outperform” rating and set a $22.00 price target for the company in a report on Tuesday, September 12th. BMO Capital Markets initiated coverage on Brixmor Property Group in a report on Monday, September 11th. They issued a “market perform” rating and a $20.00 price target for the company. Mizuho restated a “buy” rating and set a $19.50 price objective on shares of Brixmor Property Group in a research note on Friday, November 10th. Finally, ValuEngine downgraded Brixmor Property Group from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $22.00.
In related news, EVP Mark Horgan acquired 3,000 shares of the stock in a transaction dated Friday, November 3rd. The shares were acquired at an average price of $17.64 per share, with a total value of $52,920.00. Following the acquisition, the executive vice president now owns 56,703 shares in the company, valued at approximately $1,000,240.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.27% of the company’s stock.
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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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