Brixmor Property Group (NYSE:BRX) Announces Earnings Results

Brixmor Property Group (NYSE:BRX) announced its earnings results on Monday. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.22), Yahoo Finance reports. The business had revenue of $320.24 million for the quarter, compared to the consensus estimate of $314.82 million. Brixmor Property Group had a net margin of 24.50% and a return on equity of 10.63%. Brixmor Property Group’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.50 EPS. Brixmor Property Group updated its FY24 guidance to $2.08-$2.11 EPS and its FY 2024 guidance to 2.080-2.110 EPS.

Brixmor Property Group Stock Performance

BRX stock traded up $0.32 on Tuesday, hitting $22.47. The company had a trading volume of 401,344 shares, compared to its average volume of 2,534,743. The stock has a market cap of $6.77 billion, a price-to-earnings ratio of 21.93, a P/E/G ratio of 2.62 and a beta of 1.53. Brixmor Property Group has a 12-month low of $19.40 and a 12-month high of $24.47. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.73. The stock’s 50-day simple moving average is $22.33 and its 200 day simple moving average is $22.21.

Brixmor Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Tuesday, April 2nd were issued a dividend of $0.273 per share. This represents a $1.09 annualized dividend and a dividend yield of 4.86%. This is a boost from Brixmor Property Group’s previous quarterly dividend of $0.27. The ex-dividend date was Monday, April 1st. Brixmor Property Group’s payout ratio is presently 107.92%.

Insider Buying and Selling

In other Brixmor Property Group news, insider Brian T. Finnegan sold 7,500 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $23.00, for a total value of $172,500.00. Following the transaction, the insider now directly owns 225,051 shares of the company’s stock, valued at $5,176,173. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Brian T. Finnegan sold 7,500 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $23.00, for a total value of $172,500.00. Following the completion of the sale, the insider now directly owns 225,051 shares of the company’s stock, valued at approximately $5,176,173. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael B. Berman sold 10,475 shares of Brixmor Property Group stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $22.82, for a total transaction of $239,039.50. Following the transaction, the director now owns 40,556 shares in the company, valued at approximately $925,487.92. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on BRX. Deutsche Bank Aktiengesellschaft began coverage on Brixmor Property Group in a research report on Tuesday, January 30th. They set a “buy” rating and a $27.00 price objective for the company. Stifel Nicolaus raised their price objective on Brixmor Property Group from $22.75 to $24.00 and gave the company a “hold” rating in a research report on Tuesday, February 13th. The Goldman Sachs Group cut their target price on Brixmor Property Group from $28.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, March 27th. Truist Financial reiterated a “buy” rating and issued a $25.00 price target on shares of Brixmor Property Group in a research note on Monday, March 25th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $24.00 target price (up from $23.00) on shares of Brixmor Property Group in a report on Friday, February 23rd. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.38.

Brixmor Property Group Company Profile

Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 362 retail centers comprise approximately 64 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor's vision to be the center of the communities we serve and are home to a diverse mix of thriving national, regional and local retailers.