Brixmor Property Group (NYSE:BRX) Releases FY24 Earnings Guidance

Brixmor Property Group (NYSE:BRX) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $2.08-$2.11 for the period, compared to the consensus earnings per share estimate of $2.08.

Brixmor Property Group Stock Up 2.0 %

Shares of NYSE:BRX traded up $0.43 during trading on Monday, hitting $22.15. 2,937,918 shares of the company were exchanged, compared to its average volume of 2,561,800. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.58 and a quick ratio of 0.58. The firm’s 50 day moving average price is $22.35 and its 200-day moving average price is $22.19. The stock has a market capitalization of $6.67 billion, a P/E ratio of 21.51, a PEG 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.

Brixmor Property Group (NYSE:BRX) last announced its quarterly earnings results on Tuesday, February 13th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.27). Brixmor Property Group had a net margin of 24.50% and a return on equity of 10.63%. The company had revenue of $316.49 million during the quarter, compared to analysts’ expectations of $311.77 million. During the same period last year, the firm earned $0.49 earnings per share. Brixmor Property Group’s revenue was up 2.6% on a year-over-year basis. On average, research analysts predict that Brixmor Property Group will post 2.09 earnings per share for the current fiscal year.

Brixmor Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Tuesday, April 2nd were given a dividend of $0.273 per share. This is a positive change from Brixmor Property Group’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Monday, April 1st. This represents a $1.09 annualized dividend and a yield of 4.93%. Brixmor Property Group’s payout ratio is 107.92%.

Analysts Set New Price Targets

BRX has been the topic of a number of recent research reports. Stifel Nicolaus lifted their target price on shares of Brixmor Property Group from $22.75 to $24.00 and gave the company a hold rating in a report on Tuesday, February 13th. Truist Financial reaffirmed a buy rating and issued a $25.00 target price on shares of Brixmor Property Group in a report on Monday, March 25th. Deutsche Bank Aktiengesellschaft started coverage on Brixmor Property Group in a research report on Tuesday, January 30th. They issued a buy rating and a $27.00 price target on the stock. Mizuho reaffirmed a neutral rating and set a $24.00 price objective (up from $23.00) on shares of Brixmor Property Group in a research report on Friday, February 23rd. Finally, The Goldman Sachs Group cut their price target on Brixmor Property Group from $28.00 to $27.00 and set a buy rating for the company in a research note on Wednesday, March 27th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $25.38.

Insider Buying and Selling

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

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.