Brixmor Property Group (BRX) to Buyback $400.00 million in Outstanding Shares

Brixmor Property Group (NYSE:BRX) announced that its Board of Directors has authorized a share repurchase plan, which authorizes the company to buyback $400.00 million in shares on Tuesday, December 5th, EventVestor reports. This buyback authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

A number of brokerages have weighed in on BRX. BMO Capital Markets set a $19.00 price target on shares of Brixmor Property Group and gave the company a “hold” rating in a research report on Tuesday. Stifel Nicolaus began coverage on shares of Brixmor Property Group in a research report on Thursday, November 30th. They set a “hold” rating and a $19.00 price target for the company. Barclays reiterated a “hold” rating and set a $22.00 price target on shares of Brixmor Property Group in a research report on Monday, August 14th. ValuEngine upgraded shares of Brixmor Property Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Finally, Mizuho upgraded shares of Brixmor Property Group from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $22.00.

Brixmor Property Group (NYSE BRX) opened at $17.56 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.96. Brixmor Property Group has a 12 month low of $17.23 and a 12 month high of $25.34. The company has a market cap of $5,665.73, a P/E ratio of 8.81, a PEG ratio of 2.00 and a beta of 0.52.

Brixmor Property Group (NYSE:BRX) last posted its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $0.27 EPS for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to analysts’ expectations of $317.31 million. During the same period in the previous year, the business posted $0.51 EPS. The company’s revenue for the quarter was down 1.3% compared to the same quarter last year. sell-side analysts expect that Brixmor Property Group will post 2.08 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, January 4th will be paid a $0.275 dividend. This is a positive change from Brixmor Property Group’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Wednesday, January 3rd. This represents a $1.10 annualized dividend and a dividend yield of 6.26%. Brixmor Property Group’s dividend payout ratio (DPR) is presently 98.11%.

In other Brixmor Property Group news, EVP Mark Horgan acquired 3,000 shares of the stock in a transaction dated Friday, November 3rd. The stock was acquired at an average price of $17.64 per share, with a total value of $52,920.00. Following the completion of the purchase, 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 SEC, which is available through this hyperlink. Company insiders own 0.27% of the company’s stock.

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Brixmor Property Group Company Profile

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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