Brixmor Property Group Inc. (NYSE:BRX) declared a quarterly dividend on Tuesday, October 31st, Wall Street Journal reports. Shareholders 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 5.89%. The ex-dividend date is Wednesday, January 3rd. This is a positive change from Brixmor Property Group’s previous quarterly dividend of $0.26.
Brixmor Property Group has a dividend payout ratio of 52.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Brixmor Property Group to earn $2.01 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 54.7%.
Brixmor Property Group (BRX) opened at $18.66 on Tuesday. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $5,690.13, a price-to-earnings ratio of 17.60, a PEG ratio of 2.01 and a beta of 0.52. Brixmor Property Group has a 12 month low of $17.23 and a 12 month high of $25.34.
Brixmor Property Group declared that its board has authorized a share buyback plan on Tuesday, December 5th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts have recently weighed in on BRX shares. Boenning Scattergood reissued a “buy” rating and issued a $22.00 price target on shares of Brixmor Property Group in a research note on Tuesday, November 21st. Zacks Investment Research downgraded Brixmor Property Group from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Stifel Nicolaus started coverage on Brixmor Property Group in a research note on Thursday, November 30th. They issued a “hold” rating and a $19.00 price target on the stock. Royal Bank of Canada reissued a “hold” rating and issued a $22.00 price target on shares of Brixmor Property Group in a research note on Thursday, November 2nd. Finally, BMO Capital Markets set a $20.00 price target on Brixmor Property Group and gave the company a “hold” rating in a research note on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $21.25.
In other Brixmor Property Group news, EVP Mark Horgan acquired 3,000 shares of the company’s stock in a transaction that occurred on 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 purchase, the executive vice president now owns 56,703 shares of the company’s stock, valued at approximately $1,000,240.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company 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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