Brixmor Property Group (NYSE:BRX) Issues Earnings Results, Misses Estimates By $0.22 EPS

Brixmor Property Group (NYSE:BRX) posted its quarterly earnings data on Monday. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.22), Yahoo Finance reports. The firm had revenue of $320.24 million for the quarter, compared to analysts’ expectations of $314.82 million. Brixmor Property Group had a return on equity of 10.63% and a net margin of 24.50%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 earnings per share. 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

Shares of NYSE BRX traded up $0.32 during mid-day trading on Tuesday, hitting $22.47. The company had a trading volume of 273,180 shares, compared to its average volume of 2,532,998. Brixmor Property Group has a 12 month low of $19.40 and a 12 month high of $24.47. 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 has a market cap of $6.77 billion, a P/E ratio of 21.93, a PEG ratio of 2.62 and a beta of 1.53. The business’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 paid a $0.273 dividend. This is an increase 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 dividend yield of 4.86%. Brixmor Property Group’s dividend payout ratio (DPR) is presently 107.92%.

Analyst Upgrades and Downgrades

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

Insider Activity at Brixmor Property Group

In other news, Director Michael B. Berman sold 10,475 shares of Brixmor Property Group stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $22.82, for a total transaction of $239,039.50. Following the sale, the director now owns 40,556 shares of the company’s stock, valued at approximately $925,487.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 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 filing with the SEC, which can be accessed through the SEC website. Also, Director Michael B. Berman sold 10,475 shares of Brixmor Property Group stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $22.82, for a total value of $239,039.50. Following the sale, the director now directly owns 40,556 shares in the company, valued at $925,487.92. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company’s stock.

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.