Brixmor Property Group Inc. (BRX) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Brixmor Property Group Inc. (NYSE:BRX) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $19.14, but opened at $19.59. Brixmor Property Group shares last traded at $19.80, with a volume of 2,604,271 shares.

The real estate investment trust reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.02. Brixmor Property Group had a return on equity of 10.22% and a net margin of 23.06%. The business had revenue of $322.80 million during the quarter, compared to the consensus estimate of $315.69 million. During the same period in the previous year, the company posted $0.50 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Thursday, October 5th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.55%. The ex-dividend date of this dividend is Wednesday, October 4th. Brixmor Property Group’s dividend payout ratio is presently 106.12%.

A number of brokerages recently issued reports on BRX. Citigroup Inc. upped their price target on Brixmor Property Group from $19.00 to $20.00 and gave the company a “neutral” rating in a report on Monday, August 7th. Zacks Investment Research raised Brixmor Property Group from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $23.00 price target on shares of Brixmor Property Group in a report on Wednesday, August 2nd. Mizuho raised Brixmor Property Group from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a report on Monday, August 14th. Finally, Barclays PLC lowered their price target on Brixmor Property Group from $22.00 to $21.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. Brixmor Property Group has a consensus rating of “Hold” and an average target price of $25.55.

In other news, insider James M. Taylor, Jr. acquired 15,600 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was acquired at an average cost of $19.24 per share, with a total value of $300,144.00. Following the completion of the acquisition, the insider now owns 224,793 shares of the company’s stock, valued at $4,325,017.32. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 0.27% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of BRX. Dynamic Technology Lab Private Ltd purchased a new stake in Brixmor Property Group during the second quarter valued at $493,000. Public Employees Retirement System of Ohio boosted its stake in Brixmor Property Group by 9.7% in the second quarter. Public Employees Retirement System of Ohio now owns 419,632 shares of the real estate investment trust’s stock valued at $7,503,000 after buying an additional 36,956 shares during the period. Verition Fund Management LLC boosted its stake in Brixmor Property Group by 52.2% in the second quarter. Verition Fund Management LLC now owns 44,712 shares of the real estate investment trust’s stock valued at $799,000 after buying an additional 15,335 shares during the period. California State Teachers Retirement System boosted its stake in Brixmor Property Group by 52.7% in the second quarter. California State Teachers Retirement System now owns 598,707 shares of the real estate investment trust’s stock valued at $10,705,000 after buying an additional 206,685 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in Brixmor Property Group by 3.6% in the second quarter. The Manufacturers Life Insurance Company now owns 20,283 shares of the real estate investment trust’s stock valued at $362,000 after buying an additional 712 shares during the period.

The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 19.20 and a beta of 0.53. The company has a 50 day moving average of $18.96 and a 200-day moving average of $20.30.

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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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