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

Brixmor Property Group Inc. (NYSE:BRX)’s share price 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 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.02. The business had revenue of $322.80 million during the quarter, compared to the consensus estimate of $315.69 million. Brixmor Property Group had a return on equity of 10.22% and a net margin of 23.06%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.50 earnings per share.

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

Several equities research analysts have recently weighed in on the company. Mizuho raised Brixmor Property Group from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Monday, August 14th. Barclays PLC reissued a “hold” rating and issued a $22.00 price objective on shares of Brixmor Property Group in a report on Monday, August 14th. Citigroup Inc. upped their price target on Brixmor Property Group from $19.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, August 7th. Zacks Investment Research upgraded Brixmor Property Group from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Finally, Boenning Scattergood restated a “hold” rating on shares of Brixmor Property Group in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $25.55.

In other Brixmor Property Group news, insider James M. Taylor, Jr. acquired 15,600 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was purchased at an average price of $19.24 per share, for a total transaction of $300,144.00. Following the completion of the transaction, the insider now owns 224,793 shares of the company’s stock, valued at approximately $4,325,017.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.27% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BRX. Dynamic Technology Lab Private Ltd acquired a new position in Brixmor Property Group during the second quarter valued at about $493,000. Public Employees Retirement System of Ohio boosted its position 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 last quarter. Verition Fund Management LLC boosted its position 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 last quarter. California State Teachers Retirement System boosted its position 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 last quarter. Finally, The Manufacturers Life Insurance Company boosted its position 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 last quarter.

The firm has a market capitalization of $5.71 billion, a PE ratio of 19.20 and a beta of 0.53. The stock has a 50-day moving average of $18.96 and a 200-day moving average of $20.30.

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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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