Brixmor Property Group (NYSE:BRX) Issues FY24 Earnings Guidance

Brixmor Property Group (NYSE:BRX) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $2.08-$2.11 for the period, compared to the consensus earnings per share estimate of $2.08. Brixmor Property Group also updated its FY 2024 guidance to 2.080-2.110 EPS.

Brixmor Property Group Stock Up 2.0 %

Shares of BRX stock traded up $0.43 during trading hours on Monday, reaching $22.15. 2,937,918 shares of the company’s stock were exchanged, compared to its average volume of 2,561,801. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.73. The company has a market cap of $6.67 billion, a price-to-earnings ratio of 21.93, a P/E/G ratio of 2.62 and a beta of 1.53. Brixmor Property Group has a fifty-two week low of $19.40 and a fifty-two week high of $24.47. The stock’s 50 day moving average is $22.35 and its 200-day moving average is $22.19.

Brixmor Property Group (NYSE:BRX) last issued its quarterly earnings results on Tuesday, February 13th. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.27). Brixmor Property Group had a net margin of 24.50% and a return on equity of 10.63%. The company had revenue of $316.49 million for the quarter, compared to analyst estimates of $311.77 million. During the same quarter in the previous year, the company posted $0.49 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts predict that Brixmor Property Group will post 2.09 earnings per share for the current fiscal year.

Brixmor Property Group Increases Dividend

The firm 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. The ex-dividend date was Monday, April 1st. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.93%. This is a positive change from Brixmor Property Group’s previous quarterly dividend of $0.27. Brixmor Property Group’s dividend payout ratio is presently 107.92%.

Analysts Set New Price Targets

BRX has been the subject of several recent research reports. Truist Financial reiterated a buy rating and set a $25.00 price target on shares of Brixmor Property Group in a research report on Monday, March 25th. The Goldman Sachs Group decreased their price objective on shares of Brixmor Property Group from $28.00 to $27.00 and set a buy rating on the stock in a report on Wednesday, March 27th. Mizuho reaffirmed a neutral rating and issued a $24.00 price target (up from $23.00) on shares of Brixmor Property Group in a research note on Friday, February 23rd. Stifel Nicolaus boosted their price objective on Brixmor Property Group from $22.75 to $24.00 and gave the stock a hold rating in a research note on Tuesday, February 13th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Brixmor Property Group in a research report on Tuesday, January 30th. They issued a buy rating and a $27.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Brixmor Property Group currently has an average rating of Moderate Buy and a consensus target price of $25.38.

Insiders Place Their Bets

In other Brixmor Property Group news, insider Brian T. Finnegan sold 7,500 shares of the business’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $23.00, for a total transaction of $172,500.00. Following the transaction, the insider now owns 225,051 shares of the company’s stock, valued at $5,176,173. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related 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 sale, the insider now directly owns 225,051 shares in the company, valued at $5,176,173. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael B. Berman sold 10,475 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $22.82, for a total transaction of $239,039.50. Following the completion of the transaction, the director now 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.

About Brixmor Property Group

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.