Brixmor Property Group (NYSE:BRX) Updates 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 2.3 %

NYSE BRX traded up $0.52 on Tuesday, reaching $22.67. The company had a trading volume of 782,589 shares, compared to its average volume of 2,538,380. The company’s fifty day moving average is $22.33 and its 200-day moving average is $22.21. Brixmor Property Group has a 1-year low of $19.40 and a 1-year high of $24.47. The firm has a market capitalization of $6.83 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 2.62 and a beta of 1.53. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.58 and a current ratio of 0.58.

Brixmor Property Group (NYSE:BRX) last announced its earnings results on Monday, April 29th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.22). Brixmor Property Group had a net margin of 24.50% and a return on equity of 10.63%. The firm had revenue of $320.24 million during the quarter, compared to analyst estimates of $314.82 million. During the same period in the prior year, the business posted $0.50 EPS. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, research analysts forecast 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 declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Tuesday, April 2nd were paid a $0.273 dividend. This is a positive change from Brixmor Property Group’s previous quarterly dividend of $0.27. This represents a $1.09 annualized dividend and a yield of 4.82%. The ex-dividend date of this dividend was Monday, April 1st. Brixmor Property Group’s payout ratio is presently 107.92%.

Analyst Ratings Changes

Several brokerages recently commented on BRX. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Brixmor Property Group in a report on Tuesday, January 30th. They set a buy rating and a $27.00 target price for the company. Truist Financial reiterated a buy rating and set a $25.00 target price on shares of Brixmor Property Group in a research note on Monday, March 25th. The Goldman Sachs Group reduced their price target on Brixmor Property Group from $28.00 to $27.00 and set a buy rating for the company in a research note on Wednesday, March 27th. Mizuho reissued a neutral rating and set a $24.00 target price (up previously from $23.00) on shares of Brixmor Property Group in a report on Friday, February 23rd. Finally, Stifel Nicolaus raised their target price on shares of Brixmor Property Group from $22.75 to $24.00 and gave the stock a hold rating in a report on Tuesday, February 13th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $25.38.

Insider Buying and Selling

In other news, insider Brian T. Finnegan sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $23.00, for a total value of $172,500.00. Following the sale, the insider now directly owns 225,051 shares in the company, valued at approximately $5,176,173. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Michael B. Berman sold 10,475 shares of Brixmor Property Group stock in a transaction dated 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 directly owns 40,556 shares of the company’s stock, valued at $925,487.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian T. Finnegan sold 7,500 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $5,176,173. The disclosure for this sale can be found here. 0.76% of the stock is owned by corporate insiders.

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.