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

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

Analyst Ratings Changes

Several equities research analysts recently commented on BRX shares. Mizuho restated a neutral rating and set a $24.00 target price (up previously from $23.00) on shares of Brixmor Property Group in a research report on Friday, February 23rd. The Goldman Sachs Group dropped 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. Truist Financial reaffirmed a buy rating and issued a $25.00 target price on shares of Brixmor Property Group in a research report on Monday, March 25th. Stifel Nicolaus increased their price target on Brixmor Property Group from $22.75 to $24.00 and gave the stock a hold rating in a report on Tuesday, February 13th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Brixmor Property Group in a report on Tuesday, January 30th. They set a buy rating and a $27.00 price objective for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $25.38.

Brixmor Property Group Stock Performance

Shares of BRX traded up $0.43 during trading hours on Monday, hitting $22.15. The company’s stock had a trading volume of 2,937,918 shares, compared to its average volume of 2,561,801. The business has a 50 day simple moving average of $22.35 and a two-hundred day simple moving average of $22.19. Brixmor Property Group has a 52-week low of $19.40 and a 52-week 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 company has a market cap of $6.67 billion, a price-to-earnings ratio of 21.93, a PEG ratio of 2.62 and a beta of 1.53.

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

Brixmor Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Tuesday, April 2nd were given a dividend of $0.273 per share. This is a positive change from Brixmor Property Group’s previous quarterly dividend of $0.27. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date of this dividend was Monday, April 1st. Brixmor Property Group’s payout ratio is 107.92%.

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 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 completion of the sale, the director now owns 40,556 shares in the company, valued at approximately $925,487.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Michael B. Berman sold 10,475 shares of Brixmor Property Group stock in a transaction on 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 sale, the director now directly owns 40,556 shares of the company’s stock, valued at approximately $925,487.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian T. Finnegan sold 7,500 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 225,051 shares in the company, 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.

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.