Davis Selected Advisers Buys New Position in Brixmor Property Group Inc. (BRX)
Davis Selected Advisers bought a new stake in shares of Brixmor Property Group Inc. (NYSE:BRX) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 152,870 shares of the real estate investment trust’s stock, valued at approximately $2,874,000. Davis Selected Advisers owned approximately 0.05% of Brixmor Property Group at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Brixmor Property Group by 35.0% during the second quarter. BlackRock Inc. now owns 29,066,747 shares of the real estate investment trust’s stock worth $519,713,000 after acquiring an additional 7,543,528 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Brixmor Property Group by 2.3% during the third quarter. JPMorgan Chase & Co. now owns 17,222,816 shares of the real estate investment trust’s stock worth $325,682,000 after acquiring an additional 383,162 shares in the last quarter. State Street Corp boosted its stake in Brixmor Property Group by 12.0% during the second quarter. State Street Corp now owns 10,792,595 shares of the real estate investment trust’s stock worth $192,965,000 after acquiring an additional 1,159,181 shares in the last quarter. Lasalle Investment Management Securities LLC boosted its stake in Brixmor Property Group by 4.5% during the second quarter. Lasalle Investment Management Securities LLC now owns 9,125,790 shares of the real estate investment trust’s stock worth $163,169,000 after acquiring an additional 393,226 shares in the last quarter. Finally, Brookfield Asset Management Inc. boosted its stake in Brixmor Property Group by 15.9% during the second quarter. Brookfield Asset Management Inc. now owns 6,618,651 shares of the real estate investment trust’s stock worth $118,341,000 after acquiring an additional 908,572 shares in the last quarter. 98.57% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Brixmor Property Group Inc. (NYSE:BRX) traded down $0.18 during trading on Friday, reaching $18.07. 1,778,800 shares of the company’s stock traded hands, compared to its average volume of 2,850,105. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $5,565.10, a PE ratio of 8.65, a PEG ratio of 1.97 and a beta of 0.52. Brixmor Property Group Inc. has a twelve month low of $17.23 and a twelve month high of $25.34.
Brixmor Property Group declared that its board has authorized a stock repurchase plan on Tuesday, December 5th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, January 4th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 6.09%. This is a boost from Brixmor Property Group’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Wednesday, January 3rd. Brixmor Property Group’s payout ratio is presently 98.11%.
In related news, EVP Mark Horgan acquired 3,000 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was purchased at an average cost of $17.64 per share, with a total value of $52,920.00. Following the completion of the acquisition, the executive vice president now directly owns 56,703 shares of the company’s stock, valued at $1,000,240.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.27% of the stock is owned by insiders.
BRX has been the topic of several research reports. Boenning Scattergood reissued a “buy” rating and set a $22.00 price objective on shares of Brixmor Property Group in a research note on Tuesday, November 21st. Zacks Investment Research cut shares of Brixmor Property Group from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Stifel Nicolaus started coverage on shares of Brixmor Property Group in a report on Thursday, November 30th. They issued a “hold” rating and a $19.00 target price for the company. Royal Bank of Canada reaffirmed a “hold” rating and issued a $22.00 target price on shares of Brixmor Property Group in a report on Thursday, November 2nd. Finally, BMO Capital Markets set a $20.00 target price on shares of Brixmor Property Group and gave the stock a “hold” rating in a report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. Brixmor Property Group presently has a consensus rating of “Hold” and an average price target of $21.94.
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Brixmor Property Group 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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