Zacks Investment Research cut shares of Alexandria Real Estate Equities, Inc. (NYSE:ARE) from a buy rating to a hold rating in a research report sent to investors on Wednesday, July 19th.
According to Zacks, “Shares of Alexandria outperformed the Zacks-categorized REIT and Equity Trust – Other industry over the past six months. Its second-quarter estimate for funds from operations (FFO) per share remained stable lately, ahead of the company’s earnings release. The company enjoys high occupancy, which is driven by high demand for its Class A properties in premium locations. Also, robust cash flow and solid balance sheet are its strengths. Further in July, the company announced the creation of the Alexandria Center for AgTech – RTP. It is the initial phase of a premier multi-tenant mega campus in the Research Triangle Park, NC. However, earnings-dilutive impact of disposition, rise in rate of interest and foreign currency fluctuations remain its concerns.”
Other analysts have also recently issued research reports about the company. Barclays PLC increased their target price on Alexandria Real Estate Equities from $129.00 to $130.00 and gave the stock an overweight rating in a report on Tuesday, July 18th. BidaskClub upgraded Alexandria Real Estate Equities from a hold rating to a buy rating in a report on Thursday, June 22nd. TheStreet upgraded Alexandria Real Estate Equities from a c rating to a b- rating in a report on Monday, May 1st. Finally, Evercore ISI upgraded Alexandria Real Estate Equities from an in-line rating to an outperform rating and set a $123.00 target price on the stock in a report on Tuesday, March 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $122.57.
Alexandria Real Estate Equities (NYSE ARE) opened at 121.74 on Wednesday. The stock has a market capitalization of $11.40 billion, a P/E ratio of 274.81 and a beta of 0.86. The firm’s 50-day moving average is $120.31 and its 200-day moving average is $116.28. Alexandria Real Estate Equities has a 52 week low of $101.51 and a 52 week high of $123.89.
Alexandria Real Estate Equities (NYSE:ARE) last announced its quarterly earnings results on Monday, July 31st. The real estate investment trust reported $1.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.50. Alexandria Real Estate Equities had a return on equity of 3.11% and a net margin of 9.45%. The firm had revenue of $273.10 million for the quarter, compared to analysts’ expectations of $277.40 million. During the same period in the prior year, the business posted $1.36 earnings per share. The business’s revenue was up 20.8% compared to the same quarter last year. On average, equities research analysts predict that Alexandria Real Estate Equities will post $1.45 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a $0.86 dividend. This is a positive change from Alexandria Real Estate Equities’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, June 28th. This represents a $3.44 annualized dividend and a yield of 2.83%. Alexandria Real Estate Equities’s dividend payout ratio is presently 860.02%.
In other Alexandria Real Estate Equities news, CEO Joel S. Marcus sold 13,893 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $121.22, for a total value of $1,684,109.46. Following the transaction, the chief executive officer now owns 705,829 shares of the company’s stock, valued at $85,560,591.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Stephen Richardson sold 7,500 shares of the stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $117.51, for a total value of $881,325.00. Following the completion of the transaction, the chief operating officer now directly owns 108,472 shares in the company, valued at approximately $12,746,544.72. The disclosure for this sale can be found here. Insiders sold 40,893 shares of company stock worth $4,891,974 in the last three months. Insiders own 1.51% of the company’s stock.
Several large investors have recently added to or reduced their stakes in ARE. Vanguard Group Inc. raised its stake in Alexandria Real Estate Equities by 6.6% in the second quarter. Vanguard Group Inc. now owns 15,723,151 shares of the real estate investment trust’s stock worth $1,894,168,000 after buying an additional 970,646 shares in the last quarter. BlackRock Inc. raised its stake in Alexandria Real Estate Equities by 5.5% in the second quarter. BlackRock Inc. now owns 8,810,925 shares of the real estate investment trust’s stock worth $1,061,452,000 after buying an additional 460,698 shares in the last quarter. State Street Corp raised its stake in Alexandria Real Estate Equities by 0.6% in the second quarter. State Street Corp now owns 4,999,505 shares of the real estate investment trust’s stock worth $602,286,000 after buying an additional 30,229 shares in the last quarter. Principal Financial Group Inc. raised its stake in Alexandria Real Estate Equities by 19.5% in the second quarter. Principal Financial Group Inc. now owns 3,034,982 shares of the real estate investment trust’s stock worth $365,624,000 after buying an additional 494,964 shares in the last quarter. Finally, Cbre Clarion Securities LLC raised its stake in Alexandria Real Estate Equities by 67.5% in the second quarter. Cbre Clarion Securities LLC now owns 2,244,374 shares of the real estate investment trust’s stock worth $270,380,000 after buying an additional 904,575 shares in the last quarter.
About Alexandria Real Estate Equities
Alexandria Real Estate Equities, Inc is a real estate investment (REIT). The Company is engaged in the business of providing space for lease to the life science and technology industries. It focuses on collaborative life science and technology campuses. It develops urban cluster campuses and ecosystems.
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