Alexandria Real Estate Equities (NYSE:ARE) to Buyback $500.00 million in Shares

Alexandria Real Estate Equities (NYSE:ARE) announced that its Board of Directors has authorized a stock buyback program on Monday, December 9th, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 2.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Alexandria Real Estate Equities Stock Performance

NYSE ARE opened at $106.76 on Tuesday. The firm has a market capitalization of $18.66 billion, a P/E ratio of 65.10, a P/E/G ratio of 3.89 and a beta of 1.15. Alexandria Real Estate Equities has a 1-year low of $102.89 and a 1-year high of $135.45. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.20 and a quick ratio of 0.20. The business’s 50-day simple moving average is $112.48 and its 200-day simple moving average is $116.27.

Alexandria Real Estate Equities (NYSE:ARE) last released its quarterly earnings data on Monday, October 21st. The real estate investment trust reported $0.96 earnings per share for the quarter, missing the consensus estimate of $2.38 by ($1.42). The firm had revenue of $791.60 million during the quarter, compared to analyst estimates of $766.97 million. Alexandria Real Estate Equities had a net margin of 9.62% and a return on equity of 1.31%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.26 earnings per share. Equities analysts predict that Alexandria Real Estate Equities will post 9.47 EPS for the current year.

Alexandria Real Estate Equities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $1.32 dividend. This is a positive change from Alexandria Real Estate Equities’s previous quarterly dividend of $1.30. This represents a $5.28 annualized dividend and a dividend yield of 4.95%. Alexandria Real Estate Equities’s payout ratio is currently 317.07%.

Wall Street Analysts Forecast Growth

ARE has been the subject of several recent research reports. Wedbush reaffirmed an “outperform” rating and set a $110.00 price target (down from $120.00) on shares of Alexandria Real Estate Equities in a report on Friday. Evercore ISI dropped their price target on Alexandria Real Estate Equities from $129.00 to $124.00 and set an “in-line” rating for the company in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft cut Alexandria Real Estate Equities from a “buy” rating to a “hold” rating and dropped their price target for the company from $135.00 to $112.00 in a research report on Friday, November 15th. Royal Bank of Canada reiterated a “sector perform” rating and set a $125.00 price objective (down previously from $130.00) on shares of Alexandria Real Estate Equities in a research report on Thursday, October 24th. Finally, Robert W. Baird dropped their price objective on Alexandria Real Estate Equities from $137.00 to $130.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Alexandria Real Estate Equities currently has an average rating of “Hold” and an average price target of $125.82.

Alexandria Real Estate Equities Company Profile

Alexandria Real Estate Equities, Inc (NYSE: ARE), an S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer of the life science real estate niche since our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science, agtech, and advanced technology mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle.