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 share repurchase 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 stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Alexandria Real Estate Equities Stock Up 2.8 %

Shares of ARE opened at $106.76 on Tuesday. The stock has a market capitalization of $18.66 billion, a PE 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 quick ratio of 0.20 and a current ratio of 0.20. The company’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 earnings results on Monday, October 21st. The real estate investment trust reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.38 by ($1.42). Alexandria Real Estate Equities had a return on equity of 1.31% and a net margin of 9.62%. The firm had revenue of $791.60 million for the quarter, compared to analysts’ expectations of $766.97 million. During the same quarter in the previous year, the company posted $2.26 earnings per share. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. Analysts forecast that Alexandria Real Estate Equities will post 9.47 earnings per share for the current fiscal year.

Alexandria Real Estate Equities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders 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 yield of 4.95%. Alexandria Real Estate Equities’s dividend payout ratio is currently 317.07%.

Analysts Set New Price Targets

ARE has been the subject of several analyst reports. Citigroup lowered shares of Alexandria Real Estate Equities from a “buy” rating to a “neutral” rating and decreased their price target for the company from $130.00 to $125.00 in a research report on Friday, September 13th. Wedbush reiterated an “outperform” rating and set a $110.00 price target (down previously from $120.00) on shares of Alexandria Real Estate Equities in a research note on Friday. Evercore ISI dropped their price objective on shares of Alexandria Real Estate Equities from $129.00 to $124.00 and set an “in-line” rating on the stock in a report on Wednesday, October 23rd. Robert W. Baird dropped their target price on Alexandria Real Estate Equities from $137.00 to $130.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Alexandria Real Estate Equities from a “buy” rating to a “hold” rating and cut their price objective for the company from $135.00 to $112.00 in a report on Friday, November 15th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus 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.