Alexandria Real Estate Equities (NYSE:ARE) Posts Quarterly Earnings Results, Misses Estimates By $2.09 EPS

Alexandria Real Estate Equities (NYSE:ARE) released its quarterly earnings data on Monday. The real estate investment trust reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $2.34 by ($2.09), Yahoo Finance reports. The firm had revenue of $766.70 million during the quarter, compared to the consensus estimate of $775.03 million. Alexandria Real Estate Equities had a net margin of 5.09% and a return on equity of 0.68%. Alexandria Real Estate Equities’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.24 EPS. Alexandria Real Estate Equities updated its FY24 guidance to $9.41-9.53 EPS and its FY 2024 guidance to 9.410-9.530 EPS.

Alexandria Real Estate Equities Price Performance

Shares of ARE opened at $115.57 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.54. Alexandria Real Estate Equities has a twelve month low of $90.73 and a twelve month high of $135.45. The stock has a market capitalization of $20.21 billion, a P/E ratio of 108.01, a P/E/G ratio of 3.04 and a beta of 1.15. The company has a 50 day moving average of $118.89 and a 200-day moving average of $121.05.

Alexandria Real Estate Equities Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a $1.30 dividend. This is a boost from Alexandria Real Estate Equities’s previous quarterly dividend of $1.27. The ex-dividend date was Friday, June 28th. This represents a $5.20 annualized dividend and a yield of 4.50%. Alexandria Real Estate Equities’s payout ratio is presently 485.99%.

Insider Transactions at Alexandria Real Estate Equities

In related news, major shareholder Real Estate Equitie Alexandria sold 150,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $4.21, for a total value of $631,500.00. Following the completion of the transaction, the insider now owns 6,005,077 shares of the company’s stock, valued at $25,281,374.17. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ARE. Evercore ISI downgraded Alexandria Real Estate Equities from an “outperform” rating to an “inline” rating and lowered their price target for the stock from $133.00 to $126.00 in a report on Thursday. Wedbush cut Alexandria Real Estate Equities from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $140.00 to $130.00 in a research note on Wednesday. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $140.00 price target on shares of Alexandria Real Estate Equities in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $133.71.

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.