Alexandria Real Estate Equities, Inc. (NYSE:ARE) Downgraded by Zacks Investment Research to Hold
Alexandria Real Estate Equities, Inc. (NYSE:ARE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Shares of Alexandria outperformed the industry it belongs to, year to date. Moreover, the Zacks Consensus Estimate for full-year 2017 funds from operations (FFO) per share moved north over the past seven days. Notably, the company’s second-quarter 2017 adjusted FFO per share came in line with the Zacks Consensus Estimate and was up 10.3% year over year. Results indicate solid growth in rental rate and strong leasing metrics. The company enjoys high occupancy, stemmed by elevated 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.”
Several other brokerages also recently commented on ARE. BidaskClub downgraded shares of Alexandria Real Estate Equities from a “hold” rating to a “sell” rating in a research note on Wednesday. TheStreet raised shares of Alexandria Real Estate Equities from a “c” rating to a “b-” rating in a research note on Monday, May 1st. Finally, Barclays PLC increased their price objective on shares of Alexandria Real Estate Equities from $129.00 to $130.00 and gave the company an “overweight” rating in a research note on Tuesday, July 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. Alexandria Real Estate Equities has a consensus rating of “Buy” and an average price target of $122.57.
Alexandria Real Estate Equities (NYSE:ARE) opened at 119.55 on Thursday. Alexandria Real Estate Equities has a 52-week low of $101.51 and a 52-week high of $123.89. The company has a 50-day moving average of $120.28 and a 200 day moving average of $116.18. The company has a market cap of $11.19 billion, a PE ratio of 269.86 and a beta of 0.86.
Alexandria Real Estate Equities (NYSE:ARE) last issued its quarterly earnings data on Monday, July 31st. The real estate investment trust reported $1.50 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.50. The business had revenue of $273.10 million during the quarter, compared to the consensus estimate of $277.40 million. Alexandria Real Estate Equities had a net margin of 9.45% and a return on equity of 3.11%. The firm’s revenue was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.36 EPS. Equities research analysts predict that Alexandria Real Estate Equities will post $1.45 EPS for the current year.
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In other news, Director James H. Richardson sold 4,000 shares of the firm’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $117.89, for a total transaction of $471,560.00. Following the completion of the transaction, the director now owns 61,000 shares of the company’s stock, valued at $7,191,290. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Stephen Richardson sold 7,500 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $120.56, for a total transaction of $904,200.00. Following the transaction, the chief operating officer now directly owns 136,972 shares of the company’s stock, valued at approximately $16,513,344.32. The disclosure for this sale can be found here. Insiders have sold 40,893 shares of company stock valued at $4,891,974 in the last ninety days. Insiders own 1.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Muzinich & Co. Inc. increased its position in Alexandria Real Estate Equities by 30.4% in the second quarter. Muzinich & Co. Inc. now owns 943 shares of the real estate investment trust’s stock valued at $114,000 after buying an additional 220 shares during the last quarter. Perigon Wealth Management LLC increased its position in Alexandria Real Estate Equities by 395.0% in the first quarter. Perigon Wealth Management LLC now owns 990 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 790 shares during the last quarter. First Personal Financial Services increased its position in Alexandria Real Estate Equities by 28.6% in the first quarter. First Personal Financial Services now owns 1,031 shares of the real estate investment trust’s stock valued at $114,000 after buying an additional 229 shares during the last quarter. Capital Analysts LLC acquired a new position in Alexandria Real Estate Equities during the second quarter valued at about $125,000. Finally, Invictus RG purchased a new position in shares of Alexandria Real Estate Equities during the first quarter worth $133,000.
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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