Alexandria Real Estate Equities (NYSE:ARE) Downgraded by Bank of America to Underperform

Bank of America cut shares of Alexandria Real Estate Equities (NYSE:ARE) from a neutral rating to an underperform rating in a report released on Friday, Marketbeat reports. They currently have $45.00 price target on the real estate investment trust’s stock, down from their previous price target of $55.00.

Several other brokerages also recently weighed in on ARE. Citigroup lowered their target price on Alexandria Real Estate Equities from $50.00 to $42.00 and set a “neutral” rating for the company in a research note on Friday, October 30th. Weiss Ratings restated a “sell (d)” rating on shares of Alexandria Real Estate Equities in a research note on Thursday, October 15th. Cantor Fitzgerald dropped their price objective on Alexandria Real Estate Equities from $52.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, October 28th. JPMorgan Chase & Co. lowered Alexandria Real Estate Equities from a “neutral” rating to an “underweight” rating and set a $56.00 target price on the stock. in a research report on Thursday, September 24th. Finally, The Goldman Sachs Group increased their target price on Alexandria Real Estate Equities from $54.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, September 18th. Two analysts have rated the stock with a Buy rating, ten have given a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, Alexandria Real Estate Equities has an average rating of “Reduce” and an average price target of $49.47.

Alexandria Real Estate Equities Price Performance

ARE stock opened at $43.90 on Friday. The firm has a market cap of $7.65 billion, a P/E ratio of -5.21 and a beta of 1.17. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.14 and a current ratio of 0.14. Alexandria Real Estate Equities has a 1 year low of $38.34 and a 1 year high of $59.76. The stock has a 50-day simple moving average of $46.48 and a 200-day simple moving average of $49.04.

Alexandria Real Estate Equities (NYSE:ARE) last posted its quarterly earnings data on Monday, October 26th. The real estate investment trust reported ($3.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($3.71). The firm had revenue of $671.18 million for the quarter, compared to analysts’ expectations of $646.26 million. Alexandria Real Estate Equities had a negative net margin of 51.81% and a negative return on equity of 7.52%. The company’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.22 EPS. On average, equities analysts predict that Alexandria Real Estate Equities will post 6.39 earnings per share for the current fiscal year.

Alexandria Real Estate Equities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a $0.72 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.88 dividend on an annualized basis and a yield of 6.6%. Alexandria Real Estate Equities’s dividend payout ratio (DPR) is currently -34.20%.

Insider Buying and Selling at Alexandria Real Estate Equities

In other news, Chairman Joel Marcus acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The shares were purchased at an average cost of $49.68 per share, for a total transaction of $248,400.00. Following the transaction, the chairman directly owned 597,724 shares in the company, valued at $29,694,928.32. This trade represents a 0.84% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Andres Gavinet sold 10,000 shares of Alexandria Real Estate Equities stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $50.93, for a total transaction of $509,300.00. Following the sale, the chief accounting officer owned 102,516 shares in the company, valued at approximately $5,221,139.88. This represents a 8.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.35% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alexandria Real Estate Equities

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Alexandria Real Estate Equities during the second quarter valued at about $1,146,423,000. First Eagle Investment Management LLC acquired a new position in Alexandria Real Estate Equities in the third quarter worth approximately $216,700,000. Dimensional Fund Advisors LP grew its position in Alexandria Real Estate Equities by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,297,222 shares of the real estate investment trust’s stock worth $106,638,000 after buying an additional 52,733 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Alexandria Real Estate Equities in the second quarter valued at $79,253,000. Finally, Legal & General Group Plc bought a new position in shares of Alexandria Real Estate Equities in the second quarter valued at $76,647,000. 96.54% of the stock is currently owned by institutional investors and hedge funds.

Alexandria Real Estate Equities Company Profile

Alexandria Real Estate Equities, Inc. is a real estate investment trust specializing in life science, technology and other knowledge-based industries. Founded in 1994, the company develops, owns and operates collaborative campuses that bring together companies, researchers and institutions. Its properties include laboratory, office and manufacturing space, as well as related facilities and amenities designed to support research and innovation. Alexandria also makes strategic investments in companies in the life science and technology sectors through its venture investment platform.