Meeder Asset Management Inc. raised its position in Brixmor Property Group Inc (NYSE:BRX) by 53.2% in the 4th quarter, HoldingsChannel reports. The firm owned 12,172 shares of the real estate investment trust’s stock after buying an additional 4,225 shares during the period. Meeder Asset Management Inc.’s holdings in Brixmor Property Group were worth $227,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of BRX. Fuller & Thaler Asset Management Inc. bought a new stake in Brixmor Property Group in the third quarter valued at approximately $100,000. PNC Financial Services Group Inc. increased its position in shares of Brixmor Property Group by 159.5% during the second quarter. PNC Financial Services Group Inc. now owns 8,466 shares of the real estate investment trust’s stock worth $152,000 after acquiring an additional 5,203 shares in the last quarter. CIBC Asset Management Inc bought a new stake in shares of Brixmor Property Group during the third quarter worth $191,000. IFM Investors Pty Ltd bought a new stake in shares of Brixmor Property Group during the third quarter worth $197,000. Finally, Toronto Dominion Bank increased its position in shares of Brixmor Property Group by 244.2% during the third quarter. Toronto Dominion Bank now owns 12,877 shares of the real estate investment trust’s stock worth $242,000 after acquiring an additional 9,136 shares in the last quarter. 98.98% of the stock is owned by hedge funds and other institutional investors.
BRX has been the subject of several research reports. Boenning Scattergood reissued a “buy” rating and set a $22.00 price objective on shares of Brixmor Property Group in a research report on Tuesday, November 21st. Zacks Investment Research downgraded shares of Brixmor Property Group from a “hold” rating to a “sell” rating in a research report on Thursday, November 2nd. Stifel Nicolaus initiated coverage on shares of Brixmor Property Group in a research report on Thursday, November 30th. They set a “hold” rating and a $19.00 price objective for the company. ValuEngine downgraded shares of Brixmor Property Group from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Finally, Royal Bank of Canada reissued a “hold” rating and set a $22.00 price objective on shares of Brixmor Property Group in a research report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $19.75.
Brixmor Property Group declared that its Board of Directors has approved a stock buyback program on Tuesday, December 5th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
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About Brixmor Property Group
Brixmor Property Group Inc is an internally managed real estate investment trust. The Company conducts its operations primarily through Brixmor Operating Partnership LP and subsidiaries (collectively, the Operating Partnership). As of December 31, 2016, it owned interests in 512 shopping centers (the Portfolio) with approximately 86 million square feet of gross leasable area (GLA), including 511 shopping centers and one shopping center held through an unconsolidated joint venture.
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