Market News

Alexandria Real Estate Bumps up Quarterly Dividend by 2.8%; Shares Rise

Alexandria Real Estate Equities, Inc. (ARE) increased its quarterly cash dividends by 2.8% to $1.12 per share.

With the increase, the company’s annualized dividend of $4.48 per share reflects a dividend yield of 2.5%. Shares rose 1.4% to close at $180.72 on June 1.

ARE is an urban office real estate investment trust engaged in the ownership, operation, development, and redevelopment of life science and technology properties.

The dividend is payable on July 15, to shareholders of record on June 30.

In its Q1 results reported on April 26, the company’s adjusted funds from operations (FFO) of $1.91 per share increased 4.9% year-over-year, while earnings of $0.04 per share were down 71% from the prior-year period. (See Alexandria Real Estate stock analysis on TipRanks)

Recently, RBC Capital analyst Michael Carroll reiterated a Buy rating on the stock and lifted the price target to $202 from $195, which implies 11.8% upside potential to current levels.

The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 2 Buys. The average analyst price target of $196 implies 8.5% upside potential to current levels. Shares have gained 16.6% over the past year.

According to TipRanks’ Smart Score system, ARE gets a 7 out of 10, which indicates that the stock is likely to perform in line with market averages.

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