PNC Financial Services Group Inc. has increased its holdings in Alexandria Real Estate Equities, Inc. by 2.2% during the second quarter of 2023, according to data from HoldingsChannel. The firm now owns 134,930 shares of the real estate investment trust (REIT) following the acquisition of an additional 2,888 shares. As of its most recent filing with the Securities and Exchange Commission (SEC), PNC’s stake in Alexandria is valued at approximately $9.8 million.
Several other institutional investors have also adjusted their positions in Alexandria Real Estate Equities. Notably, IMS Investment Management Services Ltd. raised its stake by an impressive 48.3%, acquiring 235,093 additional shares during the same period. This brings their total holdings to 721,671 shares, now valued at $52.4 million. Bank of Montreal Can increased its investment by 10.7%, holding 406,318 shares worth around $29.5 million after purchasing an extra 39,117 shares.
Additionally, Washburn Capital Management Inc. entered the fray by acquiring a new stake valued at approximately $949,000. Meanwhile, Penserra Capital Management LLC lifted its stake by 46.3%, now owning 18,927 shares valued at $1.4 million. SYM FINANCIAL Corp also made a new investment in Alexandria during this period, estimated at about $359,000. Currently, institutional investors and hedge funds hold around 96.54% of Alexandria’s stock.
Stock Performance and Dividend Announcement
As of the latest trading session, Alexandria Real Estate Equities’ stock opened at $52.30. The company boasts a market capitalization of $9.04 billion and has a price-to-earnings ratio of -21.17. Over the past year, the stock has experienced a low of $51.63 and a high of $112.42. Other financial metrics include a current ratio of 0.24 and a debt-to-equity ratio of 0.65.
On October 15, 2023, Alexandria Real Estate Equities paid a quarterly dividend of $1.32 per share to investors who were on record as of September 30, 2023. This translates to an annualized dividend yield of 10.1%, amounting to $5.28 for the year. The company’s payout ratio currently stands at -213.77%, reflecting its ongoing financial strategy.
Analyst Ratings and Future Outlook
Recent reports from several research firms indicate a cautious outlook for Alexandria Real Estate Equities. BNP Paribas Exane lowered its price target from $82.00 to $72.00 and rated the stock as “underperform” in a report released on October 28, 2023. Similarly, JPMorgan Chase & Co. decreased its target price from $95.00 to $65.00 on November 3, 2023. Cantor Fitzgerald also adjusted its target price downward from $79.00 to $52.00, maintaining a “neutral” rating.
Zacks Research has shifted its recommendation from a “hold” rating to a “strong sell,” while Citigroup reaffirmed a “neutral” stance on the stock as of November 3, 2023. Currently, the stock has received three “buy” ratings, seven “hold” ratings, and four “sell” ratings, leading to an average rating of “reduce” with a consensus price target of $79.38 based on data from MarketBeat.
Founded in 1994, Alexandria Real Estate Equities, Inc. (NYSE: ARE) is a leading life science real estate investment trust that focuses on developing and managing properties in key innovation clusters across the United States, including Greater Boston, the San Francisco Bay Area, and New York City. The company aims to create a meaningful impact in the life sciences sector by providing collaborative spaces that foster innovation.
