Peter M. Moglia, Chief Executive Officer of Alexandria Real Estate Equities , Inc. (NYSE:ARE), recently sold 10,000 shares of the company's common stock. The shares were sold on December 16, 2024, at prices ranging from $102.16 to $102.44, totaling approximately $1.02 million. The sale occurred as the stock trades near its 52-week low, with InvestingPro analysis indicating the stock is currently undervalued. Following this transaction, Moglia holds 228,727 shares directly. Alexandria Real Estate Equities is a Pasadena, California-based real estate investment trust with a market capitalization of $17.2 billion. The company offers a notable 5.2% dividend yield and has maintained dividend payments for 28 consecutive years. InvestingPro subscribers have access to 10 additional key insights about ARE, along with a comprehensive Pro Research Report that provides deep-dive analysis of the company's fundamentals and growth prospects.
In other recent news, Alexandria Real Estate Equities has been the subject of several analyst adjustments. RBC (TSX:RY) Capital Markets reduced the price target for the company's shares to $114 from $125, citing anticipated lower organic growth and increased asset sales, while maintaining a Sector Perform rating. Mizuho (NYSE:MFG) Securities also reduced its price target to $121, while maintaining an Outperform rating. JPMorgan (NYSE:JPM) and Deutsche Bank (ETR:DBKGn) downgraded the stock from Overweight to Neutral and Buy to Hold respectively, both citing concerns about the company's future earnings. Jefferies maintained a Hold rating but reduced the price target to $114.
These adjustments follow the company's robust third-quarter performance in 2024, which featured a substantial 48% increase in leasing activity. Alexandria reported a rise in Funds From Operations (FFO) per share to $2.37, marking a 4.9% increase from the previous year, while total revenues and net operating income (NOI) increased by 10.9% and 12.5%, respectively.
Furthermore, the company initiated a stock repurchase program, authorizing the buyback of up to $500 million of its common stock. This development comes amidst the series of analyst adjustments and reflects recent shifts in the financial landscape for Alexandria Real Estate Equities. As these developments unfold, investors will be closely watching for further updates on the company's financial strategies and performance.
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