General Growth Properties Inc. (GGP) Sees Strong Trading Volume
General Growth Properties Inc. (NYSE:GGP) shares saw an uptick in trading volume on Friday . 3,603,219 shares were traded during mid-day trading, an increase of 4% from the previous session’s volume of 3,456,656 shares.The stock last traded at $29.75 and had previously closed at $29.66.
A number of equities research analysts recently weighed in on the company. Bank of America Corp. restated a “buy” rating on shares of General Growth Properties in a research note on Monday, May 2nd. Zacks Investment Research upgraded General Growth Properties from a “sell” rating to a “hold” rating in a research note on Thursday, May 5th. Credit Suisse Group AG restated a “buy” rating on shares of General Growth Properties in a research note on Tuesday, May 3rd. BMO Capital Markets restated a “buy” rating on shares of General Growth Properties in a research note on Wednesday, May 4th. Finally, Citigroup Inc. increased their price target on General Growth Properties from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, August 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $33.00.
The firm’s 50 day moving average is $30.76 and its 200-day moving average is $28.69. The firm has a market cap of $26.46 billion and a price-to-earnings ratio of 41.71.
General Growth Properties (NYSE:GGP) last posted its quarterly earnings data on Monday, August 1st. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.01. During the same quarter in the prior year, the company posted $0.33 earnings per share. The business earned $574.60 million during the quarter, compared to analyst estimates of $577.90 million. The company’s revenue was down .9% on a year-over-year basis. On average, equities research analysts predict that General Growth Properties Inc. will post $1.54 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, October 14th will be paid a $0.20 dividend. This is a boost from General Growth Properties’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.80 annualized dividend and a dividend yield of 2.67%.
In other General Growth Properties news, EVP Alan J. Barocas sold 125,000 shares of the business’s stock in a transaction on Tuesday, June 28th. The stock was sold at an average price of $29.28, for a total value of $3,660,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael B. Berman sold 90,000 shares of the business’s stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $28.60, for a total value of $2,574,000.00. The disclosure for this sale can be found here.
Several hedge funds have recently modified their holdings of the stock. Bridgewater Associates LP raised its stake in shares of General Growth Properties by 359.5% in the fourth quarter. Bridgewater Associates LP now owns 85,000 shares of the real estate investment trust’s stock valued at $2,313,000 after buying an additional 66,500 shares during the last quarter. American International Group Inc. raised its stake in shares of General Growth Properties by 3.4% in the fourth quarter. American International Group Inc. now owns 239,001 shares of the real estate investment trust’s stock valued at $6,503,000 after buying an additional 7,885 shares during the last quarter. Montag A & Associates Inc. purchased a new stake in shares of General Growth Properties during the fourth quarter valued at about $2,320,000. BlackRock Advisors LLC raised its stake in shares of General Growth Properties by 72.3% in the fourth quarter. BlackRock Advisors LLC now owns 679,195 shares of the real estate investment trust’s stock valued at $18,481,000 after buying an additional 285,027 shares during the last quarter. Finally, KBC Group NV raised its stake in shares of General Growth Properties by 58.9% in the fourth quarter. KBC Group NV now owns 510,177 shares of the real estate investment trust’s stock valued at $13,882,000 after buying an additional 189,174 shares during the last quarter.
General Growth Properties, Inc (GGP) is a self-administered and self-managed real estate investment trust (REIT). The Company operates through operation, development and management of retail and other rental properties segment. It is engaged in owning and operating retail properties to communities, retailers, employees, consumers and shareholders.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.