Gramercy Property Trust Inc. (GPT) Trading Down 1.9%
Shares of Gramercy Property Trust Inc. (NYSE:GPT) fell 1.9% during mid-day trading on Friday . The company traded as low as $9.41 and last traded at $9.41, with a volume of 1,504,338 shares. The stock had previously closed at $9.59.
A number of brokerages recently issued reports on GPT. Stifel Nicolaus raised their price objective on Gramercy Property Trust from $9.25 to $9.50 and gave the stock a “buy” rating in a research report on Friday, May 13th. Compass Point raised their price objective on Gramercy Property Trust from $10.25 to $11.50 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Zacks Investment Research raised Gramercy Property Trust from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Monday, August 15th. JMP Securities lifted their target price on Gramercy Property Trust from $9.50 to $11.00 and gave the company a “market outperform” rating in a research report on Thursday, August 4th. Finally, Mitsubishi UFJ Financial Group began coverage on Gramercy Property Trust in a research report on Tuesday, June 28th. They issued an “overweight” rating and a $10.50 target price for the company. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $9.96.
The stock’s 50-day moving average is $9.75 and its 200 day moving average is $8.76. The company’s market capitalization is $3.95 billion.
Gramercy Property Trust (NYSE:GPT) last issued its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.04. The company earned $139.43 million during the quarter, compared to analysts’ expectations of $54.15 million. During the same quarter in the prior year, the company earned $0.13 earnings per share. The firm’s revenue was up 157.7% compared to the same quarter last year. On average, equities analysts expect that Gramercy Property Trust Inc. will post ($0.11) earnings per share for the current fiscal year.
In other news, President Benjamin P. Harris sold 40,000 shares of the company’s stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $8.98, for a total value of $359,200.00. Following the sale, the president now directly owns 570,880 shares in the company, valued at $5,126,502.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Benjamin P. Harris sold 100,000 shares of the company’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $9.55, for a total value of $955,000.00. Following the completion of the sale, the president now owns 394,141 shares in the company, valued at $3,764,046.55. The disclosure for this sale can be found here.
Other hedge funds recently modified their holdings of the company. Principal Financial Group Inc. bought a new stake in shares of Gramercy Property Trust during the fourth quarter valued at about $15,440,000. Morgan Stanley increased its position in Gramercy Property Trust by 189.6% in the fourth quarter. Morgan Stanley now owns 1,833,628 shares of the real estate investment trust’s stock valued at $14,155,000 after buying an additional 1,200,449 shares during the period. Finally, Employees Retirement System of Texas increased its position in Gramercy Property Trust by 219.0% in the fourth quarter. Employees Retirement System of Texas now owns 169,857 shares of the real estate investment trust’s stock valued at $1,311,000 after buying an additional 116,607 shares during the period.
Gramercy Property Trust, formerly Chambers Street Properties, is a real estate investment trust, which operates as an investor and asset manager of commercial real estate. The Company’s operating segments include Investments/Corporate and Asset Management. The Investments/Corporate segment includes the Company’s activities related to the investment and ownership of commercial properties located throughout the United States and Europe.
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