Gramercy Property Trust Inc. (GPT) Downgraded by Zacks Investment Research
According to Zacks, “Chambers Street Properties is a real estate investment trust. It acquires, owns and operates commercial real estate such as warehouse, logistics properties and office buildings. The Company’s properties are situated primarily in the United States and Europe. Chambers Street Properties is headquartered in Princeton, New Jersey. “
Several other brokerages have also weighed in on GPT. JMP Securities lifted their price objective on Gramercy Property Trust from $9.50 to $11.00 and gave the stock a market outperform rating in a report on Thursday, August 4th. Compass Point lifted their price objective on Gramercy Property Trust from $10.25 to $11.50 and gave the stock a buy rating in a report on Thursday, August 4th. Mitsubishi UFJ Financial Group started coverage on Gramercy Property Trust in a report on Tuesday, June 28th. They set an overweight rating and a $10.50 price objective on the stock. Finally, TheStreet raised Gramercy Property Trust from a hold rating to a buy rating in a report on Friday, June 3rd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Gramercy Property Trust currently has a consensus rating of Buy and an average target price of $9.96.
Gramercy Property Trust (NYSE:GPT) opened at 9.30 on Thursday. Gramercy Property Trust has a 1-year low of $6.34 and a 1-year high of $10.03. The company’s market cap is $3.92 billion. The stock has a 50 day moving average price of $9.63 and a 200 day moving average price of $9.02.
Gramercy Property Trust (NYSE:GPT) last released its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.04. The firm had revenue of $139.43 million for the quarter, compared to analyst estimates of $54.15 million. Gramercy Property Trust had a negative return on equity of 0.89% and a negative net margin of 3.93%. The company’s revenue was up 157.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.13 EPS. Equities analysts forecast that Gramercy Property Trust will post ($0.11) earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.73%. The ex-dividend date is Wednesday, September 28th. Gramercy Property Trust’s dividend payout ratio is -293.31%.
In other Gramercy Property Trust news, President Benjamin P. Harris sold 40,000 shares of Gramercy Property Trust 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 completion of the transaction, the president now owns 570,880 shares in the company, valued at approximately $5,126,502.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Benjamin P. Harris sold 100,000 shares of Gramercy Property Trust 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 transaction, the president now owns 394,141 shares of the company’s stock, valued at approximately $3,764,046.55. The disclosure for this sale can be found here. 0.96% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Mariner Wealth Advisors LLC increased its position in shares of Gramercy Property Trust by 1.3% in the second quarter. Mariner Wealth Advisors LLC now owns 10,884 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 140 shares during the last quarter. Sii Investments Inc. WI acquired a new position in shares of Gramercy Property Trust during the second quarter valued at about $109,000. Paragon Capital Management Ltd acquired a new position in shares of Gramercy Property Trust during the second quarter valued at about $110,000. Trutina Financial LLC acquired a new position in shares of Gramercy Property Trust during the second quarter valued at about $113,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Gramercy Property Trust during the second quarter valued at about $117,000. Hedge funds and other institutional investors own 82.83% of the company’s stock.
Gramercy Property Trust Company Profile
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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