Bruce R. Berkowitz Purchases 140,600 Shares of Seritage Growth Properties (SRG) Stock
Seritage Growth Properties (NYSE:SRG) major shareholder Bruce R. Berkowitz purchased 140,600 shares of the company’s stock in a transaction dated Friday, January 13th. The shares were acquired at an average cost of $39.92 per share, with a total value of $5,612,752.00. Following the purchase, the insider now directly owns 35,850 shares of the company’s stock, valued at approximately $1,431,132. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.
Seritage Growth Properties (NYSE:SRG) opened at 39.80 on Friday. The company’s market cap is $1.26 billion. The company’s 50-day moving average is $44.59 and its 200-day moving average is $47.06. Seritage Growth Properties has a 52 week low of $36.28 and a 52 week high of $57.31.
The company also recently announced a quarterly dividend, which was paid on Thursday, January 12th. Investors of record on Saturday, December 31st were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Wednesday, December 28th. Seritage Growth Properties’s dividend payout ratio (DPR) is presently -76.92%.
A number of hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD purchased a new stake in Seritage Growth Properties during the third quarter worth $1,317,000. Credit Suisse AG raised its stake in Seritage Growth Properties by 10.2% in the third quarter. Credit Suisse AG now owns 100,606 shares of the company’s stock worth $5,100,000 after buying an additional 9,289 shares during the period. Phocas Financial Corp. boosted its position in Seritage Growth Properties by 7.4% in the third quarter. Phocas Financial Corp. now owns 118,777 shares of the company’s stock worth $6,020,000 after buying an additional 8,208 shares in the last quarter. Force Capital Management LLC bought a new position in Seritage Growth Properties during the third quarter worth approximately $13,118,000. Finally, The Manufacturers Life Insurance Company bought a new position in Seritage Growth Properties during the third quarter worth approximately $39,238,000. 78.58% of the stock is currently owned by institutional investors and hedge funds.
SRG has been the subject of several analyst reports. Zacks Investment Research raised shares of Seritage Growth Properties from a “sell” rating to a “strong-buy” rating and set a $57.00 price target for the company in a research note on Thursday, September 22nd. Wells Fargo & Company initiated coverage on shares of Seritage Growth Properties in a research note on Tuesday, October 25th. They set an “outperform” rating for the company. Boenning Scattergood reaffirmed an “underperform” rating on shares of Seritage Growth Properties in a research note on Tuesday, November 8th. Royal Bank Of Canada downgraded shares of Seritage Growth Properties from a “top pick” rating to an “outperform” rating and dropped their price target for the company from $72.00 to $62.00 in a research note on Monday, December 5th. Finally, RBC Capital Markets downgraded shares of Seritage Growth Properties from a “top pick” rating to an “outperform” rating and dropped their price target for the company from $72.00 to $62.00 in a research note on Monday, December 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Seritage Growth Properties currently has a consensus rating of “Hold” and a consensus target price of $51.25.
About Seritage Growth Properties
Seritage Growth Properties (Seritage) is a self-administered and self-managed real estate investment trust (REIT). The Company is engaged in the acquisition, ownership, development, redevelopment, and management and leasing of diversified retail real estate across the United States. The Company’s assets are held by and its operations are primarily conducted through directly or indirectly, by Seritage Growth Properties, L.P.
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