General Growth Properties, Inc. (NYSE:GGP) Expected to Post Quarterly Sales of $588.82 Million
Analysts forecast that General Growth Properties, Inc. (NYSE:GGP) will announce $588.82 million in sales for the current quarter, Zacks reports. Three analysts have made estimates for General Growth Properties’ earnings, with estimates ranging from $584.01 million to $594.20 million. General Growth Properties reported sales of $554.49 million in the same quarter last year, which indicates a positive year-over-year growth rate of 6.2%. The company is expected to announce its next earnings report on Monday, October 30th.
According to Zacks, analysts expect that General Growth Properties will report full-year sales of $588.82 million for the current fiscal year, with estimates ranging from $2.35 billion to $2.42 billion. For the next fiscal year, analysts anticipate that the business will report sales of $2.50 billion per share, with estimates ranging from $2.45 billion to $2.55 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for General Growth Properties.
General Growth Properties (NYSE:GGP) last announced its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by $0.22. General Growth Properties had a net margin of 50.01% and a return on equity of 13.57%. The business had revenue of $555.80 million for the quarter, compared to analyst estimates of $576.75 million. During the same period in the prior year, the business earned $0.35 EPS.
A number of research analysts have issued reports on GGP shares. Stifel Nicolaus started coverage on General Growth Properties in a research note on Friday, July 14th. They issued a “buy” rating and a $27.00 price objective for the company. ValuEngine upgraded General Growth Properties from a “hold” rating to a “buy” rating in a research note on Thursday, May 11th. Royal Bank Of Canada restated a “buy” rating and issued a $28.00 price objective on shares of General Growth Properties in a research note on Friday. Barclays PLC reduced their price objective on General Growth Properties from $25.00 to $24.00 and set an “equal weight” rating for the company in a research note on Friday, June 9th. Finally, Zacks Investment Research upgraded General Growth Properties from a “sell” rating to a “hold” rating in a research note on Thursday, May 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. General Growth Properties has an average rating of “Hold” and a consensus target price of $28.12.
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A number of hedge funds have recently modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new stake in shares of General Growth Properties during the first quarter worth about $195,000. Perigon Wealth Management LLC bought a new stake in shares of General Growth Properties during the first quarter worth about $197,000. OLD Mutual Customised Solutions Proprietary Ltd. bought a new stake in shares of General Growth Properties during the first quarter worth about $204,000. Two Sigma Securities LLC bought a new stake in shares of General Growth Properties during the first quarter worth about $211,000. Finally, Old Mutual Global Investors UK Ltd. bought a new stake in shares of General Growth Properties during the first quarter worth about $213,000. 92.65% of the stock is currently owned by institutional investors and hedge funds.
Shares of General Growth Properties (NYSE GGP) opened at 22.78 on Tuesday. General Growth Properties has a one year low of $21.05 and a one year high of $31.34. The firm’s 50-day moving average price is $23.47 and its 200 day moving average price is $23.55. The firm has a market cap of $19.83 billion, a P/E ratio of 19.06 and a beta of 0.77.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, October 13th will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, October 12th. This represents a $0.88 annualized dividend and a dividend yield of 3.86%. General Growth Properties’s payout ratio is 73.95%.
General Growth Properties Company Profile
GGP Inc (GGP), formerly General Growth Properties, Inc, is a self-administered and self-managed real estate investment trust (REIT). The Company operates as a holding company, which is engaged in the operation, development and management of retail and other rental properties, primarily regional malls.
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