Seritage Growth Properties (SRG) Position Increased by California Public Employees Retirement System
California Public Employees Retirement System raised its stake in shares of Seritage Growth Properties (NYSE:SRG) by 7.6% during the first quarter, Holdings Channel reports. The institutional investor owned 26,800 shares of the financial services provider’s stock after buying an additional 1,900 shares during the period. California Public Employees Retirement System’s holdings in Seritage Growth Properties were worth $1,156,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN raised its position in Seritage Growth Properties by 99.1% in the first quarter. Wells Fargo & Company MN now owns 314,695 shares of the financial services provider’s stock valued at $13,578,000 after buying an additional 156,621 shares in the last quarter. Oxford Asset Management purchased a new position in Seritage Growth Properties during the first quarter valued at approximately $6,463,000. XL Group Investments Ltd increased its position in Seritage Growth Properties by 11.9% in the first quarter. XL Group Investments Ltd now owns 682,629 shares of the financial services provider’s stock valued at $29,455,000 after buying an additional 72,790 shares during the last quarter. JPMorgan Chase & Co. increased its position in Seritage Growth Properties by 28.1% in the first quarter. JPMorgan Chase & Co. now owns 259,233 shares of the financial services provider’s stock valued at $11,186,000 after buying an additional 56,830 shares during the last quarter. Finally, Forward Management LLC increased its position in Seritage Growth Properties by 345.0% in the first quarter. Forward Management LLC now owns 48,500 shares of the financial services provider’s stock valued at $2,093,000 after buying an additional 37,600 shares during the last quarter. 86.27% of the stock is owned by institutional investors.
Shares of Seritage Growth Properties (NYSE:SRG) opened at 47.42 on Thursday. Seritage Growth Properties has a 52-week low of $38.49 and a 52-week high of $51.88. The firm’s 50 day moving average price is $45.03 and its 200 day moving average price is $43.21. The stock’s market cap is $1.61 billion.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Friday, September 29th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Thursday, September 28th. Seritage Growth Properties’s payout ratio is -42.19%.
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Several equities analysts recently commented on SRG shares. Zacks Investment Research downgraded Seritage Growth Properties from a “buy” rating to a “hold” rating in a research note on Thursday, May 4th. Royal Bank Of Canada reiterated a “hold” rating and issued a $48.00 price objective on shares of Seritage Growth Properties in a research note on Friday, May 5th. Boenning Scattergood reiterated a “sell” rating and issued a $38.00 price objective on shares of Seritage Growth Properties in a research note on Tuesday, June 27th. Finally, BidaskClub upgraded Seritage Growth Properties from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $44.33.
In other Seritage Growth Properties news, major shareholder Bruce R. Berkowitz acquired 31,200 shares of the business’s stock in a transaction dated Friday, May 26th. The stock was purchased at an average price of $39.69 per share, with a total value of $1,238,328.00. Following the transaction, the insider now directly owns 35,850 shares in the company, valued at approximately $1,422,886.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Bruce R. Berkowitz bought 4,300 shares of the stock in a transaction that occurred on Friday, May 19th. The shares were purchased at an average price of $38.75 per share, for a total transaction of $166,625.00. Following the purchase, the insider now owns 35,850 shares in the company, valued at approximately $1,389,187.50. The disclosure for this purchase can be found here. In the last three months, insiders have bought 184,800 shares of company stock valued at $7,300,810. Insiders own 9.78% of the company’s stock.
Seritage Growth Properties Company Profile
Seritage Growth Properties (Seritage) is a self-administered and self-managed real estate investment trust. The Company is engaged in the acquisition, ownership, development, redevelopment, management and leasing of diversified retail real estate throughout the United States. Its assets are held by and its operations are primarily conducted through, directly or indirectly, Seritage Growth Properties, L.P.
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