Boenning Scattergood Comments on Seritage Growth Properties’ FY2017 Earnings (SRG)
Seritage Growth Properties (NYSE:SRG) – Equities researchers at Boenning Scattergood lifted their FY2017 earnings per share (EPS) estimates for shares of Seritage Growth Properties in a research note issued on Tuesday. Boenning Scattergood analyst F. Van. Dijkum now forecasts that the financial services provider will post earnings per share of $2.01 for the year, up from their previous estimate of $2.00. Boenning Scattergood has a “Sell” rating and a $38.00 price target on the stock. Boenning Scattergood also issued estimates for Seritage Growth Properties’ Q3 2018 earnings at $0.58 EPS, Q4 2018 earnings at $0.60 EPS and FY2018 earnings at $2.30 EPS.
A number of other research analysts also recently weighed in on the stock. BidaskClub upgraded shares of Seritage Growth Properties from a “sell” rating to a “hold” rating in a report on Wednesday. Zacks Investment Research upgraded shares of Seritage Growth Properties from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $48.00 price target on shares of Seritage Growth Properties in a report on Monday, May 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $44.33.
Shares of Seritage Growth Properties (NYSE SRG) traded down 0.21% during mid-day trading on Friday, reaching $46.94. 55,548 shares of the company were exchanged. The company’s market capitalization is $1.59 billion. The firm’s 50-day moving average is $45.20 and its 200-day moving average is $43.23. Seritage Growth Properties has a 12 month low of $38.49 and a 12 month high of $51.88.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Friday, September 29th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.00 annualized dividend and a yield of 2.13%. Seritage Growth Properties’s dividend payout ratio is -42.19%.
In related news, major shareholder Bruce R. Berkowitz purchased 149,300 shares of the firm’s stock in a transaction on Tuesday, May 16th. The shares were bought at an average cost of $39.49 per share, for a total transaction of $5,895,857.00. Following the transaction, the insider now directly owns 35,850 shares of the company’s stock, valued at approximately $1,415,716.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Bruce R. Berkowitz purchased 4,300 shares of the firm’s stock in a transaction on Friday, May 19th. The stock was bought at an average price of $38.75 per share, for a total transaction of $166,625.00. Following the completion of the transaction, the insider now directly owns 35,850 shares in the company, valued at $1,389,187.50. The disclosure for this purchase can be found here. Insiders acquired a total of 184,800 shares of company stock worth $7,300,810 over the last 90 days. Company insiders own 9.78% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Seritage Growth Properties by 27.9% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 2,476,490 shares of the financial services provider’s stock valued at $103,889,000 after buying an additional 539,848 shares during the period. Teachers Advisors LLC raised its stake in shares of Seritage Growth Properties by 7.0% in the second quarter. Teachers Advisors LLC now owns 45,714 shares of the financial services provider’s stock valued at $1,918,000 after buying an additional 2,992 shares during the period. Alliancebernstein L.P. raised its stake in shares of Seritage Growth Properties by 2.1% in the second quarter. Alliancebernstein L.P. now owns 48,319 shares of the financial services provider’s stock valued at $2,027,000 after buying an additional 971 shares during the period. AXA raised its stake in shares of Seritage Growth Properties by 40.9% in the second quarter. AXA now owns 31,000 shares of the financial services provider’s stock valued at $1,300,000 after buying an additional 9,000 shares during the period. Finally, CIBC World Markets Inc. acquired a new stake in shares of Seritage Growth Properties during the second quarter valued at $326,000. Institutional investors own 86.27% 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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