Riverhead Capital Management LLC Sells 14,305 Shares of General Growth Properties, Inc. (GGP)
Riverhead Capital Management LLC cut its stake in shares of General Growth Properties, Inc. (NYSE:GGP) by 44.2% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 18,075 shares of the real estate investment trust’s stock after selling 14,305 shares during the period. Riverhead Capital Management LLC’s holdings in General Growth Properties were worth $426,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in GGP. Oppenheimer Asset Management Inc. purchased a new stake in General Growth Properties during the 1st quarter worth approximately $195,000. Perigon Wealth Management LLC purchased a new stake in General Growth Properties during the 1st quarter worth approximately $197,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in General Growth Properties during the 1st quarter worth approximately $204,000. Two Sigma Securities LLC purchased a new stake in General Growth Properties during the 1st quarter worth approximately $211,000. Finally, Keybank National Association OH purchased a new stake in General Growth Properties during the 1st quarter worth approximately $216,000. 95.30% of the stock is currently owned by hedge funds and other institutional investors.
Shares of General Growth Properties, Inc. (NYSE GGP) opened at 20.50 on Friday. The company has a market capitalization of $18.06 billion, a P/E ratio of 17.20 and a beta of 0.75. General Growth Properties, Inc. has a one year low of $20.31 and a one year high of $28.90. The stock has a 50 day moving average price of $21.37 and a 200-day moving average price of $22.66.
General Growth Properties (NYSE:GGP) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.13 EPS for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.22). General Growth Properties had a return on equity of 13.57% and a net margin of 50.01%. The firm had revenue of $555.80 million during the quarter, compared to the consensus estimate of $576.75 million. During the same quarter in the prior year, the business posted $0.35 EPS. Equities research analysts predict that General Growth Properties, Inc. will post $0.56 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, October 13th will be given a $0.22 dividend. The ex-dividend date is Thursday, October 12th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.29%. General Growth Properties’s dividend payout ratio is currently 73.95%.
Several research firms have issued reports on GGP. Sandler O’Neill downgraded General Growth Properties from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $31.00 to $24.00 in a report on Thursday, August 3rd. Citigroup Inc. dropped their price objective on General Growth Properties from $30.00 to $27.50 and set a “buy” rating on the stock in a report on Monday, August 14th. BMO Capital Markets began coverage on General Growth Properties in a report on Monday, September 11th. They set a “market perform” rating and a $22.00 price objective on the stock. Royal Bank Of Canada restated a “buy” rating and set a $28.00 price objective on shares of General Growth Properties in a report on Friday, August 4th. Finally, Mizuho downgraded General Growth Properties from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $30.00 to $24.50 in a report on Tuesday, May 30th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $25.92.
About General Growth Properties
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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