Gramercy Property Trust Inc. (GPT) Sees Large Volume Increase
Shares of Gramercy Property Trust Inc. (NYSE:GPT) saw unusually-high trading volume on Friday . Approximately 9,789,117 shares were traded during mid-day trading, an increase of 249% from the previous session’s volume of 2,808,928 shares.The stock last traded at $9.26 and had previously closed at $9.33.
GPT has been the topic of several research analyst reports. TheStreet upgraded Gramercy Property Trust from a “hold” rating to a “buy” rating in a research note on Friday, June 3rd. Mitsubishi UFJ Financial Group initiated coverage on Gramercy Property Trust in a research note on Tuesday, June 28th. They issued an “overweight” rating and a $10.50 price objective on the stock. Compass Point upped their price objective on Gramercy Property Trust from $10.25 to $11.50 and gave the company a “buy” rating in a research note on Thursday, August 4th. JMP Securities upped their price objective on Gramercy Property Trust from $9.50 to $11.00 and gave the company a “market outperform” rating in a research note on Thursday, August 4th. Finally, Zacks Investment Research upgraded Gramercy Property Trust from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research note on Monday, August 15th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Gramercy Property Trust has an average rating of “Buy” and a consensus price target of $9.96.
The stock’s market cap is $3.91 billion. The company’s 50-day moving average is $9.68 and its 200-day moving average is $8.98.
Gramercy Property Trust (NYSE:GPT) last released its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.04. The business earned $139.43 million during the quarter, compared to the consensus estimate of $54.15 million. Gramercy Property Trust had a negative return on equity of 0.89% and a negative net margin of 3.93%. The company’s quarterly revenue was up 157.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 EPS. On average, analysts expect that Gramercy Property Trust Inc. will post ($0.11) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.11 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.44 dividend on an annualized basis and a yield of 4.75%. Gramercy Property Trust’s dividend payout ratio (DPR) is currently -293.31%.
In other Gramercy Property Trust news, President Benjamin P. Harris sold 100,000 shares of Gramercy Property Trust stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $9.55, for a total transaction of $955,000.00. Following the completion of the transaction, the president now owns 394,141 shares in the company, valued at approximately $3,764,046.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Benjamin P. Harris sold 40,000 shares of Gramercy Property Trust stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $8.98, for a total value of $359,200.00. Following the transaction, the president now owns 570,880 shares of the company’s stock, valued at approximately $5,126,502.40. The disclosure for this sale can be found here. Company insiders own 0.96% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Mariner Wealth Advisors LLC increased its position in Gramercy Property Trust by 1.3% in the second quarter. Mariner Wealth Advisors LLC now owns 10,884 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 140 shares during the period. BB&T Securities LLC increased its position in Gramercy Property Trust by 0.5% in the first quarter. BB&T Securities LLC now owns 12,748 shares of the real estate investment trust’s stock worth $107,000 after buying an additional 58 shares during the period. Sii Investments Inc. WI bought a new position in Gramercy Property Trust during the second quarter worth about $109,000. Paragon Capital Management Ltd bought a new position in Gramercy Property Trust during the second quarter worth about $110,000. Finally, Trutina Financial LLC bought a new position in Gramercy Property Trust during the second quarter worth about $113,000. Institutional investors and hedge funds own 82.83% of the company’s stock.
About Gramercy Property Trust
Gramercy Property Trust, formerly Chambers Street Properties, is a real estate investment trust, which operates as an investor and asset manager of commercial real estate. The Company’s operating segments include Investments/Corporate and Asset Management. The Investments/Corporate segment includes the Company’s activities related to the investment and ownership of commercial properties located throughout the United States and Europe.
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