Renaissance Technologies LLC Invests $11,116,000 in GGP Inc (GGP)
Renaissance Technologies LLC bought a new stake in shares of GGP Inc (NYSE:GGP) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 445,000 shares of the real estate investment trust’s stock, valued at approximately $11,116,000.
A number of other institutional investors also recently added to or reduced their stakes in GGP. Fusion Family Wealth LLC bought a new position in GGP during the fourth quarter valued at approximately $101,000. Advisor Group Inc. boosted its position in GGP by 6.3% in the third quarter. Advisor Group Inc. now owns 6,636 shares of the real estate investment trust’s stock valued at $184,000 after buying an additional 392 shares during the last quarter. Koch Industries Inc. bought a new position in GGP during the fourth quarter valued at approximately $203,000. Bailard Inc. bought a new position in GGP during the third quarter valued at approximately $221,000. Finally, QUANTRES ASSET MANAGEMENT Ltd bought a new position in GGP during the third quarter valued at approximately $226,000. 91.15% of the stock is currently owned by hedge funds and other institutional investors.
GGP Inc (NYSE:GGP) opened at 23.19 on Tuesday. The stock’s 50 day moving average is $24.54 and its 200 day moving average is $25.75. GGP Inc has a 52-week low of $22.86 and a 52-week high of $32.10. The company has a market cap of $20.49 billion, a price-to-earnings ratio of 17.31 and a beta of 0.81.
GGP (NYSE:GGP) last issued its earnings results on Monday, January 30th. The real estate investment trust reported $0.43 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.43. GGP had a net margin of 54.91% and a return on equity of 15.52%. The company had revenue of $610.30 million for the quarter, compared to the consensus estimate of $602.50 million. During the same quarter in the previous year, the company earned $0.20 EPS. The firm’s revenue for the quarter was down 5.3% compared to the same quarter last year. Equities research analysts forecast that GGP Inc will post $0.62 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Thursday, April 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.79%. GGP’s dividend payout ratio is presently 66.17%.
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Several equities analysts have commented on the stock. Zacks Investment Research cut shares of GGP from a “buy” rating to a “hold” rating in a research note on Tuesday, January 24th. Royal Bank of Canada reissued a “buy” rating and set a $33.00 target price on shares of GGP in a research note on Tuesday, January 3rd. Barclays PLC raised their target price on shares of GGP from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 8th. Mizuho reissued a “buy” rating on shares of GGP in a research note on Friday, December 23rd. Finally, BMO Capital Markets reissued a “buy” rating and set a $31.00 target price on shares of GGP in a research note on Thursday, January 12th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. GGP has an average rating of “Buy” and a consensus price target of $31.75.
In other news, CFO Michael B. Berman sold 150,000 shares of the business’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $25.00, for a total value of $3,750,000.00. The sale was disclosed in a filing with the SEC, which is available at this link. 40.70% of the stock is currently owned by insiders.
GGP, Inc, formerly General Growth Properties, Inc, is a self-administered and self-managed real estate investment trust (REIT). The Company operates through operation, development and management of retail and other rental properties segment. It is engaged in owning and operating retail properties to communities, retailers, employees, consumers and shareholders.
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