Seritage Growth Properties (SRG) Stock Rating Upgraded by Zacks Investment Research
Seritage Growth Properties (NYSE:SRG) was upgraded by Zacks Investment Research from a “sell” rating to a “strong-buy” rating in a report issued on Thursday. The firm currently has a $57.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 14.67% from the company’s current price.
According to Zacks, “Seritage Growth Properties is a self-administered, self-managed REIT primarily engaged in the real property business through its operating partnership, Seritage Growth Properties, L.P. Seritage Growth Properties is based in HOFFMAN ESTATES, United States. “
SRG has been the topic of several other reports. Royal Bank Of Canada began coverage on shares of Seritage Growth Properties in a research report on Tuesday, September 6th. They issued a “top pick” rating and a $72.00 target price on the stock. RBC Capital Markets began coverage on shares of Seritage Growth Properties in a research report on Tuesday, September 6th. They issued a “top pick” rating and a $72.00 target price on the stock.
Shares of Seritage Growth Properties (NYSE:SRG) opened at 49.71 on Thursday. Seritage Growth Properties has a 12-month low of $33.34 and a 12-month high of $57.31. The firm’s market capitalization is $1.57 billion. The company’s 50-day moving average is $47.29 and its 200-day moving average is $48.68.
Seritage Growth Properties (NYSE:SRG) last released its earnings results on Thursday, August 4th. The company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.61 by $0.03. Seritage Growth Properties had a negative return on equity of 2.43% and a negative net margin of 15.85%. On average, equities analysts forecast that Seritage Growth Properties will post $2.33 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Friday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Wednesday, September 28th. Seritage Growth Properties’s dividend payout ratio is currently -82.64%.
In related news, major shareholder Bruce R. Berkowitz sold 9,648 shares of the firm’s stock in a transaction that occurred on Tuesday, July 19th. The shares were sold at an average price of $48.63, for a total transaction of $469,182.24. Following the completion of the sale, the insider now directly owns 35,850 shares in the company, valued at $1,743,385.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Bruce R. Berkowitz purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The shares were bought at an average price of $47.61 per share, with a total value of $476,100.00. Following the completion of the acquisition, the insider now owns 35,850 shares of the company’s stock, valued at approximately $1,706,818.50. The disclosure for this purchase can be found here. Corporate insiders own 10.18% of the company’s stock.
An institutional investor recently bought a new position in Seritage Growth Properties stock. Macquarie Group Ltd. purchased a new stake in Seritage Growth Properties (NYSE:SRG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,000 shares of the company’s stock, valued at approximately $150,000. Hedge funds and other institutional investors own 75.88% 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 (REIT). The Company is engaged in the acquisition, ownership, development, redevelopment, and management and leasing of diversified retail real estate across the United States. The Company’s assets are held by and its operations are primarily conducted through directly or indirectly, by Seritage Growth Properties, L.P.
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