Seritage Growth Properties to Post Q3 2016 Earnings of $0.57 Per Share, Boenning Scattergood Forecasts (SRG)
Seritage Growth Properties (NYSE:SRG) – Investment analysts at Boenning Scattergood upped their Q3 2016 earnings per share (EPS) estimates for shares of Seritage Growth Properties in a report released on Monday. Boenning Scattergood analyst F. Van. Dijkum now forecasts that the firm will post earnings of $0.57 per share for the quarter, up from their prior forecast of $0.53. Boenning Scattergood also issued estimates for Seritage Growth Properties’ Q4 2016 earnings at $0.58 EPS, FY2016 earnings at $2.32 EPS, Q1 2017 earnings at $0.57 EPS, Q2 2017 earnings at $0.49 EPS, Q3 2017 earnings at $0.51 EPS, Q4 2017 earnings at $0.46 EPS, FY2017 earnings at $2.00 EPS and FY2018 earnings at $1.89 EPS.
A number of other analysts have also commented on SRG. Royal Bank Of Canada initiated 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 price objective on the stock. Zacks Investment Research lowered shares of Seritage Growth Properties from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th. Finally, RBC Capital Markets initiated 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 price objective on the stock.
Seritage Growth Properties (NYSE:SRG) traded up 2.67% during mid-day trading on Wednesday, reaching $49.14. 97,271 shares of the company’s stock traded hands. Seritage Growth Properties has a 1-year low of $33.34 and a 1-year high of $57.31. The firm has a 50 day moving average of $47.28 and a 200 day moving average of $48.68. The firm’s market cap is $1.55 billion.
Seritage Growth Properties (NYSE:SRG) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.58 earnings per share (EPS) 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%.
A hedge fund recently bought a new stake 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 SEC. The institutional investor purchased 3,000 shares of the company’s stock, valued at approximately $150,000. 75.88% of the stock is owned by hedge funds and other institutional investors.
In other news, major shareholder Bruce R. Berkowitz purchased 10,000 shares of the company’s stock in a transaction on Friday, August 12th. The shares were purchased at an average cost of $47.61 per share, with a total value of $476,100.00. Following the completion of the transaction, the insider now owns 35,850 shares of the company’s stock, valued at approximately $1,706,818.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Bruce R. Berkowitz sold 9,648 shares of the company’s stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $48.63, for a total transaction of $469,182.24. Following the sale, the insider now directly owns 35,850 shares in the company, valued at $1,743,385.50. The disclosure for this sale can be found here. Company insiders own 10.18% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Shareholders of record on Friday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.09%. The ex-dividend date is Wednesday, September 28th. Seritage Growth Properties’s dividend payout ratio (DPR) is currently -82.64%.
About Seritage Growth Properties
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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