$570.99 Million in Sales Expected for General Growth Properties, Inc. (GGP) This Quarter
Equities research analysts expect General Growth Properties, Inc. (NYSE:GGP) to report $570.99 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for General Growth Properties’ earnings, with the lowest sales estimate coming in at $559.90 million and the highest estimate coming in at $584.01 million. General Growth Properties posted sales of $554.49 million during the same quarter last year, which suggests a positive year over year growth rate of 3%. The business is expected to report its next earnings report before the market opens on Tuesday, October 31st.
On average, analysts expect that General Growth Properties will report full-year sales of $570.99 million for the current fiscal year, with estimates ranging from $2.29 billion to $2.35 billion. For the next year, analysts forecast that the firm will report sales of $2.43 billion per share, with estimates ranging from $2.38 billion to $2.46 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover General Growth Properties.
General Growth Properties (NYSE:GGP) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.22). General Growth Properties had a net margin of 50.01% and a return on equity of 13.57%. The firm had revenue of $555.80 million during the quarter, compared to analysts’ expectations of $576.75 million. During the same period in the prior year, the company posted $0.35 EPS.
Several research analysts recently weighed in on the stock. J P Morgan Chase & Co raised shares of General Growth Properties from a “neutral” rating to an “overweight” rating and set a $25.00 target price for the company in a research note on Tuesday, September 26th. BMO Capital Markets assumed coverage on shares of General Growth Properties in a research note on Monday, September 11th. They issued a “market perform” rating and a $22.00 target price for the company. BidaskClub downgraded shares of General Growth Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Royal Bank Of Canada cut their target price on shares of General Growth Properties from $28.00 to $25.00 and set an “outperform” rating for the company in a research note on Thursday, August 17th. Finally, Citigroup Inc. cut their target price on shares of General Growth Properties from $30.00 to $27.50 and set a “buy” rating for the company in a research note on Monday, August 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $25.67.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Toronto Dominion Bank grew its holdings in General Growth Properties by 25.6% in the 2nd quarter. Toronto Dominion Bank now owns 197,789 shares of the real estate investment trust’s stock valued at $4,659,000 after buying an additional 40,266 shares during the period. Gluskin Sheff & Assoc Inc. purchased a new stake in General Growth Properties in the 2nd quarter valued at about $24,573,000. UBS Asset Management Americas Inc. grew its holdings in General Growth Properties by 7.6% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 3,051,935 shares of the real estate investment trust’s stock valued at $71,904,000 after buying an additional 216,668 shares during the period. Perigon Wealth Management LLC purchased a new stake in General Growth Properties in the 1st quarter valued at about $197,000. Finally, Piedmont Investment Advisors LLC grew its holdings in General Growth Properties by 6,789.5% in the 1st quarter. Piedmont Investment Advisors LLC now owns 113,676 shares of the real estate investment trust’s stock valued at $2,635,000 after buying an additional 112,026 shares during the period. Institutional investors own 95.32% of the company’s stock.
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Shares of General Growth Properties (NYSE GGP) traded up 1.84% during midday trading on Monday, hitting $21.54. 6,063,943 shares of the company were exchanged. The company has a 50-day moving average price of $21.01 and a 200-day moving average price of $22.46. The stock has a market capitalization of $18.98 billion, a price-to-earnings ratio of 18.07 and a beta of 0.77. General Growth Properties has a 52-week low of $20.31 and a 52-week high of $27.10.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, October 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend is Thursday, October 12th. General Growth Properties’s dividend payout ratio (DPR) is 73.95%.
General Growth Properties Company Profile
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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