General Growth Properties, Inc. (GGP) Stock Rating Reaffirmed by Boenning Scattergood
General Growth Properties, Inc. (NYSE:GGP)‘s stock had its “buy” rating reissued by research analysts at Boenning Scattergood in a note issued to investors on Tuesday. They presently have a $34.50 target price on the real estate investment trust’s stock. Boenning Scattergood’s price objective suggests a potential upside of 47.81% from the stock’s previous close.
The analysts wrote, “We believe that the recent Brookfield (BPY-$21.81-Not Rated) bid for the outstanding GGP shares is too low and would need to be improved significantly in order to succeed. GGP is not distressed and does not need capital. Moreover, many investors we have spoken to don’t want or can’t own BPY shares. The board will run a full process to ensure that, should the company sell, an appropriate price is achieved. How low is the floor? The Brookfield bid is 24.5% below BPY’s own IFRS valuation of GGP and 33% below our mall by mall valuation of GGP’s portfolio. Consensus NAV for GGP is $28.09 per share. While naysayers believe that private market valuations for ‘A’ rated malls have changed, every single transaction posted has confirmed that ‘A’ malls trade at between 4% and 5% cap rates. The recent (lower quality) FCEA another ‘A’ mall trade at a sub 4% cap rate help to sway the bears? Key Points: Would.””
A number of other equities analysts also recently commented on the stock. SunTrust Banks, Inc. set a $26.00 price objective on shares of General Growth Properties and gave the stock a “buy” rating in a research note on Tuesday, October 31st. Stifel Nicolaus restated a “buy” rating and set a $24.00 price objective on shares of General Growth Properties in a research note on Wednesday, November 1st. BMO Capital Markets set a $22.00 price objective on shares of General Growth Properties and gave the stock a “hold” rating in a research note on Tuesday, October 31st. J P Morgan Chase & Co upgraded shares of General Growth Properties from a “neutral” rating to an “overweight” rating and set a $25.00 price objective for the company in a research note on Tuesday, September 26th. Finally, BidaskClub downgraded shares of General Growth Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $25.42.
General Growth Properties (GGP) opened at $23.34 on Tuesday. General Growth Properties has a one year low of $18.83 and a one year high of $26.63. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.35 and a current ratio of 1.35. The company has a market cap of $22,088.56, a PE ratio of 14.97, a PEG ratio of 2.48 and a beta of 0.78.
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Institutional investors have recently added to or reduced their stakes in the business. Toronto Dominion Bank raised 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 acquiring an additional 40,266 shares during the period. Gluskin Sheff & Assoc Inc. bought a new position in General Growth Properties in the 2nd quarter valued at about $24,573,000. UBS Asset Management Americas Inc. raised 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 acquiring an additional 216,668 shares during the period. Tredje AP fonden raised its holdings in General Growth Properties by 13.3% in the 3rd quarter. Tredje AP fonden now owns 59,621 shares of the real estate investment trust’s stock valued at $1,238,000 after acquiring an additional 7,007 shares during the period. Finally, Nationwide Fund Advisors raised its holdings in General Growth Properties by 117.8% in the 3rd quarter. Nationwide Fund Advisors now owns 415,514 shares of the real estate investment trust’s stock valued at $8,630,000 after acquiring an additional 224,759 shares during the period. 88.45% of the stock is currently owned by hedge funds and other institutional investors.
About General Growth Properties
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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