Gramercy Property Trust (GPT) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research lowered shares of Gramercy Property Trust (NYSE:GPT) from a hold rating to a sell rating in a report published on Friday morning.
According to Zacks, “Chambers Street Properties is a real estate investment trust. It acquires, owns and operates commercial real estate such as warehouse, logistics properties and office buildings. The Company’s properties are situated primarily in the United States and Europe. Chambers Street Properties is headquartered in Princeton, New Jersey. “
Other equities research analysts have also recently issued reports about the company. Stifel Nicolaus reissued a buy rating and issued a $25.00 price objective (down from $31.00) on shares of Gramercy Property Trust in a research report on Thursday. ValuEngine raised Gramercy Property Trust from a hold rating to a buy rating in a research report on Thursday, November 9th. Finally, SunTrust Banks set a $28.00 price objective on Gramercy Property Trust and gave the company a hold rating in a research report on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $29.25.
Gramercy Property Trust (NYSE:GPT) last announced its quarterly earnings results on Wednesday, February 28th. The real estate investment trust reported $0.52 EPS for the quarter, meeting the consensus estimate of $0.52. Gramercy Property Trust had a return on equity of 2.97% and a net margin of 15.64%. The company had revenue of $149.00 million for the quarter, compared to the consensus estimate of $139.00 million. During the same quarter last year, the company posted $0.51 earnings per share. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. sell-side analysts expect that Gramercy Property Trust will post 2.11 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Friday, March 30th will be given a $0.375 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $1.50 annualized dividend and a dividend yield of 6.82%. Gramercy Property Trust’s dividend payout ratio is 300.00%.
In other news, President Benjamin P. Harris sold 6,371 shares of the stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $26.73, for a total value of $170,296.83. Following the completion of the sale, the president now directly owns 89,730 shares of the company’s stock, valued at $2,398,482.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.96% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its position in Gramercy Property Trust by 7.8% in the fourth quarter. BlackRock Inc. now owns 14,397,948 shares of the real estate investment trust’s stock worth $383,849,000 after purchasing an additional 1,040,820 shares during the period. Cohen & Steers Inc. lifted its position in Gramercy Property Trust by 1.3% in the third quarter. Cohen & Steers Inc. now owns 7,719,083 shares of the real estate investment trust’s stock worth $233,502,000 after purchasing an additional 97,875 shares during the period. JPMorgan Chase & Co. lifted its position in Gramercy Property Trust by 10.8% in the third quarter. JPMorgan Chase & Co. now owns 5,281,060 shares of the real estate investment trust’s stock worth $158,642,000 after purchasing an additional 516,517 shares during the period. Brookfield Asset Management Inc. lifted its position in Gramercy Property Trust by 3.4% in the fourth quarter. Brookfield Asset Management Inc. now owns 4,172,980 shares of the real estate investment trust’s stock worth $111,252,000 after purchasing an additional 136,657 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Gramercy Property Trust by 1.2% in the third quarter. Principal Financial Group Inc. now owns 3,582,234 shares of the real estate investment trust’s stock worth $108,362,000 after purchasing an additional 42,792 shares during the period. 91.01% of the stock is owned by hedge funds and other institutional investors.
Gramercy Property Trust Company Profile
Gramercy Property Trust is a real estate investment trust (REIT), which is an investor and asset manager of commercial real estate. The Company’s operating segments include Investments/Corporate and Asset Management. The Investments/Corporate segment includes all of its activities related to the investment and ownership of commercial properties located throughout the United States and Europe.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Gramercy Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gramercy Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.