Insider Selling: Seritage Growth Properties (SRG) Major Shareholder Sells $2,421,000.00 in Stock
Seritage Growth Properties (NYSE:SRG) major shareholder Bruce R. Berkowitz sold 60,000 shares of the company’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $40.35, for a total value of $2,421,000.00. Following the sale, the insider now owns 528,498 shares of the company’s stock, valued at approximately $21,324,894.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.
Shares of Seritage Growth Properties (SRG) opened at $40.75 on Thursday. Seritage Growth Properties has a twelve month low of $38.49 and a twelve month high of $50.00. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $1,424.64, a price-to-earnings ratio of 22.37 and a beta of 1.03.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 11th. Stockholders of record on Friday, December 29th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.00 annualized dividend and a dividend yield of 2.45%. Seritage Growth Properties’s dividend payout ratio is presently -71.94%.
Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Seritage Growth Properties during the 2nd quarter valued at $117,000. Schroder Investment Management Group purchased a new stake in shares of Seritage Growth Properties during the 3rd quarter valued at $152,000. Janney Capital Management LLC purchased a new stake in shares of Seritage Growth Properties during the 3rd quarter valued at $249,000. CIBC World Markets Inc. purchased a new stake in shares of Seritage Growth Properties during the 2nd quarter valued at $326,000. Finally, Blair William & Co. IL purchased a new stake in shares of Seritage Growth Properties during the 2nd quarter valued at $346,000. Hedge funds and other institutional investors own 78.00% of the company’s stock.
A number of research firms have weighed in on SRG. Zacks Investment Research lowered Seritage Growth Properties from a “hold” rating to a “strong sell” rating in a report on Thursday, November 23rd. Boenning Scattergood set a $38.00 target price on Seritage Growth Properties and gave the stock a “sell” rating in a report on Tuesday, November 21st.
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About Seritage Growth Properties
Seritage Growth Properties (Seritage) is a self-administered and self-managed real estate investment trust. The Company is engaged in the acquisition, ownership, development, redevelopment, management and leasing of diversified retail real estate throughout the United States. Its assets are held by and its operations are primarily conducted through, directly or indirectly, Seritage Growth Properties, L.P.
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