Zacks: Analysts Set $38.00 Price Target for Seritage Growth Properties (SRG)
Shares of Seritage Growth Properties (NYSE:SRG) have been assigned an average broker rating score of 5.00 (Strong Sell) from the one analysts that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a strong sell recommendation. Seritage Growth Properties’ rating score has declined by 25% from three months ago as a result of a number of analysts’ upgrades and downgrades.
Brokerages have set a 1 year consensus price objective of $38.00 for the company and are expecting that the company will post $0.54 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Seritage Growth Properties an industry rank of 238 out of 265 based on the ratings given to related companies.
A number of equities analysts recently issued reports on SRG shares. Boenning Scattergood set a $38.00 price target on shares of Seritage Growth Properties and gave the stock a “sell” rating in a research note on Friday, December 15th. Zacks Investment Research cut shares of Seritage Growth Properties from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 23rd.
The business also recently announced a quarterly dividend, which will be paid on Thursday, April 12th. Shareholders of record on Friday, March 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend is Wednesday, March 28th. Seritage Growth Properties’s dividend payout ratio is currently -45.87%.
In other Seritage Growth Properties news, major shareholder Bruce R. Berkowitz sold 18,600 shares of the company’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $40.04, for a total transaction of $744,744.00. Following the transaction, the insider now owns 568,598 shares in the company, valued at approximately $22,766,663.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bruce R. Berkowitz sold 99,700 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $40.99, for a total transaction of $4,086,703.00. Following the transaction, the insider now owns 318,098 shares in the company, valued at approximately $13,038,837.02. The disclosure for this sale can be found here. Insiders have sold a total of 1,057,400 shares of company stock worth $43,003,193 in the last 90 days. Company insiders own 9.78% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of SRG. Carillon Tower Advisers Inc. bought a new position in Seritage Growth Properties during the 4th quarter valued at about $41,778,000. Gates Capital Management Inc. lifted its stake in Seritage Growth Properties by 63.9% during the 4th quarter. Gates Capital Management Inc. now owns 1,488,688 shares of the financial services provider’s stock valued at $60,232,000 after acquiring an additional 580,154 shares during the period. CDAM UK Ltd bought a new position in Seritage Growth Properties during the 4th quarter valued at about $21,217,000. Hotchkis & Wiley Capital Management LLC lifted its stake in Seritage Growth Properties by 14.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 2,835,452 shares of the financial services provider’s stock valued at $130,629,000 after acquiring an additional 358,962 shares during the period. Finally, Governors Lane LP lifted its stake in Seritage Growth Properties by 86.5% during the 4th quarter. Governors Lane LP now owns 567,093 shares of the financial services provider’s stock valued at $22,945,000 after acquiring an additional 263,000 shares during the period. Institutional investors and hedge funds own 86.86% of the company’s stock.
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Seritage Growth Properties Company Profile
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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