Seritage Growth Properties (NYSE:SRG) Given a $38.00 Price Target at Boenning Scattergood

Seritage Growth Properties (NYSE:SRG) has been given a $38.00 price target by investment analysts at Boenning Scattergood in a research report issued to clients and investors on Monday, July 17th. The brokerage currently has a “sell” rating on the financial services provider’s stock. Boenning Scattergood’s target price suggests a potential downside of 18.28% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. Zacks Investment Research downgraded Seritage Growth Properties from a “hold” rating to a “sell” rating in a research report on Thursday, May 11th. Royal Bank Of Canada reissued a “hold” rating and set a $48.00 price target on shares of Seritage Growth Properties in a research report on Friday, May 5th. Finally, BidaskClub raised Seritage Growth Properties from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Seritage Growth Properties presently has a consensus rating of “Hold” and an average price target of $46.33.

Shares of Seritage Growth Properties (NYSE:SRG) traded down 1.15% during mid-day trading on Monday, reaching $46.50. The company had a trading volume of 329,119 shares. The firm’s 50 day moving average is $45.32 and its 200-day moving average is $43.26. Seritage Growth Properties has a 12-month low of $38.49 and a 12-month high of $51.88. The stock’s market capitalization is $1.58 billion.

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In other Seritage Growth Properties news, major shareholder Bruce R. Berkowitz bought 31,200 shares of Seritage Growth Properties stock in a transaction on Friday, May 26th. The shares were purchased at an average price of $39.69 per share, with a total value of $1,238,328.00. Following the acquisition, the insider now owns 35,850 shares in the company, valued at approximately $1,422,886.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Bruce R. Berkowitz bought 149,300 shares of Seritage Growth Properties stock in a transaction on Tuesday, May 16th. The stock was acquired at an average cost of $39.49 per share, for a total transaction of $5,895,857.00. Following the acquisition, the insider now owns 35,850 shares in the company, valued at approximately $1,415,716.50. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 184,800 shares of company stock worth $7,300,810. Company insiders own 9.78% of the company’s stock.

Several large investors have recently modified their holdings of SRG. Dimensional Fund Advisors LP boosted its position in shares of Seritage Growth Properties by 8.8% in the second quarter. Dimensional Fund Advisors LP now owns 64,590 shares of the financial services provider’s stock worth $2,710,000 after buying an additional 5,227 shares during the last quarter. Old West Investment Management LLC purchased a new position in shares of Seritage Growth Properties during the second quarter worth approximately $1,110,000. California Public Employees Retirement System boosted its position in shares of Seritage Growth Properties by 10.4% in the second quarter. California Public Employees Retirement System now owns 29,600 shares of the financial services provider’s stock worth $1,242,000 after buying an additional 2,800 shares during the last quarter. FMR LLC boosted its position in shares of Seritage Growth Properties by 6,962.9% in the second quarter. FMR LLC now owns 353,568 shares of the financial services provider’s stock worth $14,833,000 after buying an additional 348,562 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Seritage Growth Properties by 4.5% in the second quarter. Northern Trust Corp now owns 406,866 shares of the financial services provider’s stock worth $17,068,000 after buying an additional 17,446 shares during the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

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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