Shares of Seritage Growth Properties (NYSE:SRG) have earned an average broker rating score of 4.00 (Sell) from the two analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong sell recommendation and one has assigned a hold recommendation to the company.
Brokers have set a twelve-month consensus price objective of $43.00 for the company and are forecasting that the company will post $0.55 earnings per share for the current quarter, according to Zacks. Zacks has also given Seritage Growth Properties an industry rank of 119 out of 265 based on the ratings given to related companies.
Several brokerages recently weighed in on SRG. Boenning Scattergood set a $38.00 price objective on shares of Seritage Growth Properties and gave the company a “sell” rating in a research report on Tuesday. Zacks Investment Research lowered shares of Seritage Growth Properties from a “hold” rating to a “sell” rating in a research report on Thursday, May 11th. BidaskClub lowered shares of Seritage Growth Properties from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $48.00 price target on shares of Seritage Growth Properties in a research report on Monday, May 15th.
In other news, major shareholder Bruce R. Berkowitz acquired 31,200 shares of the company’s stock in a transaction on Friday, May 26th. The stock was purchased at an average cost of $39.69 per share, with a total value of $1,238,328.00. Following the acquisition, the insider now owns 35,850 shares of the company’s stock, valued at approximately $1,422,886.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Bruce R. Berkowitz acquired 149,300 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were purchased at an average cost of $39.49 per share, with a total value of $5,895,857.00. Following the completion of the acquisition, the insider now directly owns 35,850 shares in the company, valued at approximately $1,415,716.50. The disclosure for this purchase can be found here. Insiders purchased 247,200 shares of company stock valued at $9,793,066 over the last ninety days. 9.78% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in SRG. Micawber Capital LLC boosted its stake in shares of Seritage Growth Properties by 11.6% in the second quarter. Micawber Capital LLC now owns 69,865 shares of the financial services provider’s stock worth $2,931,000 after buying an additional 7,278 shares during the period. IndexIQ Advisors LLC raised its position in shares of Seritage Growth Properties by 11.7% in the second quarter. IndexIQ Advisors LLC now owns 30,083 shares of the financial services provider’s stock valued at $1,262,000 after buying an additional 3,140 shares in the last quarter. Royce & Associates LP acquired a new position in shares of Seritage Growth Properties during the second quarter valued at about $1,468,000. Blair William & Co. IL acquired a new position in shares of Seritage Growth Properties during the second quarter valued at about $346,000. Finally, Candlewood Investment Group LP raised its position in shares of Seritage Growth Properties by 3.3% in the second quarter. Candlewood Investment Group LP now owns 155,000 shares of the financial services provider’s stock valued at $6,502,000 after buying an additional 5,000 shares in the last quarter. 86.27% of the stock is owned by institutional investors.
Shares of Seritage Growth Properties (NYSE:SRG) traded down 1.45% during trading on Thursday, reaching $47.63. 253,065 shares of the company traded hands. The firm has a 50-day moving average price of $44.49 and a 200-day moving average price of $43.09. The firm’s market capitalization is $1.62 billion. Seritage Growth Properties has a 12 month low of $38.49 and a 12 month high of $51.88.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 12th. Investors of record on Friday, September 29th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.10%. Seritage Growth Properties’s dividend payout ratio is -42.19%.
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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