Zacks: Brokerages Set $43.00 Target Price for Seritage Growth Properties (NYSE:SRG)

Seritage Growth Properties (NYSE:SRG) has been assigned a consensus broker rating score of 4.00 (Sell) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong sell rating and one has assigned a hold rating to the company.

Analysts have set a 12-month consensus target price of $43.00 for the company and are predicting that the company will post $0.45 earnings per share for the current quarter, according to Zacks. Zacks has also given Seritage Growth Properties an industry rank of 168 out of 265 based on the ratings given to its competitors.

A number of research analysts have recently issued reports on the stock. BidaskClub raised shares of Seritage Growth Properties from a “strong sell” rating to a “sell” rating in a research report on Sunday. Zacks Investment Research raised shares of Seritage Growth Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Boenning Scattergood reaffirmed a “sell” rating and issued a $38.00 price objective on shares of Seritage Growth Properties in a research report on Tuesday, June 27th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Seritage Growth Properties in a research report on Monday, May 15th.

ILLEGAL ACTIVITY NOTICE: “Zacks: Brokerages Set $43.00 Target Price for Seritage Growth Properties (NYSE:SRG)” was published by Community Financial News and is the sole property of of Community Financial News. If you are viewing this article on another publication, it was illegally copied and reposted in violation of US and international trademark and copyright law. The legal version of this article can be viewed at https://www.com-unik.info/2017/08/12/zacks-brokerages-set-43-00-target-price-for-seritage-growth-properties-nysesrg-updated-updated-updated.html.

Seritage Growth Properties (NYSE:SRG) traded up 3.03% during midday trading on Friday, hitting $46.64. 978,959 shares of the stock were exchanged. Seritage Growth Properties has a 12 month low of $38.49 and a 12 month high of $51.88. The company’s market cap is $1.58 billion. The firm’s 50 day moving average price is $40.74 and its 200 day moving average price is $42.66.

Seritage Growth Properties (NYSE:SRG) last posted its quarterly earnings results on Thursday, May 4th. The financial services provider reported $0.48 EPS for the quarter, missing the consensus estimate of $0.61 by $0.13. Seritage Growth Properties had a negative net margin of 25.12% and a negative return on equity of 4.36%. The business had revenue of $65.40 million during the quarter, compared to the consensus estimate of $67.42 million. On average, equities research analysts forecast that Seritage Growth Properties will post $2.33 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, July 13th. Shareholders of record on Friday, June 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Wednesday, June 28th. Seritage Growth Properties’s dividend payout ratio is presently -50.76%.

In related news, major shareholder Bruce R. Berkowitz bought 123,500 shares of the company’s stock in a transaction on Monday, May 8th. The shares were bought at an average price of $40.83 per share, with a total value of $5,042,505.00. Following the transaction, the insider now owns 35,850 shares in the company, valued at $1,463,755.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bruce R. Berkowitz bought 31,200 shares of the company’s stock in a transaction on Friday, May 26th. The shares were bought at an average cost of $39.69 per share, for a total transaction of $1,238,328.00. Following the transaction, the insider now owns 35,850 shares in the company, valued at approximately $1,422,886.50. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 391,600 shares of company stock worth $15,702,921. 9.78% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. FMR LLC bought a new stake in Seritage Growth Properties during the first quarter valued at $216,000. First Trust Advisors LP increased its stake in Seritage Growth Properties by 2.6% in the first quarter. First Trust Advisors LP now owns 8,246 shares of the financial services provider’s stock valued at $356,000 after buying an additional 212 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in Seritage Growth Properties by 2.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 9,409 shares of the financial services provider’s stock valued at $402,000 after buying an additional 250 shares in the last quarter. Macquarie Group Ltd. increased its stake in Seritage Growth Properties by 33.7% in the fourth quarter. Macquarie Group Ltd. now owns 11,500 shares of the financial services provider’s stock valued at $491,000 after buying an additional 2,900 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its stake in Seritage Growth Properties by 5.8% in the first quarter. Great West Life Assurance Co. Can now owns 14,402 shares of the financial services provider’s stock valued at $621,000 after buying an additional 786 shares in the last quarter. 86.41% of the stock is currently owned by institutional investors.

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.

Get a free copy of the Zacks research report on Seritage Growth Properties (SRG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

What are top analysts saying about Seritage Growth Properties? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Seritage Growth Properties and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit