SunTrust Banks, Inc. Reiterates $30.00 Price Target for Gramercy Property Trust (GPT)

SunTrust Banks, Inc. set a $30.00 price target on Gramercy Property Trust (NYSE:GPT) in a report issued on Tuesday. The brokerage currently has a hold rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on the stock. Ladenburg Thalmann Financial Services restated a buy rating on shares of Gramercy Property Trust in a report on Wednesday. ValuEngine upgraded shares of Gramercy Property Trust from a hold rating to a buy rating in a report on Friday, September 1st. Stifel Nicolaus restated a buy rating and issued a $31.00 target price on shares of Gramercy Property Trust in a report on Tuesday, August 22nd. Bank of America Corporation cut shares of Gramercy Property Trust from a neutral rating to an underperform rating and set a $30.00 target price on the stock. in a report on Wednesday, August 16th. Finally, BidaskClub cut shares of Gramercy Property Trust from a buy rating to a hold rating in a report on Monday, August 14th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Gramercy Property Trust currently has a consensus rating of Hold and a consensus target price of $31.25.

Gramercy Property Trust (NYSE:GPT) last issued its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.01). Gramercy Property Trust had a return on equity of 2.69% and a net margin of 14.10%. The company had revenue of $134.90 million during the quarter, compared to analysts’ expectations of $135.45 million. During the same quarter in the prior year, the business posted $0.16 EPS. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 5.16%. The ex-dividend date is Thursday, December 28th. Gramercy Property Trust’s dividend payout ratio is presently 340.92%.

In other news, President Benjamin P. Harris sold 9,000 shares of Gramercy Property Trust stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $30.50, for a total transaction of $274,500.00. Following the transaction, the president now owns 96,101 shares in the company, valued at approximately $2,931,080.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.96% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Gramercy Property Trust by 6.5% during the 2nd quarter. Vanguard Group Inc. now owns 23,462,198 shares of the real estate investment trust’s stock worth $697,062,000 after acquiring an additional 1,437,301 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Gramercy Property Trust by 7.5% during the 2nd quarter. BlackRock Inc. now owns 13,137,418 shares of the real estate investment trust’s stock worth $390,312,000 after acquiring an additional 922,014 shares during the last quarter. Brookfield Asset Management Inc. boosted its stake in shares of Gramercy Property Trust by 38.7% during the 2nd quarter. Brookfield Asset Management Inc. now owns 4,866,358 shares of the real estate investment trust’s stock worth $144,579,000 after acquiring an additional 1,357,618 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Gramercy Property Trust by 389,160.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,764,543 shares of the real estate investment trust’s stock worth $141,554,000 after acquiring an additional 4,763,319 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Gramercy Property Trust by 9.4% during the 2nd quarter. State Street Corp now owns 3,895,312 shares of the real estate investment trust’s stock worth $115,732,000 after acquiring an additional 334,865 shares during the last quarter. Institutional investors and hedge funds own 87.01% of the company’s stock.

About Gramercy Property Trust

Gramercy Property Trust is a real estate investment trust (REIT), which is an investor and asset manager of commercial real estate. The Company’s operating segments include Investments/Corporate and Asset Management. The Investments/Corporate segment includes all of its activities related to the investment and ownership of commercial properties located throughout the United States and Europe.

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