Schwab Charles Investment Management Inc. grew its holdings in shares of Seritage Growth Properties (NYSE:SRG) by 10.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 251,045 shares of the financial services provider’s stock after purchasing an additional 24,603 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.74% of Seritage Growth Properties worth $11,566,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Seritage Growth Properties during the 2nd quarter valued at $117,000. Schroder Investment Management Group purchased a new stake in shares of Seritage Growth Properties during the 3rd quarter valued at $152,000. CIBC World Markets Inc. purchased a new stake in shares of Seritage Growth Properties during the 2nd quarter valued at $326,000. Blair William & Co. IL purchased a new stake in shares of Seritage Growth Properties during the 2nd quarter valued at $346,000. Finally, Haverford Financial Services Inc. purchased a new stake in shares of Seritage Growth Properties during the 3rd quarter valued at $434,000. Hedge funds and other institutional investors own 78.00% of the company’s stock.
Several analysts have recently commented on the company. Boenning Scattergood set a $38.00 price objective on Seritage Growth Properties and gave the company a “sell” rating in a report on Friday, December 15th. Zacks Investment Research lowered Seritage Growth Properties from a “hold” rating to a “strong sell” rating in a report on Thursday, November 23rd.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 11th. Investors of record on Friday, December 29th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.48%. Seritage Growth Properties’s dividend payout ratio (DPR) is -71.94%.
In related news, major shareholder Bruce R. Berkowitz sold 772,200 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $40.71, for a total value of $31,436,262.00. Following the completion of the transaction, the insider now owns 528,498 shares in the company, valued at approximately $21,515,153.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Salle Benoit La bought 24,300 shares of Seritage Growth Properties stock in a transaction that occurred on Tuesday, October 31st. The stock was purchased at an average price of $1.45 per share, with a total value of $35,235.00. In the last 90 days, insiders purchased 110,750 shares of company stock valued at $187,062 and sold 1,105,700 shares valued at $44,883,455. Company insiders own 9.78% of the company’s stock.
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Seritage Growth Properties 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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