GGP (GGP) Rating Lowered to Sell at Zacks Investment Research

GGP (NYSE:GGP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

According to Zacks, “Shares of GGP have underperformed the industry it belongs to, in the past six months. Notably, mall traffic continues to suffer amid rapid shift in customers’ shopping preferences and patterns, with online purchases growing by leaps and bounds. These have made the retailers reconsider their footprint and eventually opt for store closures in recent times. This has emerged as a pressing concern for retail REIT like GGP, as the trend is curtailing demand for the retail real estate space considerably. Rate hike also add to its woes. Nevertheless, the company has a high-quality retail portfolio and a cluster of renowned tenants. Moreover, the company has made concerted efforts to support omni-channel retailing, which is a positive.”

Several other brokerages have also issued reports on GGP. Boenning Scattergood set a $35.00 target price on shares of GGP and gave the stock a “buy” rating in a research note on Wednesday, December 6th. BMO Capital Markets assumed coverage on shares of GGP in a research note on Monday, September 11th. They set a “market perform” rating and a $22.00 target price on the stock. JPMorgan Chase & Co. raised shares of GGP from a “neutral” rating to an “overweight” rating and set a $25.00 target price on the stock in a research note on Tuesday, September 26th. Stifel Nicolaus reissued a “buy” rating and set a $24.00 target price on shares of GGP in a research note on Wednesday, November 1st. Finally, SunTrust Banks set a $26.00 target price on shares of GGP and gave the stock a “buy” rating in a research note on Tuesday, October 31st. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. GGP has an average rating of “Hold” and an average target price of $25.46.

Shares of GGP (NYSE GGP) traded down $0.19 during midday trading on Tuesday, reaching $23.56. 5,827,800 shares of the company traded hands, compared to its average volume of 4,299,580. The company has a market capitalization of $22,080.00, a price-to-earnings ratio of 33.18, a PEG ratio of 2.57 and a beta of 0.86. GGP has a fifty-two week low of $18.83 and a fifty-two week high of $26.04. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.35 and a current ratio of 1.35.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nationwide Fund Advisors raised its holdings in GGP by 117.8% during the third quarter. Nationwide Fund Advisors now owns 415,514 shares of the real estate investment trust’s stock worth $8,630,000 after buying an additional 224,759 shares during the last quarter. Toronto Dominion Bank raised its holdings in shares of GGP by 25.6% in the second quarter. Toronto Dominion Bank now owns 197,789 shares of the real estate investment trust’s stock valued at $4,659,000 after purchasing an additional 40,266 shares during the last quarter. Gluskin Sheff & Assoc Inc. purchased a new stake in shares of GGP in the second quarter valued at about $24,573,000. Tredje AP fonden raised its holdings in shares of GGP by 13.3% in the third quarter. Tredje AP fonden now owns 59,621 shares of the real estate investment trust’s stock valued at $1,238,000 after purchasing an additional 7,007 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its holdings in shares of GGP by 7.6% in the second quarter. UBS Asset Management Americas Inc. now owns 3,051,935 shares of the real estate investment trust’s stock valued at $71,904,000 after purchasing an additional 216,668 shares during the last quarter. Hedge funds and other institutional investors own 95.98% of the company’s stock.

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About GGP

GGP Inc (GGP), formerly General Growth Properties, Inc, is a self-administered and self-managed real estate investment trust (REIT). The Company operates as a holding company, which is engaged in the operation, development and management of retail and other rental properties, primarily regional malls.

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