Analysts Set $34.00 Target Price for Seritage Growth Properties (SRG)

Seritage Growth Properties (NYSE:SRG) has earned a consensus broker rating score of 5.00 (Strong Sell) from the one brokers that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a strong sell recommendation.

Brokerages have set a 1-year consensus target price of $34.00 for the company and are forecasting that the company will post $0.38 earnings per share for the current quarter, according to Zacks. Zacks has also given Seritage Growth Properties an industry rank of 202 out of 265 based on the ratings given to its competitors.

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SRG has been the subject of a number of analyst reports. Zacks Investment Research downgraded Seritage Growth Properties from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 13th. Royal Bank of Canada reissued a “hold” rating and issued a $44.00 price target on shares of Seritage Growth Properties in a report on Monday, March 26th. Finally, Boenning Scattergood reissued a “sell” rating on shares of Seritage Growth Properties in a report on Thursday, March 8th.

In other Seritage Growth Properties news, insider Edward S. Lampert bought 77,638 shares of Seritage Growth Properties stock in a transaction dated Friday, March 2nd. The stock was acquired at an average cost of $36.17 per share, with a total value of $2,808,166.46. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Bruce R. Berkowitz sold 99,700 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $40.99, for a total value of $4,086,703.00. Following the transaction, the insider now directly owns 318,098 shares of the company’s stock, valued at $13,038,837.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 78,763 shares of company stock valued at $2,848,239. Corporate insiders own 7.09% of the company’s stock.

Several hedge funds have recently made changes to their positions in SRG. Bank of New York Mellon Corp raised its stake in shares of Seritage Growth Properties by 0.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 173,788 shares of the financial services provider’s stock worth $8,006,000 after buying an additional 1,557 shares during the period. Russell Investments Group Ltd. raised its stake in Seritage Growth Properties by 16.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 55,505 shares of the financial services provider’s stock valued at $2,556,000 after purchasing an additional 7,652 shares during the last quarter. SG Americas Securities LLC raised its stake in Seritage Growth Properties by 238.8% in the 3rd quarter. SG Americas Securities LLC now owns 9,428 shares of the financial services provider’s stock valued at $434,000 after purchasing an additional 6,645 shares during the last quarter. American International Group Inc. raised its stake in Seritage Growth Properties by 8.1% in the 3rd quarter. American International Group Inc. now owns 16,838 shares of the financial services provider’s stock valued at $776,000 after purchasing an additional 1,259 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Seritage Growth Properties by 9.6% in the 3rd quarter. Legal & General Group Plc now owns 67,740 shares of the financial services provider’s stock valued at $3,121,000 after purchasing an additional 5,947 shares during the last quarter. 85.81% of the stock is owned by institutional investors and hedge funds.

NYSE:SRG traded up $0.91 during trading hours on Thursday, reaching $36.44. The company had a trading volume of 72,617 shares, compared to its average volume of 436,429. Seritage Growth Properties has a 1-year low of $34.07 and a 1-year high of $50.00. The company has a market capitalization of $1,313.43, a PE ratio of 24.22 and a beta of 1.06. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.02.

Seritage Growth Properties (NYSE:SRG) last announced its quarterly earnings results on Tuesday, February 27th. The financial services provider reported ($1.27) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($1.76). Seritage Growth Properties had a negative net margin of 30.60% and a negative return on equity of 5.50%. The company had revenue of $53.68 million during the quarter, compared to analyst estimates of $68.90 million. equities research analysts predict that Seritage Growth Properties will post 1.74 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 12th. Stockholders of record on Friday, March 30th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Wednesday, March 28th. Seritage Growth Properties’s payout ratio is 68.03%.

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About Seritage Growth Properties

Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 230 wholly-owned properties and 23 joint venture properties totaling over 39 million square feet of space across 49 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015.

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