Boenning Scattergood set a $34.00 price target on Seritage Growth Properties (NYSE:SRG) in a research note issued to investors on Friday. The firm currently has a sell rating on the financial services provider’s stock.
Several other equities research analysts have also recently weighed in on SRG. Zacks Investment Research raised Seritage Growth Properties from a strong sell rating to a hold rating in a research note on Thursday, February 15th. Royal Bank of Canada reaffirmed a hold rating and issued a $44.00 price target on shares of Seritage Growth Properties in a research note on Monday, March 26th.
Shares of Seritage Growth Properties stock traded down $0.10 during midday trading on Friday, reaching $37.57. 195,923 shares of the company’s stock traded hands, compared to its average volume of 304,161. The company has a quick ratio of 5.02, a current ratio of 5.02 and a debt-to-equity ratio of 0.96. The company has a market cap of $1.39 billion, a PE ratio of 31.13 and a beta of 1.06. Seritage Growth Properties has a 12 month low of $34.07 and a 12 month high of $50.00.
Seritage Growth Properties (NYSE:SRG) last announced its earnings results on Tuesday, February 27th. The financial services provider reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($1.76). The business had revenue of $53.68 million for the quarter, compared to the consensus estimate of $68.90 million. Seritage Growth Properties had a negative net margin of 19.00% and a negative return on equity of 3.29%. research analysts anticipate that Seritage Growth Properties will post 1.74 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 12th. Investors of record on Friday, June 29th will be paid a $0.25 dividend. The ex-dividend date is Thursday, June 28th. This represents a $1.00 annualized dividend and a yield of 2.66%. Seritage Growth Properties’s payout ratio is 68.03%.
In other news, insider Edward S. Lampert purchased 77,638 shares of Seritage Growth Properties stock in a transaction that occurred on Friday, March 2nd. The shares were bought 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 Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders purchased 78,763 shares of company stock worth $2,848,239. 7.09% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Barclays PLC grew its stake in Seritage Growth Properties by 5.5% in the first quarter. Barclays PLC now owns 27,954 shares of the financial services provider’s stock worth $994,000 after purchasing an additional 1,452 shares during the period. Swiss National Bank grew its stake in Seritage Growth Properties by 3.5% in the first quarter. Swiss National Bank now owns 43,838 shares of the financial services provider’s stock worth $1,558,000 after purchasing an additional 1,500 shares during the period. Great West Life Assurance Co. Can grew its stake in Seritage Growth Properties by 10.3% in the first quarter. Great West Life Assurance Co. Can now owns 16,967 shares of the financial services provider’s stock worth $604,000 after purchasing an additional 1,579 shares during the period. Gamco Investors INC. ET AL grew its stake in shares of Seritage Growth Properties by 3.9% in the fourth quarter. Gamco Investors INC. ET AL now owns 47,900 shares of the financial services provider’s stock worth $1,938,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Haverford Financial Services Inc. grew its stake in shares of Seritage Growth Properties by 16.7% in the first quarter. Haverford Financial Services Inc. now owns 14,011 shares of the financial services provider’s stock worth $498,000 after acquiring an additional 2,000 shares during the last quarter. 87.03% of the stock is currently owned by institutional investors.
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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