Shares of Seritage Growth Properties (NYSE:SRG) have received an average broker rating score of 5.00 (Strong Sell) from the one analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong sell rating. Seritage Growth Properties’ rating score has declined by 25% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.
Brokerages have set a one year consensus price objective of $38.00 for the company and are expecting that the company will post $0.49 earnings per share for the current quarter, according to Zacks. Zacks has also given Seritage Growth Properties an industry rank of 234 out of 265 based on the ratings given to its competitors.
A number of equities analysts have issued reports on the stock. Zacks Investment Research raised shares of Seritage Growth Properties from a “strong sell” rating to a “hold” rating in a report on Thursday, February 15th. Boenning Scattergood set a $38.00 target price on Seritage Growth Properties and gave the stock a “sell” rating in a research note on Tuesday, November 21st.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 12th. Stockholders of record on Friday, March 30th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Wednesday, March 28th. Seritage Growth Properties’s payout ratio is -71.94%.
In other news, major shareholder Bruce R. Berkowitz sold 772,200 shares of Seritage Growth Properties stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $40.71, for a total transaction of $31,436,262.00. Following the sale, the insider now directly owns 528,498 shares in the company, valued at approximately $21,515,153.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bruce R. Berkowitz sold 99,700 shares of Seritage Growth Properties stock in a transaction 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 sale, the insider now owns 318,098 shares in the company, valued at $13,038,837.02. The disclosure for this sale can be found here. Insiders have sold a total of 1,057,400 shares of company stock worth $43,003,193 over the last quarter. Company insiders own 9.78% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SRG. California Public Employees Retirement System raised its stake in shares of Seritage Growth Properties by 10.4% during the 2nd quarter. California Public Employees Retirement System now owns 29,600 shares of the financial services provider’s stock worth $1,242,000 after purchasing an additional 2,800 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Seritage Growth Properties by 8.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 64,590 shares of the financial services provider’s stock worth $2,710,000 after purchasing an additional 5,227 shares during the period. Voya Investment Management LLC raised its stake in shares of Seritage Growth Properties by 14.4% during the 2nd quarter. Voya Investment Management LLC now owns 11,486 shares of the financial services provider’s stock worth $482,000 after purchasing an additional 1,444 shares during the period. State Street Corp raised its stake in shares of Seritage Growth Properties by 3.1% during the 2nd quarter. State Street Corp now owns 840,425 shares of the financial services provider’s stock worth $35,257,000 after purchasing an additional 25,354 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Seritage Growth Properties by 73.4% during the 3rd quarter. First Trust Advisors LP now owns 18,984 shares of the financial services provider’s stock worth $875,000 after purchasing an additional 8,034 shares during the period. Institutional investors own 86.86% of the company’s stock.
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About Seritage Growth Properties
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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