Seritage Growth Properties (NYSE:SRG)’s share price traded down 6.6% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $37.78 and last traded at $37.80. 1,054,197 shares changed hands during mid-day trading, an increase of 139% from the average session volume of 441,657 shares. The stock had previously closed at $40.45.
The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.28). Seritage Growth Properties had a negative net margin of 17.97% and a negative return on equity of 3.33%.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 12th. Investors of record on Friday, March 30th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Wednesday, March 28th. Seritage Growth Properties’s payout ratio is currently -71.94%.
In other Seritage Growth Properties news, major shareholder Bruce R. Berkowitz sold 106,900 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $40.36, for a total transaction of $4,314,484.00. Following the transaction, the insider now directly owns 528,498 shares in the company, valued at approximately $21,330,179.28. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Bruce R. Berkowitz sold 60,000 shares of the firm’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $40.35, for a total value of $2,421,000.00. Following the transaction, the insider now owns 528,498 shares in the company, valued at $21,324,894.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,057,400 shares of company stock worth $43,003,193. Company insiders own 9.78% of the company’s stock.
Large investors have recently modified their holdings of the business. Schroder Investment Management Group bought a new position in Seritage Growth Properties during the 3rd quarter valued at $152,000. Lido Advisors LLC bought a new position in Seritage Growth Properties during the 4th quarter valued at $202,000. Janney Capital Management LLC bought a new position in Seritage Growth Properties during the 3rd quarter valued at $249,000. AMP Capital Investors Ltd bought a new position in Seritage Growth Properties during the 4th quarter valued at $296,000. Finally, Teacher Retirement System of Texas bought a new position in Seritage Growth Properties during the 4th quarter valued at $343,000. Institutional investors and hedge funds own 86.86% of the company’s stock.
The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.96. The firm has a market cap of $1,340.00 and a P/E ratio of -27.19.
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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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