Seritage Growth Properties (NYSE:SRG) – Investment analysts at Boenning Scattergood reduced their Q2 2018 earnings estimates for shares of Seritage Growth Properties in a research report issued to clients and investors on Thursday. Boenning Scattergood analyst F. Van. Dijkum now forecasts that the financial services provider will post earnings of $0.44 per share for the quarter, down from their previous forecast of $0.53. Boenning Scattergood has a “Sell” rating on the stock. Boenning Scattergood also issued estimates for Seritage Growth Properties’ Q3 2018 earnings at $0.44 EPS, Q4 2018 earnings at $0.48 EPS, Q1 2019 earnings at $0.52 EPS, Q2 2019 earnings at $0.54 EPS, Q3 2019 earnings at $0.51 EPS, Q4 2019 earnings at $0.56 EPS and FY2019 earnings at $2.14 EPS.
Separately, Zacks Investment Research upgraded shares of Seritage Growth Properties from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 15th.
The business also recently declared a quarterly dividend, which will be paid on Thursday, April 12th. Stockholders of record on Friday, March 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.85%. Seritage Growth Properties’s dividend payout ratio (DPR) is presently -45.87%.
In related news, insider Edward S. Lampert purchased 77,638 shares of the stock in a transaction dated Friday, March 2nd. The stock was bought at an average cost of $36.17 per share, with a total value of $2,808,166.46. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Bruce R. Berkowitz sold 772,200 shares of the company’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $40.71, for a total value of $31,436,262.00. Following the completion of the sale, the insider now directly owns 528,498 shares of the company’s stock, valued at $21,515,153.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 978,800 shares of company stock valued at $39,837,449. 9.78% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC increased its stake in shares of Seritage Growth Properties by 14.5% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 2,835,452 shares of the financial services provider’s stock valued at $130,629,000 after acquiring an additional 358,962 shares during the last quarter. Gates Capital Management Inc. increased its stake in shares of Seritage Growth Properties by 63.9% in the 4th quarter. Gates Capital Management Inc. now owns 1,488,688 shares of the financial services provider’s stock valued at $60,232,000 after acquiring an additional 580,154 shares during the last quarter. Eagle Asset Management Inc. increased its stake in shares of Seritage Growth Properties by 1.3% in the 4th quarter. Eagle Asset Management Inc. now owns 1,411,759 shares of the financial services provider’s stock valued at $57,082,000 after acquiring an additional 18,553 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Seritage Growth Properties by 17.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,074,808 shares of the financial services provider’s stock valued at $43,487,000 after acquiring an additional 162,113 shares during the last quarter. Finally, Carillon Tower Advisers Inc. bought a new stake in shares of Seritage Growth Properties in the 4th quarter valued at about $41,778,000. 89.63% of the stock is owned by institutional investors.
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Seritage Growth Properties Company Profile
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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