Seritage Growth Properties (NYSE:SRG) – Research analysts at Boenning Scattergood cut their Q1 2018 earnings per share (EPS) 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 anticipates that the financial services provider will post earnings per share of $0.38 for the quarter, down from their prior estimate of $0.54. Boenning Scattergood has a “Sell” rating on the stock. Boenning Scattergood also issued estimates for Seritage Growth Properties’ FY2018 earnings at $1.74 EPS.
Separately, Zacks Investment Research cut shares of Seritage Growth Properties from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 23rd.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 12th. Shareholders of record on Friday, March 30th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Wednesday, March 28th. Seritage Growth Properties’s dividend payout ratio (DPR) is presently -45.87%.
In other Seritage Growth Properties news, insider Edward S. Lampert purchased 77,638 shares of the company’s stock in a transaction on Friday, March 2nd. The shares were purchased at an average cost of $36.17 per share, for a total transaction of $2,808,166.46. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bruce R. Berkowitz sold 99,700 shares of the business’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $40.99, for a total transaction of $4,086,703.00. Following the completion of 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. Over the last quarter, insiders acquired 78,763 shares of company stock worth $2,848,239. 9.78% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of the business. Eagle Asset Management Inc. increased its stake in Seritage Growth Properties by 4.7% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,393,206 shares of the financial services provider’s stock worth $62,958,000 after purchasing an additional 62,006 shares in the last quarter. California Public Employees Retirement System increased its stake in Seritage Growth Properties by 9.3% in the 3rd quarter. California Public Employees Retirement System now owns 32,364 shares of the financial services provider’s stock worth $1,491,000 after purchasing an additional 2,764 shares in the last quarter. Governors Lane LP increased its stake in Seritage Growth Properties by 86.5% in the 4th quarter. Governors Lane LP now owns 567,093 shares of the financial services provider’s stock worth $22,945,000 after purchasing an additional 263,000 shares in the last quarter. TCW Group Inc. increased its stake in Seritage Growth Properties by 9.8% in the 3rd quarter. TCW Group Inc. now owns 583,351 shares of the financial services provider’s stock worth $26,875,000 after purchasing an additional 52,206 shares in the last quarter. Finally, Legal & General Group Plc increased 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 worth $3,121,000 after purchasing an additional 5,947 shares in the last quarter. Hedge funds and other institutional investors own 89.63% 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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