M&T Bank Corp cut its position in GGP Inc (NYSE:GGP) by 30.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 95,481 shares of the real estate investment trust’s stock after selling 41,875 shares during the period. M&T Bank Corp’s holdings in GGP were worth $2,213,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new stake in GGP during the fourth quarter worth approximately $64,065,000. Long Pond Capital LP acquired a new position in shares of GGP during the third quarter worth about $53,130,000. RidgeWorth Capital Management LLC acquired a new position in shares of GGP during the fourth quarter worth about $37,314,000. Bank of New York Mellon Corp increased its position in shares of GGP by 8.6% in the first quarter. Bank of New York Mellon Corp now owns 13,099,955 shares of the real estate investment trust’s stock worth $303,657,000 after buying an additional 1,036,217 shares during the last quarter. Finally, FIL Ltd increased its position in shares of GGP by 121.0% in the fourth quarter. FIL Ltd now owns 1,732,030 shares of the real estate investment trust’s stock worth $43,266,000 after buying an additional 948,134 shares during the last quarter. 91.15% of the stock is currently owned by hedge funds and other institutional investors.
GGP Inc (NYSE:GGP) traded up 2.28% on Friday, reaching $22.90. The company’s stock had a trading volume of 11,265,425 shares. GGP Inc has a 1-year low of $21.05 and a 1-year high of $32.10. The company has a market capitalization of $20.26 billion, a price-to-earnings ratio of 18.32 and a beta of 0.81. The firm’s 50 day moving average price is $22.74 and its 200-day moving average price is $24.32.
GGP (NYSE:GGP) last posted its quarterly earnings results on Monday, May 1st. The real estate investment trust reported $0.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.25. The firm had revenue of $566.33 million for the quarter, compared to analysts’ expectations of $561.66 million. GGP had a net margin of 54.91% and a return on equity of 15.52%. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.40 EPS. Equities analysts forecast that GGP Inc will post $0.56 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Thursday, July 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, July 11th. This represents a $0.88 annualized dividend and a yield of 3.93%. GGP’s payout ratio is presently 66.17%.
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A number of research analysts have recently issued reports on GGP shares. Barclays PLC lowered their price target on GGP from $30.00 to $25.00 and set an “equal weight” rating on the stock in a report on Monday, January 23rd. Zacks Investment Research downgraded GGP from a “buy” rating to a “hold” rating in a report on Tuesday, January 24th. Royal Bank of Canada lowered their price target on GGP from $29.00 to $28.00 and set an “outperform” rating on the stock in a report on Monday, May 8th. Finally, ValuEngine raised GGP from a “hold” rating to a “buy” rating in a report on Thursday, May 11th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $31.18.
GGP Company Profile
GGP Inc (GGP), formerly General Growth Properties, Inc, is a self-administered and self-managed real estate investment trust (REIT). The Company operates as a holding company, which is engaged in the operation, development and management of retail and other rental properties, primarily regional malls.
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