Zacks Investment Research lowered shares of Seritage Growth Properties (NYSE:SRG) from a hold rating to a strong sell rating in a research note released on Thursday.
According to Zacks, “Seritage Growth Properties is a self-administered, self-managed REIT primarily engaged in the real property business through its operating partnership, Seritage Growth Properties, L.P. Seritage Growth Properties is based in HOFFMAN ESTATES, United States. “
Several other brokerages have also recently commented on SRG. Boenning Scattergood set a $38.00 price target on shares of Seritage Growth Properties and gave the stock a sell rating in a research report on Tuesday, November 21st. BidaskClub upgraded shares of Seritage Growth Properties from a sell rating to a hold rating in a research report on Wednesday, August 9th.
Shares of Seritage Growth Properties (SRG) opened at $40.93 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 4.22 and a quick ratio of 4.22. Seritage Growth Properties has a 1 year low of $38.49 and a 1 year high of $50.00. The company has a market cap of $1,448.35, a PE ratio of 22.74 and a beta of 1.06.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 11th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.00 annualized dividend and a yield of 2.44%. Seritage Growth Properties’s payout ratio is presently -71.94%.
In other Seritage Growth Properties news, major shareholder Bruce R. Berkowitz sold 120,900 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $40.18, for a total transaction of $4,857,762.00. Following the sale, the insider now owns 583,498 shares in the company, valued at approximately $23,444,949.64. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Salle Benoit La acquired 24,300 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were bought at an average price of $1.45 per share, for a total transaction of $35,235.00. In the last 90 days, insiders have acquired 110,750 shares of company stock worth $187,062. Corporate insiders own 9.78% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in Seritage Growth Properties during the 2nd quarter worth about $117,000. Schroder Investment Management Group acquired a new stake in Seritage Growth Properties during the 3rd quarter worth about $152,000. FMR LLC purchased a new position in Seritage Growth Properties during the 1st quarter valued at about $216,000. Janney Capital Management LLC purchased a new position in Seritage Growth Properties during the 3rd quarter valued at about $249,000. Finally, CIBC World Markets Inc. purchased a new position in Seritage Growth Properties during the 2nd quarter valued at about $326,000. Hedge funds and other institutional investors own 71.60% 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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