Seritage Growth Properties (NYSE:SRG) Issues Quarterly Earnings Results

Seritage Growth Properties (NYSE:SRG) released its earnings results on Friday. The financial services provider reported ($0.13) earnings per share for the quarter, Zacks reports. The company had revenue of $1.87 million for the quarter. Seritage Growth Properties had a negative net margin of 487.58% and a negative return on equity of 23.03%.

Seritage Growth Properties Price Performance

Shares of Seritage Growth Properties stock traded up $0.01 during midday trading on Friday, hitting $2.29. 172,699 shares of the company traded hands, compared to its average volume of 180,750. The firm’s fifty day moving average price is $2.55 and its 200-day moving average price is $2.72. The stock has a market cap of $128.71 million, a price-to-earnings ratio of -1.59 and a beta of 2.21. Seritage Growth Properties has a 12 month low of $2.25 and a 12 month high of $4.56. The company has a debt-to-equity ratio of 0.16, a quick ratio of 18.47 and a current ratio of 18.47.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wall Street Zen cut shares of Seritage Growth Properties from a “sell” rating to a “strong sell” rating in a research report on Saturday. Weiss Ratings lowered shares of Seritage Growth Properties from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

Institutional Trading of Seritage Growth Properties

A number of hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC grew its stake in shares of Seritage Growth Properties by 307.7% during the fourth quarter. Barclays PLC now owns 7,575 shares of the financial services provider’s stock worth $25,000 after buying an additional 5,717 shares during the last quarter. CIBC Asset Management Inc bought a new position in shares of Seritage Growth Properties in the 4th quarter valued at $34,000. Invesco Ltd. acquired a new stake in shares of Seritage Growth Properties during the 2nd quarter valued at $60,000. Bank of America Corp DE boosted its holdings in shares of Seritage Growth Properties by 725.6% during the 3rd quarter. Bank of America Corp DE now owns 14,629 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 12,857 shares in the last quarter. Finally, Brevan Howard Capital Management LP grew its position in Seritage Growth Properties by 89.2% during the 2nd quarter. Brevan Howard Capital Management LP now owns 20,867 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 9,839 shares during the last quarter. Institutional investors and hedge funds own 78.93% of the company’s stock.

About Seritage Growth Properties

Seritage Growth Properties is a publicly traded real estate investment trust (REIT) formed in 2015 as a spin-off from Sears Holdings. Headquartered in New York City, the company owns and operates a diversified portfolio of retail and mixed-use properties that were previously under the Sears and Kmart banners. Since its launch, Seritage has pursued a strategy of unlocking value through active asset management, redevelopment and strategic leasing.

The company’s core business activities include the acquisition and redevelopment of retail properties, negotiation of long-term lease agreements with national and regional tenants, and selective disposition of non-core assets.