Wall Street Zen Downgrades Seritage Growth Properties (NYSE:SRG) to Strong Sell

Seritage Growth Properties (NYSE:SRG) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a note issued to investors on Saturday.

Separately, Weiss Ratings downgraded shares of Seritage Growth Properties from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell”.

Seritage Growth Properties Price Performance

NYSE:SRG opened at $2.29 on Friday. The firm’s fifty day moving average price is $2.55 and its two-hundred day moving average price is $2.71. The company has a debt-to-equity ratio of 0.16, a current ratio of 18.47 and a quick ratio of 18.47. The company has a market cap of $128.70 million, a P/E ratio of -2.20 and a beta of 2.21. Seritage Growth Properties has a one year low of $2.25 and a one year high of $4.56.

Seritage Growth Properties (NYSE:SRG) last released its quarterly earnings results on Friday, August 14th. The financial services provider reported ($0.13) EPS for the quarter. The business had revenue of $1.87 million for the quarter. Seritage Growth Properties had a negative return on equity of 16.63% and a negative net margin of 419.02%.

Hedge Funds Weigh In On Seritage Growth Properties

Several hedge funds have recently made changes to their positions in SRG. Barclays PLC grew its stake in Seritage Growth Properties by 307.7% in the 4th 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 in the last quarter. CIBC Asset Management Inc bought a new position in shares of Seritage Growth Properties in the fourth quarter worth approximately $34,000. Bank of America Corp DE raised its position in 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 purchasing an additional 12,857 shares during the last quarter. Invesco Ltd. purchased a new stake in Seritage Growth Properties in the second quarter worth $60,000. Finally, Brevan Howard Capital Management LP increased its position in shares of Seritage Growth Properties by 89.2% during the second quarter. Brevan Howard Capital Management LP now owns 20,867 shares of the financial services provider’s stock valued at $64,000 after buying an additional 9,839 shares during the period. 78.93% of the stock is currently owned by hedge funds and other institutional investors.

Seritage Growth Properties Company Profile

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.