Zacks Investment Research upgraded shares of General Growth Properties Inc. (NYSE:GGP) from a sell rating to a hold rating in a report issued on Tuesday.
According to Zacks, “For General Growth Properties, lately estimates have remained stable. The company reported third-quarter 2016 adjusted funds from operations (FFO) per share of $0.35, which came in line with the Zacks Consensus Estimate. In mid-September, the company and Simon Property, together with brand development company Authentic Brands Group announced the finalization of the acquisition of the apparel and accessories brand, Aeropostale. This marked a noble way for mall landlords to retain the top-performing malls and avoid bulk store closures resulting from any liquidation move of Aeropostale. Also, the solid tenant base and portfolio repositioning moves are expected to boost its growth in future. Further, the company raised its quarterly dividend payout, which is encouraging. But, pressure on top-line growth, rise in online sales, stiff competition and any hike in interest rate remain concerns.”
Other research analysts have also issued reports about the company. BMO Capital Markets reaffirmed a buy rating and issued a $32.00 price objective on shares of General Growth Properties in a report on Tuesday, August 2nd. Oppenheimer Holdings Inc. reaffirmed an outperform rating and issued a $35.00 price objective on shares of General Growth Properties in a report on Wednesday, August 3rd. Credit Suisse Group AG reaffirmed an outperform rating and issued a $33.00 price objective (up from $32.00) on shares of General Growth Properties in a report on Wednesday, August 3rd. Citigroup Inc. upped their price objective on General Growth Properties from $34.00 to $35.00 and gave the company a buy rating in a report on Monday, August 8th. Finally, Barclays PLC upped their price objective on General Growth Properties from $30.00 to $32.00 and gave the company an equal weight rating in a report on Thursday, August 18th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $32.87.
General Growth Properties (NYSE:GGP) opened at 25.41 on Tuesday. The company has a market capitalization of $22.49 billion, a PE ratio of 19.70 and a beta of 0.86. The company has a 50 day moving average price of $25.53 and a 200-day moving average price of $28.12. General Growth Properties has a 12-month low of $23.89 and a 12-month high of $32.10.
General Growth Properties (NYSE:GGP) last posted its earnings results on Tuesday, November 1st. The real estate investment trust reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $554.50 million for the quarter, compared to analyst estimates of $564.02 million. General Growth Properties had a return on equity of 15.19% and a net margin of 52.33%. During the same period in the previous year, the firm posted $0.33 earnings per share. On average, analysts anticipate that General Growth Properties will post $1.53 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 6th. Shareholders of record on Thursday, December 15th will be given a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 13th. This is an increase from General Growth Properties’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 3.46%. General Growth Properties’s dividend payout ratio (DPR) is currently 62.02%.
A number of institutional investors have recently bought and sold shares of GGP. Iowa State Bank purchased a new position in General Growth Properties during the second quarter valued at approximately $122,000. Checchi Capital Advisers LLC increased its position in General Growth Properties by 25.7% in the second quarter. Checchi Capital Advisers LLC now owns 5,206 shares of the real estate investment trust’s stock valued at $155,000 after buying an additional 1,066 shares in the last quarter. Advisor Group Inc. purchased a new position in General Growth Properties during the second quarter valued at approximately $184,000. Global X Management Co. LLC increased its position in General Growth Properties by 47.2% in the second quarter. Global X Management Co. LLC now owns 6,236 shares of the real estate investment trust’s stock valued at $186,000 after buying an additional 1,999 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in General Growth Properties during the third quarter valued at approximately $202,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.
General Growth Properties Company Profile
General Growth Properties, Inc (GGP) is a self-administered and self-managed real estate investment trust (REIT). The Company operates through operation, development and management of retail and other rental properties segment. It is engaged in owning and operating retail properties to communities, retailers, employees, consumers and shareholders.