Today: The Seritage Growth Properties (SRG) Now Covered by Analysts at Wells Fargo & Co.

The Seritage Growth Properties (SRG) Now Covered by Analysts at Wells Fargo & Co.

Wells Fargo & Co. started coverage on shares of Seritage Growth Properties (NYSE:SRG) in a research report released on Tuesday morning. The brokerage issued an outperform rating on the stock.

SRG has been the topic of several other reports. RBC Capital Markets initiated coverage on shares of Seritage Growth Properties in a research report on Tuesday, September 6th. They issued a top pick rating and a $72.00 target price on the stock. Zacks Investment Research raised shares of Seritage Growth Properties from a sell rating to a strong-buy rating and set a $57.00 target price on the stock in a research report on Thursday, September 22nd. Finally, Royal Bank Of Canada initiated coverage on shares of Seritage Growth Properties in a research report on Tuesday, September 6th. They issued a top pick rating and a $72.00 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a buy rating and three have given a strong buy rating to the stock. Seritage Growth Properties currently has a consensus rating of Buy and an average target price of $59.75.

Shares of Seritage Growth Properties (NYSE:SRG) opened at 45.09 on Tuesday. Seritage Growth Properties has a 12 month low of $33.34 and a 12 month high of $57.31. The firm has a 50 day moving average of $48.34 and a 200-day moving average of $48.89. The stock’s market capitalization is $1.42 billion.

Seritage Growth Properties (NYSE:SRG) last released its earnings results on Thursday, August 4th. The company reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Seritage Growth Properties had a negative return on equity of 2.43% and a negative net margin of 15.85%. Analysts forecast that Seritage Growth Properties will post $2.33 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 13th. Shareholders of record on Friday, September 30th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, September 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.22%. Seritage Growth Properties’s dividend payout ratio (DPR) is -82.64%.

In other Seritage Growth Properties news, major shareholder Bruce R. Berkowitz sold 750 shares of Seritage Growth Properties stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $47.82, for a total transaction of $35,865.00. Following the transaction, the insider now directly owns 35,850 shares of the company’s stock, valued at $1,714,347. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Bruce R. Berkowitz purchased 10,000 shares of Seritage Growth Properties stock in a transaction on Wednesday, August 17th. The shares were acquired at an average cost of $46.65 per share, for a total transaction of $466,500.00. Following the completion of the transaction, the insider now owns 35,850 shares of the company’s stock, valued at $1,672,402.50. The disclosure for this purchase can be found here. Company insiders own 10.18% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in SRG. Eagle Asset Management Inc. boosted its position in Seritage Growth Properties by 32.6% in the third quarter. Eagle Asset Management Inc. now owns 1,094,558 shares of the company’s stock worth $55,472,000 after buying an additional 268,963 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Seritage Growth Properties by 46.5% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 15,188 shares of the company’s stock worth $770,000 after buying an additional 4,820 shares during the last quarter. Macquarie Group Ltd. purchased a new position in Seritage Growth Properties during the second quarter worth approximately $150,000. Great West Life Assurance Co. Can boosted its position in Seritage Growth Properties by 24.1% in the third quarter. Great West Life Assurance Co. Can now owns 13,172 shares of the company’s stock worth $667,000 after buying an additional 2,557 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in Seritage Growth Properties by 58.3% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,723 shares of the company’s stock worth $189,000 after buying an additional 1,371 shares during the last quarter. 75.86% of the stock is currently owned by hedge funds and other institutional investors.

Seritage Growth Properties Company Profile

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