Gramercy Property Trust PT Raised to $7.50 (GPT)
Equities research analysts at Compass Point raised their price objective on shares of Gramercy Property Trust (NYSE:GPT) from $6.50 to $7.50 in a research note issued to investors on Tuesday, StockRatingsNetwork.com reports. The firm currently has a “buy” rating on the stock. Compass Point’s target price indicates a potential upside of 30.21% from the company’s current price.
The analysts wrote, “GPT also recognized the full incentive fee, $12M, from the prior asset management agreement in conjunction with the renewal,” the report said. “While we had expected GPT and KBS to eventually renew the asset management agreement, asset management fees are an important source of revenue for GPT and the earlier than expected renewal takes the risk of losing that income stream off the table.” Some highlights from the report included: -”We are decreasing our 2013 AFFO estimate to $0.05 from $0.07 and increasing our 2014 and 2015 AFFO estimates to $0.36 and $0.48 from $0.25 and $0.47, respectively.”
Gramercy Property Trust (NYSE:GPT) traded up 1.30% on Tuesday, hitting $5.835. The stock had a trading volume of 98,378 shares. Gramercy Property Trust has a 1-year low of $2.92 and a 1-year high of $5.80. The stock has a 50-day moving average of $5.20 and a 200-day moving average of $4.64. The company has a market cap of $415.7 million and a P/E ratio of 1.41.
Gramercy Property Trust (NYSE:GPT) last announced its earnings results on Thursday, November 7th. The company reported $0.04 earnings per share (EPS) for the quarter.
Separately, analysts at CJS Securities initiated coverage on shares of Gramercy Property Trust in a research note to investors on Tuesday, December 10th. They set an “outperform” rating on the stock.
Gramercy Property Trust Inc, formerly Gramercy Capital Corp., is an integrated, self-managed real estate investment and asset management company.
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