Insider Selling: General Growth Properties major shareholder Sells 298,607 Shares of Stock (GGP)
General Growth Properties (NYSE:GGP) major shareholder Abu Dhabi Investment Authority unloaded 298,607 shares of the company’s stock on the open market in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $23.90, for a total value of $7,136,707.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.
A number of research firms have recently commented on GGP. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of General Growth Properties in a research note on Thursday, May 1st. They now have a $26.00 price target on the stock. Separately, analysts at Imperial Capital raised their price target on shares of General Growth Properties from $21.00 to $22.00 in a research note on Wednesday, April 30th. Finally, analysts at Oppenheimer raised their price target on shares of General Growth Properties from $23.00 to $26.00 in a research note on Tuesday, April 29th. They now have an “outperform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $24.29.
Shares of General Growth Properties (NYSE:GGP) remained flat at $23.77 during during mid-day trading trading on Tuesday. The stock had a trading volume of 507,270 shares. General Growth Properties has a 52 week low of $18.67 and a 52 week high of $24.35. The stock has a 50-day moving average of $23.61 and a 200-day moving average of $21.95. The company has a market cap of $21.304 billion and a price-to-earnings ratio of 52.01.
General Growth Properties (NYSE:GGP) last announced its earnings results on Monday, April 28th. The company reported $0.31 earnings per share for the quarter, missing the analysts’ consensus estimate of $30.00 by $29.69. During the same quarter last year, the company posted $0.25 earnings per share. Analysts expect that General Growth Properties will post $1.32 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, July 31st. Shareholders of record on Tuesday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.52%. The ex-dividend date is Friday, July 11th.
General Growth Properties, Inc is a real estate investment trust (NYSE:GGP).
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.