Insider Selling: General Growth Properties major shareholder Unloads 2,971 Shares of Stock (GGP)
General Growth Properties (NYSE:GGP) major shareholder Abu Dhabi Investment Authority sold 2,971 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $24.48, for a total value of $72,730.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.
Shares of General Growth Properties (NYSE:GGP) traded up 0.33% during mid-day trading on Wednesday, hitting $24.53. 2,173,560 shares of the company’s stock traded hands. General Growth Properties has a 1-year low of $18.67 and a 1-year high of $24.65. The stock has a 50-day moving average of $23.95 and a 200-day moving average of $23.19. The company has a market cap of $21.679 billion and a price-to-earnings ratio of 58.08.
General Growth Properties (NYSE:GGP) last posted its quarterly earnings results on Monday, July 28th. The company reported $0.31 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.01. The company had revenue of $617.62 million for the quarter, compared to the consensus estimate of $606.60 million. During the same quarter last year, the company posted $0.27 earnings per share. General Growth Properties’s revenue was up 3.0% compared to the same quarter last year. Analysts expect that General Growth Properties will post $1.32 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, October 31st. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Friday, October 10th. This is a positive change from General Growth Properties’s previous quarterly dividend of $0.15.
GGP has been the subject of a number of recent research reports. Analysts at Deutsche Bank raised their price target on shares of General Growth Properties from $26.00 to $27.00 in a research note on Tuesday, August 5th. They now have a “buy” rating on the stock. Separately, analysts at Stifel Nicolaus reiterated a “buy” rating on shares of General Growth Properties in a research note on Tuesday, July 29th. They now have a $26.00 price target on the stock, up previously from $25.00. Finally, analysts at Barclays raised their price target on shares of General Growth Properties from $27.00 to $28.00 in a research note on Monday, July 21st. They now have an “overweight” rating on the stock. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. General Growth Properties presently has an average rating of “Buy” and a consensus target price of $24.89.
General Growth Properties, Inc is a real estate investment trust (NYSE:GGP).
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