Insider Selling: Michael B. Berman Unloads 160,000 Shares of General Growth Properties Stock (GGP)
General Growth Properties (NYSE:GGP) CFO Michael B. Berman sold 160,000 shares of General Growth Properties stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $24.51, for a total transaction of $3,921,600.00. Following the transaction, the chief financial officer now directly owns 55,059 shares in the company, valued at approximately $1,349,496. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
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 analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $24.89.
General Growth Properties (NYSE:GGP) traded up 0.04% on Thursday, hitting $24.54. The stock had a trading volume of 1,849,274 shares. General Growth Properties has a 1-year low of $18.81 and a 1-year high of $24.72. The stock’s 50-day moving average is $23.97 and its 200-day moving average is $23.21. The company has a market cap of $21.688 billion and a P/E ratio of 58.27.
General Growth Properties (NYSE:GGP) last issued its quarterly earnings data on Monday, July 28th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.27 earnings per share. The company’s quarterly revenue was up 3.0% on a year-over-year basis. 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 Friday, October 31st. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.61%. The ex-dividend date is Friday, October 10th. This is a positive change from General Growth Properties’s previous quarterly dividend of $0.15.
General Growth Properties, Inc is a real estate investment trust (NYSE:GGP).
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