General Growth Properties Inc. (GGP) Receives Outperform Rating from Oppenheimer Holdings Inc.
General Growth Properties Inc. (NYSE:GGP)‘s stock had its “outperform” rating reissued by stock analysts at Oppenheimer Holdings Inc. in a research report issued on Wednesday. They currently have a $35.00 target price on the real estate investment trust’s stock. Oppenheimer Holdings Inc.’s price target would indicate a potential upside of 36.13% from the stock’s previous close.
A number of other analysts have also recently weighed in on the stock. Hilliard Lyons assumed coverage on shares of General Growth Properties in a research report on Wednesday, August 31st. They set a “neutral” rating for the company. BTIG Research began coverage on shares of General Growth Properties in a report on Thursday, August 25th. They issued a “buy” rating and a $35.00 price objective on the stock. Zacks Investment Research upgraded shares of General Growth Properties from a “sell” rating to a “hold” rating in a report on Thursday, August 18th. Barclays PLC upped their price objective on shares of General Growth Properties from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Thursday, August 18th. Finally, Deutsche Bank AG upped their price target on shares of General Growth Properties from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, August 17th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $33.47.
Shares of General Growth Properties (NYSE:GGP) traded up 1.548% during mid-day trading on Wednesday, hitting $25.905. The stock had a trading volume of 1,563,832 shares. General Growth Properties has a 12-month low of $24.43 and a 12-month high of $32.10. The stock has a market cap of $22.88 billion, a P/E ratio of 36.079 and a beta of 1.02. The company’s 50 day moving average price is $28.15 and its 200 day moving average price is $28.90.
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General Growth Properties (NYSE:GGP) last announced its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by $0.01. General Growth Properties had a return on equity of 8.65% and a net margin of 28.84%. The business had revenue of $574.60 million for the quarter, compared to analysts’ expectations of $577.90 million. During the same period last year, the company posted $0.33 earnings per share. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Equities research analysts predict that General Growth Properties will post $1.53 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, October 14th will be given a $0.20 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $0.80 annualized dividend and a yield of 3.11%. This is an increase from General Growth Properties’s previous quarterly dividend of $0.19. General Growth Properties’s dividend payout ratio (DPR) is presently 105.56%.
In other General Growth Properties news, CEO Sandeep Mathrani sold 400,000 shares of the firm’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $29.66, for a total transaction of $11,864,000.00. Following the transaction, the chief executive officer now directly owns 680,356 shares in the company, valued at approximately $20,179,358.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael B. Berman sold 189,474 shares of the firm’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $29.15, for a total value of $5,523,167.10. The disclosure for this sale can be found here. Company insiders own 40.70% of the company’s stock.
A number of institutional investors have recently modified their holdings of GGP. Vanguard Group Inc. boosted its position in shares of General Growth Properties by 3.9% in the second quarter. Vanguard Group Inc. now owns 80,558,533 shares of the real estate investment trust’s stock valued at $2,402,255,000 after buying an additional 3,023,640 shares during the period. Cohen & Steers Inc. boosted its position in shares of General Growth Properties by 8.9% in the second quarter. Cohen & Steers Inc. now owns 28,668,953 shares of the real estate investment trust’s stock valued at $854,908,000 after buying an additional 2,341,140 shares during the period. FMR LLC boosted its position in shares of General Growth Properties by 26.6% in the second quarter. FMR LLC now owns 24,334,941 shares of the real estate investment trust’s stock valued at $725,668,000 after buying an additional 5,110,913 shares during the period. Cbre Clarion Securities LLC boosted its position in shares of General Growth Properties by 4.1% in the second quarter. Cbre Clarion Securities LLC now owns 20,056,188 shares of the real estate investment trust’s stock valued at $598,076,000 after buying an additional 790,844 shares during the period. Finally, BlackRock Fund Advisors boosted its position in shares of General Growth Properties by 3.7% in the second quarter. BlackRock Fund Advisors now owns 18,055,996 shares of the real estate investment trust’s stock valued at $538,430,000 after buying an additional 642,925 shares during the period. Institutional investors and hedge funds own 95.02% of the company’s stock.
About General Growth Properties
General Growth Properties, Inc (GGP) is a self-administered and self-managed real estate investment trust (REIT). The Company operates through operation, development and management of retail and other rental properties segment. It is engaged in owning and operating retail properties to communities, retailers, employees, consumers and shareholders.
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