General Growth Properties Inc. (GGP) Stock Rating Upgraded by Sandler O’Neill
General Growth Properties Inc. (NYSE:GGP) was upgraded by Sandler O’Neill to a “buy” rating in a research note issued to investors on Friday.
Several other research analysts also recently weighed in on the stock. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $35.00 target price on shares of General Growth Properties in a research note on Wednesday. Hilliard Lyons began coverage on shares of General Growth Properties in a research note on Wednesday, August 31st. They issued a “neutral” rating for the company. BTIG Research began coverage on shares of General Growth Properties in a research note on Thursday, August 25th. They set 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 research note on Thursday, August 18th. Finally, Barclays PLC increased 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 research note on Thursday, August 18th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $33.47.
General Growth Properties (NYSE:GGP) opened at 26.00 on Friday. The stock has a market cap of $22.97 billion, a price-to-earnings ratio of 36.21 and a beta of 1.02. The firm’s 50 day moving average price is $27.97 and its 200 day moving average price is $28.86. General Growth Properties has a 12 month low of $24.43 and a 12 month high of $32.10.
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General Growth Properties (NYSE:GGP) last announced its earnings results on Monday, August 1st. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by $0.01. The firm earned $574.60 million during the quarter, compared to analysts’ expectations of $577.90 million. General Growth Properties had a net margin of 28.84% and a return on equity of 8.65%. General Growth Properties’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the company posted $0.33 earnings per share. On average, equities research analysts predict that General Growth Properties will post $1.53 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, October 14th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Wednesday, October 12th. This is a boost from General Growth Properties’s previous quarterly dividend of $0.19. General Growth Properties’s dividend payout ratio (DPR) is 111.11%.
In related news, CFO Michael B. Berman sold 189,474 shares of the stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $29.15, for a total value of $5,523,167.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sandeep Mathrani sold 400,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 680,356 shares in the company, valued at approximately $20,179,358.96. The disclosure for this sale can be found here. 40.70% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. HBK Investments L P purchased a new stake in General Growth Properties during the first quarter worth $3,643,000. Geode Capital Management LLC boosted its position in General Growth Properties by 2.4% in the first quarter. Geode Capital Management LLC now owns 5,740,835 shares of the real estate investment trust’s stock valued at $170,391,000 after buying an additional 135,820 shares during the last quarter. Sentry Investments Corp. boosted its position in General Growth Properties by 11.7% in the first quarter. Sentry Investments Corp. now owns 1,217,849 shares of the real estate investment trust’s stock valued at $36,207,000 after buying an additional 127,550 shares during the last quarter. AXA boosted its position in General Growth Properties by 3.4% in the first quarter. AXA now owns 335,078 shares of the real estate investment trust’s stock valued at $9,962,000 after buying an additional 11,067 shares during the last quarter. Finally, Pictet Asset Management Ltd. boosted its position in General Growth Properties by 1.8% in the first quarter. Pictet Asset Management Ltd. now owns 308,265 shares of the real estate investment trust’s stock valued at $8,484,000 after buying an additional 5,400 shares during the last quarter. 95.02% of the stock is currently owned by institutional investors and hedge funds.
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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