General Growth Properties Inc. (GGP) Upgraded to Buy at Sandler O’Neill
General Growth Properties Inc. (NYSE:GGP) was upgraded by analysts at Sandler O’Neill to a “buy” rating in a report released on Friday.
GGP has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of General Growth Properties from a “sell” rating to a “hold” rating in a research report on Thursday, August 18th. Barclays PLC boosted their price objective on shares of General Growth Properties from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 19th. Credit Suisse Group AG reiterated an “outperform” rating and set a $33.00 price objective (up previously from $32.00) on shares of General Growth Properties in a research report on Wednesday, August 3rd. Hilliard Lyons began coverage on shares of General Growth Properties in a research report on Wednesday, August 31st. They set a “neutral” rating on the stock. Finally, BMO Capital Markets reiterated a “buy” rating and set a $32.00 price objective on shares of General Growth Properties in a research report on Tuesday, August 2nd. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $33.47.
Shares of General Growth Properties (NYSE:GGP) opened at 26.00 on Friday. The company’s 50 day moving average is $27.97 and its 200-day moving average is $28.86. General Growth Properties has a 52 week low of $24.43 and a 52 week high of $32.10. The stock has a market capitalization of $22.97 billion, a PE ratio of 36.21 and a beta of 1.02.
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General Growth Properties (NYSE:GGP) last released its earnings results on Monday, August 1st. The real estate investment trust reported $0.35 EPS for the quarter, missing the consensus estimate 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 company earned $574.60 million during the quarter, compared to analysts’ expectations of $577.90 million. During the same period last year, the firm posted $0.33 EPS. General Growth Properties’s quarterly revenue was down .9% compared to the same quarter last year. On average, equities analysts predict that General Growth Properties will post $1.53 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, October 14th will be paid a dividend of $0.20 per share. This is a boost from General Growth Properties’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.08%. General Growth Properties’s dividend payout ratio (DPR) is presently 111.11%.
In other news, CFO Michael B. Berman sold 189,474 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $29.15, for a total transaction of $5,523,167.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John K. Haley sold 3,400 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $30.96, for a total transaction of $105,264.00. Following the sale, the director now directly owns 46,873 shares in the company, valued at approximately $1,451,188.08. The disclosure for this sale can be found here. Insiders own 40.70% of the company’s stock.
Several large investors have recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its stake in shares of General Growth Properties by 21.7% in the third quarter. Nisa Investment Advisors LLC now owns 74,583 shares of the real estate investment trust’s stock worth $2,058,000 after buying an additional 13,323 shares during the last quarter. Capstone Asset Management Co. boosted its stake in shares of General Growth Properties by 3.1% in the third quarter. Capstone Asset Management Co. now owns 46,845 shares of the real estate investment trust’s stock worth $1,293,000 after buying an additional 1,420 shares during the last quarter. Creative Planning boosted its stake in shares of General Growth Properties by 7.6% in the third quarter. Creative Planning now owns 26,562 shares of the real estate investment trust’s stock worth $733,000 after buying an additional 1,869 shares during the last quarter. Macquarie Group Ltd. boosted its stake in shares of General Growth Properties by 38.1% in the second quarter. Macquarie Group Ltd. now owns 1,652,116 shares of the real estate investment trust’s stock worth $49,266,000 after buying an additional 456,180 shares during the last quarter. Finally, Williams Jones & Associates LLC purchased a new stake in shares of General Growth Properties during the second quarter worth approximately $531,000. 95.02% of the stock is currently owned by institutional investors and hedge funds.
General Growth Properties Company Profile
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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