GGP Inc (GGP) Lifted to “Hold” at Zacks Investment Research
GGP Inc (NYSE:GGP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “GGP came up with in-line first-quarter 2017 funds from operations (FFO) per share. The quarter reflected modest growth in same-store net operating income (NOI). The company has a high-quality retail portfolio and a cluster of renowned tenants, which is likely to generate decent cash flows. Moreover, it has made concerted efforts to support omni-channel retailing, which is a positive. Also, GGP remains committed to raising shareholder’s value through share repurchases and dividend payouts. However, shares of GGP underperformed the Zacks categorized REIT and Equity Trust – Retail industry in the last six months. Notably, mall traffic continues to suffer with online purchases growing by leaps and bounds. This is curtailing demand for the retail real estate space considerably. Rate hike is also a concern.”
GGP has been the subject of several other research reports. Barclays PLC boosted their price objective on GGP from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 8th. Royal Bank of Canada decreased their price objective on GGP from $29.00 to $28.00 and set an “outperform” rating for the company in a report on Monday, May 8th. Finally, ValuEngine upgraded GGP from a “hold” rating to a “buy” rating in a report on Thursday, May 11th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $31.18.
GGP (NYSE:GGP) traded up 1.253% during trading on Thursday, reaching $22.225. The company’s stock had a trading volume of 1,824,276 shares. GGP has a 12 month low of $21.05 and a 12 month high of $32.10. The stock has a market cap of $19.66 billion, a PE ratio of 17.780 and a beta of 0.81. The company’s 50-day moving average is $22.76 and its 200-day moving average is $24.35.
GGP (NYSE:GGP) last released its quarterly earnings data on Monday, May 1st. The real estate investment trust reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.25. The firm had revenue of $566.33 million for the quarter, compared to the consensus estimate of $561.66 million. GGP had a net margin of 54.91% and a return on equity of 15.52%. The company’s revenue was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.40 EPS. Equities analysts expect that GGP will post $0.57 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Thursday, July 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, July 11th. This represents a $0.88 annualized dividend and a dividend yield of 4.01%. GGP’s payout ratio is 66.17%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fusion Family Wealth LLC bought a new position in shares of GGP during the fourth quarter valued at about $101,000. Iowa State Bank bought a new position in shares of GGP during the second quarter valued at about $122,000. Checchi Capital Advisers LLC boosted its position in shares of GGP by 25.7% in the second quarter. Checchi Capital Advisers LLC now owns 5,206 shares of the real estate investment trust’s stock valued at $155,000 after buying an additional 1,066 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of GGP during the fourth quarter valued at about $141,000. Finally, Global X Management Co. LLC boosted its position in shares of GGP by 47.2% in the second quarter. Global X Management Co. LLC now owns 6,236 shares of the real estate investment trust’s stock valued at $186,000 after buying an additional 1,999 shares during the last quarter. 91.15% of the stock is currently owned by institutional investors.
GGP Company Profile
GGP Inc (GGP), formerly General Growth Properties, Inc, is a self-administered and self-managed real estate investment trust (REIT). The Company operates as a holding company, which is engaged in the operation, development and management of retail and other rental properties, primarily regional malls.
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