Zacks: Brokerages Expect Gramercy Property Trust (GPT) Will Announce Earnings of $0.55 Per Share
Wall Street brokerages predict that Gramercy Property Trust (NYSE:GPT) will report earnings of $0.55 per share for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Gramercy Property Trust’s earnings, with estimates ranging from $0.51 to $0.59. Gramercy Property Trust posted earnings per share of $0.54 in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.9%. The company is expected to report its next quarterly earnings results on Wednesday, November 1st.
According to Zacks, analysts expect that Gramercy Property Trust will report full year earnings of $2.09 per share for the current fiscal year, with EPS estimates ranging from $2.06 to $2.18. For the next financial year, analysts forecast that the firm will report earnings of $2.24 per share, with EPS estimates ranging from $2.19 to $2.29. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Gramercy Property Trust.
Gramercy Property Trust (NYSE:GPT) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by $0.02. The firm had revenue of $131.40 million for the quarter, compared to the consensus estimate of $136.30 million. Gramercy Property Trust had a return on equity of 0.81% and a net margin of 4.35%. The company’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 EPS.
A number of research analysts recently issued reports on GPT shares. BidaskClub upgraded shares of Gramercy Property Trust from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. TheStreet upgraded shares of Gramercy Property Trust from a “c+” rating to a “b-” rating in a research note on Monday, June 12th. Compass Point reiterated a “buy” rating and issued a $34.00 price target (up previously from $30.00) on shares of Gramercy Property Trust in a research note on Monday, June 19th. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Gramercy Property Trust in a research note on Wednesday, August 2nd. Finally, Zacks Investment Research downgraded shares of Gramercy Property Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $33.50.
In related news, President Benjamin P. Harris sold 5,000 shares of Gramercy Property Trust stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $29.68, for a total value of $148,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas L. Pell sold 11,350 shares of Gramercy Property Trust stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $29.53, for a total transaction of $335,165.50. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Gramercy Property Trust by 1,126.6% in the first quarter. BlackRock Inc. now owns 12,215,404 shares of the real estate investment trust’s stock worth $321,267,000 after buying an additional 11,219,518 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Gramercy Property Trust by 145,835.3% in the second quarter. Victory Capital Management Inc. now owns 1,265,259 shares of the real estate investment trust’s stock worth $37,591,000 after buying an additional 1,264,392 shares during the last quarter. Uniplan Investment Counsel Inc. bought a new stake in Gramercy Property Trust during the first quarter worth $30,731,000. Prudential Financial Inc. boosted its stake in Gramercy Property Trust by 425.9% in the second quarter. Prudential Financial Inc. now owns 868,760 shares of the real estate investment trust’s stock worth $25,811,000 after buying an additional 703,579 shares during the last quarter. Finally, APG Asset Management US Inc. boosted its stake in Gramercy Property Trust by 38.9% in the second quarter. APG Asset Management US Inc. now owns 2,142,097 shares of the real estate investment trust’s stock worth $63,642,000 after buying an additional 600,000 shares during the last quarter. 82.65% of the stock is currently owned by institutional investors.
Gramercy Property Trust (NYSE GPT) traded down 1.00% on Monday, hitting $29.81. 744,083 shares of the company traded hands. The stock’s 50-day moving average is $30.07 and its 200 day moving average is $28.16. The firm has a market capitalization of $4.53 billion, a P/E ratio of 283.90 and a beta of 0.58. Gramercy Property Trust has a 12 month low of $24.09 and a 12 month high of $31.19.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a $0.375 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.50 dividend on an annualized basis and a yield of 5.03%. Gramercy Property Trust’s dividend payout ratio is currently 1,666.85%.
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About Gramercy Property Trust
Gramercy Property Trust is a real estate investment trust (REIT), which is an investor and asset manager of commercial real estate. The Company’s operating segments include Investments/Corporate and Asset Management. The Investments/Corporate segment includes all of its activities related to the investment and ownership of commercial properties located throughout the United States and Europe.
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