General Growth Properties, Inc. (GGP) Expected to Announce Quarterly Sales of $588.82 Million
Equities analysts predict that General Growth Properties, Inc. (NYSE:GGP) will report $588.82 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for General Growth Properties’ earnings, with estimates ranging from $584.01 million to $594.20 million. General Growth Properties reported sales of $554.49 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.2%. The company is expected to issue its next earnings report on Monday, October 30th.
According to Zacks, analysts expect that General Growth Properties will report full-year sales of $588.82 million for the current year, with estimates ranging from $2.35 billion to $2.42 billion. For the next financial year, analysts forecast that the company will report sales of $2.50 billion per share, with estimates ranging from $2.45 billion to $2.55 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for General Growth Properties.
General Growth Properties (NYSE:GGP) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.22. General Growth Properties had a net margin of 50.01% and a return on equity of 13.57%. The business had revenue of $555.80 million during the quarter, compared to analyst estimates of $576.75 million. During the same period last year, the firm posted $0.35 earnings per share.
A number of brokerages have recently weighed in on GGP. Sandler O’Neill lowered General Growth Properties from a “buy” rating to a “hold” rating and cut their price objective for the stock from $31.00 to $24.00 in a research report on Thursday, August 3rd. Royal Bank Of Canada reiterated a “buy” rating and issued a $28.00 price objective on shares of General Growth Properties in a research report on Friday. Zacks Investment Research upgraded General Growth Properties from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Mizuho lowered General Growth Properties from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $30.00 to $24.50 in a research report on Tuesday, May 30th. Finally, Barclays PLC cut their price objective on General Growth Properties from $25.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Friday, June 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. General Growth Properties has an average rating of “Hold” and a consensus target price of $28.12.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. purchased a new position in General Growth Properties during the first quarter worth approximately $195,000. Perigon Wealth Management LLC purchased a new position in General Growth Properties during the first quarter worth approximately $197,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new position in General Growth Properties during the first quarter worth approximately $204,000. Two Sigma Securities LLC purchased a new position in General Growth Properties during the first quarter worth approximately $211,000. Finally, Old Mutual Global Investors UK Ltd. purchased a new position in General Growth Properties during the first quarter worth approximately $213,000. Institutional investors own 92.65% of the company’s stock.
General Growth Properties (NYSE:GGP) opened at 22.78 on Tuesday. The firm has a market capitalization of $19.83 billion, a price-to-earnings ratio of 19.06 and a beta of 0.77. The firm has a 50-day moving average price of $23.47 and a 200 day moving average price of $23.55. General Growth Properties has a 52 week low of $21.05 and a 52 week high of $31.34.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, October 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend is Thursday, October 12th. General Growth Properties’s payout ratio is presently 73.95%.
General Growth Properties 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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