Seritage Growth Properties (NYSE:SRG) Upgraded by Zacks Investment Research to Buy
Seritage Growth Properties (NYSE:SRG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The brokerage presently has a $53.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.98% from the company’s previous close.
According to Zacks, “Seritage Growth Properties is a self-administered, self-managed REIT primarily engaged in the real property business through its operating partnership, Seritage Growth Properties, L.P. Seritage Growth Properties is based in HOFFMAN ESTATES, United States. “
Several other equities analysts have also commented on SRG. BidaskClub raised shares of Seritage Growth Properties from a “sell” rating to a “hold” rating in a research report on Wednesday. Boenning Scattergood set a $38.00 price objective on shares of Seritage Growth Properties and gave the company a “sell” rating in a research report on Tuesday. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Seritage Growth Properties in a research report on Monday, May 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $46.33.
Seritage Growth Properties (NYSE:SRG) opened at 46.50 on Friday. The stock’s market capitalization is $1.58 billion. The firm has a 50-day moving average of $45.32 and a 200 day moving average of $43.26. Seritage Growth Properties has a one year low of $38.49 and a one year high of $51.88.
In related news, major shareholder Bruce R. Berkowitz acquired 149,300 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The stock was purchased at an average cost of $39.49 per share, with a total value of $5,895,857.00. Following the transaction, the insider now directly owns 35,850 shares of the company’s stock, valued at approximately $1,415,716.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Bruce R. Berkowitz acquired 4,300 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The stock was bought at an average cost of $38.75 per share, with a total value of $166,625.00. Following the completion of the transaction, the insider now directly owns 35,850 shares in the company, valued at $1,389,187.50. The disclosure for this purchase can be found here. Insiders purchased a total of 184,800 shares of company stock valued at $7,300,810 over the last ninety days. 9.78% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in SRG. SG Americas Securities LLC bought a new position in shares of Seritage Growth Properties during the second quarter valued at approximately $117,000. FMR LLC acquired a new position in Seritage Growth Properties during the first quarter worth about $216,000. CIBC World Markets Inc. acquired a new position in Seritage Growth Properties during the second quarter worth about $326,000. First Trust Advisors LP raised its position in Seritage Growth Properties by 2.6% in the first quarter. First Trust Advisors LP now owns 8,246 shares of the financial services provider’s stock worth $356,000 after buying an additional 212 shares in the last quarter. Finally, Blair William & Co. IL acquired a new position in Seritage Growth Properties during the second quarter worth about $346,000. 86.27% of the stock is owned by hedge funds and other institutional investors.
About Seritage Growth Properties
Seritage Growth Properties (Seritage) is a self-administered and self-managed real estate investment trust. The Company is engaged in the acquisition, ownership, development, redevelopment, management and leasing of diversified retail real estate throughout the United States. Its assets are held by and its operations are primarily conducted through, directly or indirectly, Seritage Growth Properties, L.P.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Seritage Growth Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seritage Growth Properties and related companies with MarketBeat.com's FREE daily email newsletter.