Bank of America Corporation Lowers Gramercy Property Trust (GPT) to Underperform
Gramercy Property Trust (NYSE:GPT) was downgraded by research analysts at Bank of America Corporation from a “neutral” rating to an “underperform” rating in a report released on Wednesday, MarketBeat reports. They currently have a $30.00 target price on the real estate investment trust’s stock. Bank of America Corporation’s price objective would suggest a potential upside of 2.88% from the stock’s current price.
Several other equities analysts also recently weighed in on the company. BidaskClub downgraded Gramercy Property Trust from a “buy” rating to a “hold” rating in a research note on Monday, August 14th. TheStreet downgraded Gramercy Property Trust from a “b-” rating to a “c” rating in a research note on Tuesday, August 1st. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Gramercy Property Trust in a research note on Wednesday, August 2nd. Zacks Investment Research downgraded Gramercy Property Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, July 26th. Finally, JMP Securities downgraded Gramercy Property Trust from a “market outperform” rating to a “market perform” rating in a research note on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $32.00.
Gramercy Property Trust (NYSE GPT) traded up 0.86% during trading on Wednesday, reaching $29.16. The company’s stock had a trading volume of 429,865 shares. Gramercy Property Trust has a 52 week low of $24.09 and a 52 week high of $31.19. The firm has a market capitalization of $4.43 billion, a P/E ratio of 277.71 and a beta of 0.58. The firm has a 50-day moving average price of $29.69 and a 200-day moving average price of $28.40.
Gramercy Property Trust (NYSE:GPT) last released its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by $0.02. Gramercy Property Trust had a net margin of 4.35% and a return on equity of 0.81%. The firm had revenue of $131.40 million during the quarter, compared to analysts’ expectations of $136.30 million. During the same period in the previous year, the business earned $0.18 earnings per share. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. On average, equities analysts anticipate that Gramercy Property Trust will post ($0.11) EPS for the current fiscal year.
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In other Gramercy Property Trust news, President Benjamin P. Harris sold 5,000 shares of the firm’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $29.68, for a total transaction of $148,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas L. Pell sold 11,350 shares of the firm’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $29.53, for a total value of $335,165.50. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in GPT. Creative Planning acquired a new stake in Gramercy Property Trust during the first quarter valued at about $345,000. Palisade Capital Management LLC NJ acquired a new stake in Gramercy Property Trust during the first quarter valued at about $4,470,000. Hartford Investment Management Co. acquired a new stake in Gramercy Property Trust during the first quarter valued at about $4,905,000. Rehmann Capital Advisory Group acquired a new stake in Gramercy Property Trust during the first quarter valued at about $207,000. Finally, Strs Ohio acquired a new stake in Gramercy Property Trust during the first quarter valued at about $6,668,000. 87.02% of the stock is owned by institutional investors.
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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