General Growth Properties, Inc. (GGP) Short Interest Update
General Growth Properties, Inc. (NYSE:GGP) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 59,448,386 shares, an increase of 9.1% from the August 15th total of 54,514,063 shares. Approximately 9.5% of the company’s stock are sold short. Based on an average daily volume of 4,767,321 shares, the short-interest ratio is currently 12.5 days.
A number of large investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in General Growth Properties by 2,204.0% in the 1st quarter. BlackRock Inc. now owns 53,382,888 shares of the real estate investment trust’s stock valued at $1,237,416,000 after acquiring an additional 51,065,960 shares during the period. Morgan Stanley raised its holdings in General Growth Properties by 27.8% in the 1st quarter. Morgan Stanley now owns 20,801,466 shares of the real estate investment trust’s stock valued at $482,178,000 after acquiring an additional 4,522,511 shares during the period. JPMorgan Chase & Co. raised its holdings in General Growth Properties by 55.9% in the 1st quarter. JPMorgan Chase & Co. now owns 8,073,066 shares of the real estate investment trust’s stock valued at $187,133,000 after acquiring an additional 2,894,391 shares during the period. Vanguard Group Inc. raised its holdings in General Growth Properties by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 84,148,460 shares of the real estate investment trust’s stock valued at $1,950,561,000 after acquiring an additional 1,257,355 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in General Growth Properties by 87.6% in the 1st quarter. Alliancebernstein L.P. now owns 2,644,866 shares of the real estate investment trust’s stock valued at $61,308,000 after acquiring an additional 1,234,895 shares during the period. Institutional investors and hedge funds own 95.32% of the company’s stock.
General Growth Properties (GGP) opened at 21.82 on Friday. The company has a market capitalization of $19.22 billion, a price-to-earnings ratio of 18.31 and a beta of 0.75. General Growth Properties has a 1-year low of $20.31 and a 1-year high of $28.90. The stock has a 50 day moving average price of $21.46 and a 200-day moving average price of $22.74.
General Growth Properties (NYSE:GGP) last issued its 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 firm had revenue of $555.80 million during the quarter, compared to analyst estimates of $576.75 million. During the same quarter last year, the business posted $0.35 earnings per share. Equities analysts predict that General Growth Properties will post $0.57 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, October 13th will be paid a $0.22 dividend. The ex-dividend date is Thursday, October 12th. This represents a $0.88 annualized dividend and a yield of 4.03%. General Growth Properties’s dividend payout ratio (DPR) is currently 73.95%.
A number of analysts recently issued reports on GGP shares. Mizuho cut General Growth Properties from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $30.00 to $24.50 in a research report on Tuesday, May 30th. ValuEngine cut General Growth Properties from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Barclays PLC reduced their price objective on General Growth Properties from $25.00 to $24.00 and set an “equal weight” rating for the company in a research report on Friday, June 9th. BidaskClub raised General Growth Properties from a “sell” rating to a “hold” rating in a research report on Saturday, June 17th. Finally, Goldman Sachs Group, Inc. (The) cut General Growth Properties from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $23.00 to $22.00 in a research report on Tuesday, June 20th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $25.92.
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About General Growth Properties
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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