General Growth Properties, Inc. (GGP) Short Interest Update
General Growth Properties, Inc. (NYSE:GGP) was the recipient of a large growth in short interest in October. As of October 13th, there was short interest totalling 69,470,088 shares, a growth of 8.9% from the September 29th total of 63,773,175 shares. Currently, 12.5% of the company’s stock are sold short. Based on an average daily volume of 4,224,790 shares, the short-interest ratio is currently 16.4 days.
A number of analysts have commented on GGP shares. Stifel Nicolaus started coverage on General Growth Properties in a report on Friday, July 14th. They set a “buy” rating and a $27.00 price objective for the company. Citigroup Inc. decreased their price objective on General Growth Properties from $30.00 to $27.50 and set a “buy” rating for the company in a report on Monday, August 14th. Royal Bank Of Canada reissued a “buy” rating and set a $28.00 price objective on shares of General Growth Properties in a report on Friday, August 4th. Zacks Investment Research raised General Growth Properties from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Finally, Sandler O’Neill lowered General Growth Properties from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $31.00 to $24.00 in a report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $24.82.
General Growth Properties (NYSE GGP) opened at 19.95 on Friday. The stock has a 50 day moving average price of $21.13 and a 200-day moving average price of $22.24. General Growth Properties has a 52 week low of $19.80 and a 52 week high of $27.10. The stock has a market cap of $17.58 billion, a P/E ratio of 16.74 and a beta of 0.77.
General Growth Properties (NYSE:GGP) last announced its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.22). The firm had revenue of $555.80 million for the quarter, compared to the consensus estimate of $576.75 million. General Growth Properties had a net margin of 50.01% and a return on equity of 13.57%. During the same period last year, the business earned $0.35 EPS. On average, equities analysts anticipate that General Growth Properties will post $0.56 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, October 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 4.41%. The ex-dividend date is Thursday, October 12th. General Growth Properties’s dividend payout ratio (DPR) is currently 73.95%.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its position in shares of General Growth Properties by 3.2% during the first quarter. PNC Financial Services Group Inc. now owns 31,652 shares of the real estate investment trust’s stock valued at $733,000 after acquiring an additional 976 shares in the last quarter. OppenheimerFunds Inc. increased its position in shares of General Growth Properties by 29.5% during the first quarter. OppenheimerFunds Inc. now owns 14,120 shares of the real estate investment trust’s stock valued at $327,000 after acquiring an additional 3,217 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of General Growth Properties during the first quarter valued at approximately $195,000. OLD Mutual Customised Solutions Proprietary Ltd. bought a new stake in shares of General Growth Properties during the first quarter valued at approximately $204,000. Finally, Gotham Asset Management LLC purchased a new stake in General Growth Properties in the first quarter worth approximately $256,000. 95.19% of the stock is owned by institutional investors.
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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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