Gramercy Property Trust (GPT) Plans Quarterly Dividend of $0.38
Gramercy Property Trust (NYSE:GPT) declared a quarterly dividend on Wednesday, November 1st, Wall Street Journal reports. Investors of record on Friday, December 29th will be given a dividend of 0.375 per share by the real estate investment trust on Friday, January 12th. This represents a $1.50 annualized dividend and a yield of 5.05%. The ex-dividend date is Thursday, December 28th.
Gramercy Property Trust has a payout ratio of 72.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Gramercy Property Trust to earn $2.20 per share next year, which means the company should continue to be able to cover its $1.50 annual dividend with an expected future payout ratio of 68.2%.
Gramercy Property Trust (NYSE:GPT) last posted its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.53 EPS for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.01). The business had revenue of $134.90 million for the quarter, compared to the consensus estimate of $135.45 million. Gramercy Property Trust had a net margin of 4.35% and a return on equity of 0.81%. Gramercy Property Trust’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.16 earnings per share.
A number of research analysts have recently weighed in on GPT shares. Zacks Investment Research lowered Gramercy Property Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, July 26th. ValuEngine upgraded Gramercy Property Trust from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Gramercy Property Trust in a research report on Friday, September 1st. Stifel Nicolaus restated a “buy” rating and set a $31.00 price objective on shares of Gramercy Property Trust in a research report on Tuesday, August 22nd. Finally, TheStreet lowered Gramercy Property Trust from a “b-” rating to a “c” rating in a research report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $31.25.
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In related news, President Benjamin P. Harris sold 9,000 shares of Gramercy Property Trust stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $30.50, for a total value of $274,500.00. Following the completion of the transaction, the president now owns 96,101 shares in the company, valued at $2,931,080.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.36% of the company’s stock.
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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