Seritage Growth Properties (NYSE:SRG) has been assigned a $38.00 price target by equities research analysts at Boenning Scattergood in a research report issued on Friday. The firm currently has a “sell” rating on the financial services provider’s stock. Boenning Scattergood’s price target suggests a potential downside of 4.38% from the company’s previous close.
The analysts wrote, “We estimate that the deal would largely bridge our identified potential funding shortfall though proceeds could also simply be used to pay down the outstanding ESL loan. We continue to rate SRG Underperform due to the uncertainties around its biggest tenant Sears as well as the stock’s large relative NAV premium. Key Points: Sources & Uses Update – Following the announced sale of its 50% interest in five Simon Property Group Inc. (SPG-$165.63-Outperform) assets, our last analysis indicated that the company’s funding shortfall declined to approximately $80 million. Our analysis assumes that the ESL facility that officially matures at the end of 2017 is fully utilized and is rolled over indefinitely. The company has raised approximately $140 million of capital this quarter from SPG JV interest sale and preferred equity raise.””
Separately, Zacks Investment Research lowered Seritage Growth Properties from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 23rd.
In related news, major shareholder Bruce R. Berkowitz sold 772,200 shares of Seritage Growth Properties stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $40.71, for a total transaction of $31,436,262.00. Following the completion of the sale, the insider now owns 528,498 shares of the company’s stock, valued at $21,515,153.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Salle Benoit La acquired 24,300 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were acquired at an average cost of $1.45 per share, with a total value of $35,235.00. In the last three months, insiders have purchased 110,750 shares of company stock valued at $187,062 and have sold 1,105,700 shares valued at $44,883,455. 9.78% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AXA raised its position in Seritage Growth Properties by 334.5% during the third quarter. AXA now owns 134,700 shares of the financial services provider’s stock valued at $6,206,000 after purchasing an additional 103,700 shares in the last quarter. California Public Employees Retirement System raised its position in Seritage Growth Properties by 9.3% during the third quarter. California Public Employees Retirement System now owns 32,364 shares of the financial services provider’s stock valued at $1,491,000 after purchasing an additional 2,764 shares in the last quarter. Janney Capital Management LLC purchased a new stake in Seritage Growth Properties during the third quarter valued at about $249,000. Jane Street Group LLC raised its position in Seritage Growth Properties by 124.7% during the third quarter. Jane Street Group LLC now owns 11,541 shares of the financial services provider’s stock valued at $532,000 after purchasing an additional 6,405 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its position in Seritage Growth Properties by 7.3% during the third quarter. Asset Management One Co. Ltd. now owns 51,739 shares of the financial services provider’s stock valued at $2,397,000 after purchasing an additional 3,511 shares in the last quarter. Institutional investors and hedge funds own 78.00% of the company’s stock.
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.
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