Seritage Growth Properties (NYSE:SRG) major shareholder Bruce R. Berkowitz purchased 123,500 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The shares were acquired at an average cost of $40.83 per share, with a total value of $5,042,505.00. Following the completion of the acquisition, the insider now directly owns 35,850 shares in the company, valued at $1,463,755.50. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.
Seritage Growth Properties (NYSE:SRG) traded up 2.06% on Friday, reaching $39.70. The company’s stock had a trading volume of 289,299 shares. The company’s market cap is $1.35 billion. The stock’s 50 day moving average price is $41.72 and its 200 day moving average price is $43.82. Seritage Growth Properties has a 12 month low of $38.49 and a 12 month high of $51.99.
Seritage Growth Properties (NYSE:SRG) last posted its quarterly earnings data on Thursday, May 4th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by $0.13. Seritage Growth Properties had a negative return on equity of 2.67% and a negative net margin of 16.77%. The company had revenue of $65.40 million for the quarter, compared to the consensus estimate of $67.42 million. Equities research analysts forecast that Seritage Growth Properties will post $2.33 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 13th. Shareholders of record on Friday, June 30th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.52%. The ex-dividend date is Wednesday, June 28th. Seritage Growth Properties’s dividend payout ratio is presently -76.92%.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in Seritage Growth Properties by 3,339.8% in the first quarter. BlackRock Inc. now owns 2,488,552 shares of the financial services provider’s stock valued at $107,381,000 after buying an additional 2,416,207 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Seritage Growth Properties by 823.3% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 1,936,642 shares of the financial services provider’s stock valued at $83,566,000 after buying an additional 1,726,892 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Seritage Growth Properties by 17.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 840,303 shares of the financial services provider’s stock valued at $42,587,000 after buying an additional 125,980 shares in the last quarter. State Street Corp increased its stake in Seritage Growth Properties by 4.4% in the first quarter. State Street Corp now owns 815,071 shares of the financial services provider’s stock valued at $35,171,000 after buying an additional 34,351 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in Seritage Growth Properties during the third quarter valued at $39,238,000. 80.22% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently commented on SRG. Zacks Investment Research cut Seritage Growth Properties from a “hold” rating to a “sell” rating in a research note on Thursday, May 11th. Royal Bank of Canada reissued a “hold” rating and issued a $48.00 target price on shares of Seritage Growth Properties in a research note on Monday, May 15th.
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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