Seritage Growth Properties (SRG) Receives Consensus Recommendation of “Sell” from Brokerages

Shares of Seritage Growth Properties (NYSE:SRG) have received an average broker rating score of 4.00 (Sell) from the two brokers that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong sell rating and one has given a hold rating to the company.

Analysts have set a 12 month consensus target price of $43.00 for the company and are expecting that the company will post $0.49 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Seritage Growth Properties an industry rank of 190 out of 265 based on the ratings given to its competitors.

A number of research analysts recently weighed in on the stock. Boenning Scattergood set a $38.00 price objective on shares of Seritage Growth Properties and gave the company a “sell” rating in a report on Friday, December 15th. Zacks Investment Research cut shares of Seritage Growth Properties from a “hold” rating to a “strong sell” rating in a report on Thursday, November 23rd.

Seritage Growth Properties (NYSE:SRG) opened at $41.09 on Friday. The company has a quick ratio of 4.22, a current ratio of 4.22 and a debt-to-equity ratio of 0.96. The firm has a market cap of $1,424.29, a P/E ratio of -29.56 and a beta of 1.03. Seritage Growth Properties has a twelve month low of $38.49 and a twelve month high of $50.00.

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 11th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend is Thursday, December 28th. Seritage Growth Properties’s dividend payout ratio (DPR) is presently -71.94%.

In other news, Director Salle Benoit La purchased 24,300 shares of the stock in a transaction on Tuesday, October 31st. The stock was bought at an average price of $1.45 per share, for a total transaction of $35,235.00. Also, major shareholder Bruce R. Berkowitz sold 772,200 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 528,498 shares of the company’s stock, valued at approximately $21,515,153.58. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 110,750 shares of company stock valued at $187,062 and have sold 1,105,700 shares valued at $44,883,455. Insiders own 9.78% of the company’s stock.

Several large investors have recently modified their holdings of SRG. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Seritage Growth Properties by 27.9% during the 2nd quarter. Hotchkis & Wiley Capital Management LLC now owns 2,476,490 shares of the financial services provider’s stock worth $103,889,000 after buying an additional 539,848 shares during the last quarter. Eagle Asset Management Inc. lifted its position in shares of Seritage Growth Properties by 38.0% during the 2nd quarter. Eagle Asset Management Inc. now owns 1,331,200 shares of the financial services provider’s stock worth $55,843,000 after buying an additional 366,325 shares during the last quarter. FMR LLC lifted its position in shares of Seritage Growth Properties by 6,962.9% during the 2nd quarter. FMR LLC now owns 353,568 shares of the financial services provider’s stock worth $14,833,000 after buying an additional 348,562 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Seritage Growth Properties by 20.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 933,958 shares of the financial services provider’s stock worth $39,179,000 after buying an additional 161,295 shares during the last quarter. Finally, Fairholme Capital Management LLC lifted its position in shares of Seritage Growth Properties by 3.8% during the 2nd quarter. Fairholme Capital Management LLC now owns 3,807,150 shares of the financial services provider’s stock worth $159,710,000 after buying an additional 140,200 shares during the last quarter. Institutional investors and hedge funds own 78.00% of the company’s stock.

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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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