Seritage Growth Properties (NYSE:SRG) – Stock analysts at Boenning Scattergood decreased their Q2 2018 earnings estimates for shares of Seritage Growth Properties in a research report issued to clients and investors on Thursday. Boenning Scattergood analyst F. Van. Dijkum now expects that the financial services provider will post earnings per share of $0.44 for the quarter, down from their prior estimate of $0.53. Boenning Scattergood has a “Sell” rating on the stock. Boenning Scattergood also issued estimates for Seritage Growth Properties’ Q3 2018 earnings at $0.44 EPS, Q4 2018 earnings at $0.48 EPS, Q1 2019 earnings at $0.52 EPS, Q2 2019 earnings at $0.54 EPS, Q3 2019 earnings at $0.51 EPS, Q4 2019 earnings at $0.56 EPS and FY2019 earnings at $2.14 EPS.
Separately, Zacks Investment Research cut shares of Seritage Growth Properties from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 23rd.
A number of hedge funds have recently made changes to their positions in the stock. Hotchkis & Wiley Capital Management LLC increased its position in Seritage Growth Properties by 14.5% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 2,835,452 shares of the financial services provider’s stock worth $130,629,000 after acquiring an additional 358,962 shares during the period. Gates Capital Management Inc. increased its position in Seritage Growth Properties by 63.9% during the fourth quarter. Gates Capital Management Inc. now owns 1,488,688 shares of the financial services provider’s stock worth $60,232,000 after acquiring an additional 580,154 shares during the period. Eagle Asset Management Inc. increased its position in Seritage Growth Properties by 1.3% during the fourth quarter. Eagle Asset Management Inc. now owns 1,411,759 shares of the financial services provider’s stock worth $57,082,000 after acquiring an additional 18,553 shares during the period. The Manufacturers Life Insurance Company increased its position in Seritage Growth Properties by 17.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,074,808 shares of the financial services provider’s stock worth $43,487,000 after acquiring an additional 162,113 shares during the period. Finally, Carillon Tower Advisers Inc. bought a new position in Seritage Growth Properties during the fourth quarter worth $41,778,000. 89.63% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Edward S. Lampert bought 77,638 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The shares were acquired at an average price of $36.17 per share, with a total value of $2,808,166.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bruce R. Berkowitz sold 99,700 shares of the business’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $40.99, for a total transaction of $4,086,703.00. Following the transaction, the insider now directly owns 318,098 shares in the company, valued at approximately $13,038,837.02. The disclosure for this sale can be found here. Insiders have sold 978,800 shares of company stock worth $39,837,449 in the last ninety days. 9.78% of the stock is currently owned by insiders.
The business also recently announced a quarterly dividend, which will be paid on Thursday, April 12th. Investors of record on Friday, March 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Wednesday, March 28th. Seritage Growth Properties’s dividend payout ratio (DPR) is currently -45.87%.
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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