General Growth Properties Inc. (GGP) Stock Rating Upgraded by Zacks Investment Research
General Growth Properties Inc. (NYSE:GGP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “For General Growth Properties, lately estimates have remained stable. The company reported third-quarter 2016 adjusted funds from operations (FFO) per share of $0.35, which came in line with the Zacks Consensus Estimate. In mid-September, the company and Simon Property, together with brand development company Authentic Brands Group announced the finalization of the acquisition of the apparel and accessories brand, Aeropostale. This marked a noble way for mall landlords to retain the top-performing malls and avoid bulk store closures resulting from any liquidation move of Aeropostale. Also, the solid tenant base and portfolio repositioning moves are expected to boost its growth in future. Further, the company raised its quarterly dividend payout, which is encouraging. But, pressure on top-line growth, rise in online sales, stiff competition and any hike in interest rate remain concerns.”
Other research analysts have also issued reports about the company. Deutsche Bank AG upped their price target on General Growth Properties from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, August 17th. BMO Capital Markets reissued a “buy” rating and set a $32.00 price target on shares of General Growth Properties in a research report on Tuesday, August 2nd. Citigroup Inc. upped their target price on General Growth Properties from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, August 8th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $33.00 target price (up from $32.00) on shares of General Growth Properties in a research report on Wednesday, August 3rd. Finally, Barclays PLC upped their target price on General Growth Properties from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 18th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $32.87.
General Growth Properties (NYSE:GGP) opened at 25.41 on Tuesday. The company’s 50-day moving average price is $25.53 and its 200 day moving average price is $28.12. The firm has a market capitalization of $22.49 billion, a price-to-earnings ratio of 19.70 and a beta of 0.86. General Growth Properties has a 52-week low of $23.89 and a 52-week high of $32.10.
General Growth Properties (NYSE:GGP) last posted its quarterly earnings results on Tuesday, November 1st. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by $0.01. The business had revenue of $554.50 million for the quarter, compared to analyst estimates of $564.02 million. General Growth Properties had a net margin of 52.33% and a return on equity of 15.19%. During the same period in the previous year, the firm posted $0.33 earnings per share. Equities research analysts predict that General Growth Properties will post $1.53 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 6th. Investors of record on Thursday, December 15th will be paid a dividend of $0.22 per share. This is an increase from General Growth Properties’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $0.88 annualized dividend and a yield of 3.46%. General Growth Properties’s dividend payout ratio is presently 62.02%.
A number of hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its stake in shares of General Growth Properties by 1.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 21,865,021 shares of the real estate investment trust’s stock valued at $603,475,000 after buying an additional 285,123 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in shares of General Growth Properties during the third quarter worth approximately $2,082,000. Adelante Capital Management LLC increased its stake in shares of General Growth Properties by 17.4% in the third quarter. Adelante Capital Management LLC now owns 1,601,800 shares of the real estate investment trust’s stock worth $44,210,000 after buying an additional 237,219 shares in the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of General Growth Properties by 21.1% in the third quarter. Ameritas Investment Partners Inc. now owns 13,960 shares of the real estate investment trust’s stock worth $385,000 after buying an additional 2,436 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of General Growth Properties during the third quarter worth approximately $341,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.
About General Growth Properties
General Growth Properties, Inc (GGP) is a self-administered and self-managed real estate investment trust (REIT). The Company operates through operation, development and management of retail and other rental properties segment. It is engaged in owning and operating retail properties to communities, retailers, employees, consumers and shareholders.
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