Seritage Growth Properties (NYSE:SRG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, May 4th.

According to Zacks, “Seritage Growth Properties is a self-administered, self-managed REIT primarily engaged in the real property business through its operating partnership, Seritage Growth Properties, L.P. Seritage Growth Properties is based in HOFFMAN ESTATES, United States. “

Shares of Seritage Growth Properties (NYSE:SRG) opened at 38.81 on Thursday. Seritage Growth Properties has a 12 month low of $38.49 and a 12 month high of $51.99. The company has a 50-day moving average of $41.80 and a 200 day moving average of $43.87. The company’s market cap is $1.32 billion.

Seritage Growth Properties (NYSE:SRG) last posted its quarterly earnings results on Thursday, May 4th. The financial services provider reported $0.48 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $67.42 million. On average, analysts anticipate that Seritage Growth Properties will post $2.33 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 13th. Stockholders of record on Friday, June 30th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 2.57%. Seritage Growth Properties’s dividend payout ratio is presently -76.92%.

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In related news, major shareholder Bruce R. Berkowitz purchased 53,200 shares of Seritage Growth Properties stock in a transaction dated Monday, March 13th. The shares were acquired at an average price of $45.55 per share, for a total transaction of $2,423,260.00. Following the acquisition, the insider now directly owns 35,850 shares in the company, valued at $1,632,967.50. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Bruce R. Berkowitz purchased 149,300 shares of Seritage Growth Properties stock in a transaction dated Tuesday, May 16th. The shares were bought at an average price of $39.49 per share, for a total transaction of $5,895,857.00. Following the acquisition, the insider now owns 35,850 shares in the company, valued at $1,415,716.50. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 467,500 shares of company stock worth $19,228,828. Insiders own 10.18% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Greylin Investment Mangement Inc. increased its stake in shares of Seritage Growth Properties by 0.6% in the third quarter. Greylin Investment Mangement Inc. now owns 29,025 shares of the financial services provider’s stock worth $1,471,000 after buying an additional 175 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Seritage Growth Properties by 2.6% in the first quarter. First Trust Advisors LP now owns 8,246 shares of the financial services provider’s stock worth $356,000 after buying an additional 212 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Seritage Growth Properties by 2.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 9,409 shares of the financial services provider’s stock worth $402,000 after buying an additional 250 shares during the last quarter. Gabelli Funds LLC increased its stake in shares of Seritage Growth Properties by 9.1% in the fourth quarter. Gabelli Funds LLC now owns 6,000 shares of the financial services provider’s stock worth $256,000 after buying an additional 500 shares during the last quarter. Finally, Great West Life Assurance Co. Can increased its stake in shares of Seritage Growth Properties by 5.8% in the first quarter. Great West Life Assurance Co. Can now owns 14,402 shares of the financial services provider’s stock worth $621,000 after buying an additional 786 shares during the last quarter. 80.22% of the stock is owned by hedge funds and other institutional investors.

Seritage Growth Properties Company Profile

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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