Credit Agricole S A boosted its position in Seritage Growth Properties (NYSE:SRG) by 12.7% during the first quarter, Holdings Channel reports. The fund owned 19,015 shares of the financial services provider’s stock after buying an additional 2,147 shares during the period. Credit Agricole S A’s holdings in Seritage Growth Properties were worth $821,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in SRG. State Street Corp increased its stake in Seritage Growth Properties by 6.7% in the fourth quarter. State Street Corp now owns 780,720 shares of the financial services provider’s stock worth $33,343,000 after buying an additional 48,974 shares during the last quarter. XL Group Investments Ltd increased its stake in Seritage Growth Properties by 11.9% in the first quarter. XL Group Investments Ltd now owns 682,629 shares of the financial services provider’s stock worth $29,455,000 after buying an additional 72,790 shares during the last quarter. Wells Fargo & Company MN increased its stake in Seritage Growth Properties by 99.1% in the first quarter. Wells Fargo & Company MN now owns 314,695 shares of the financial services provider’s stock worth $13,578,000 after buying an additional 156,621 shares during the last quarter. Force Capital Management LLC increased its stake in Seritage Growth Properties by 4.9% in the fourth quarter. Force Capital Management LLC now owns 271,516 shares of the financial services provider’s stock worth $11,596,000 after buying an additional 12,668 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Seritage Growth Properties by 28.1% in the first quarter. JPMorgan Chase & Co. now owns 259,233 shares of the financial services provider’s stock worth $11,186,000 after buying an additional 56,830 shares during the last quarter. Institutional investors and hedge funds own 86.43% of the company’s stock.
Shares of Seritage Growth Properties (SRG) opened at 42.28 on Tuesday. Seritage Growth Properties has a one year low of $38.49 and a one year high of $51.99. The company has a 50-day moving average price of $40.52 and a 200 day moving average price of $42.87. The firm’s market capitalization is $1.44 billion.
Seritage Growth Properties (NYSE:SRG) last released its quarterly earnings results on Thursday, May 4th. The financial services provider reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.13. The firm had revenue of $65.40 million during the quarter, compared to analyst estimates of $67.42 million. Seritage Growth Properties had a negative net margin of 25.12% and a negative return on equity of 4.36%. Analysts expect that Seritage Growth Properties will post $2.33 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 13th. Shareholders of record on Friday, June 30th will be given a $0.25 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.37%. Seritage Growth Properties’s dividend payout ratio (DPR) is presently -50.76%.
A number of analysts have recently commented on SRG shares. Zacks Investment Research downgraded Seritage Growth Properties from a “buy” rating to a “hold” rating in a report on Thursday, May 4th. Royal Bank Of Canada restated a “hold” rating and set a $48.00 price objective on shares of Seritage Growth Properties in a report on Friday, May 5th.
In other news, major shareholder Bruce R. Berkowitz purchased 31,200 shares of Seritage Growth Properties stock in a transaction on Friday, May 26th. The shares were purchased at an average cost of $39.69 per share, for a total transaction of $1,238,328.00. Following the completion of the transaction, the insider now directly owns 35,850 shares in the company, valued at $1,422,886.50. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Bruce R. Berkowitz purchased 20,000 shares of Seritage Growth Properties stock in a transaction on Wednesday, March 29th. The stock was purchased at an average price of $42.84 per share, for a total transaction of $856,800.00. Following the completion of the transaction, the insider now owns 35,850 shares of the company’s stock, valued at $1,535,814. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 429,800 shares of company stock worth $17,324,121. Company insiders own 9.78% of the company’s stock.
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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