SunTrust Banks, Inc. set a $26.00 target price on General Growth Properties, Inc. (NYSE:GGP) in a research report sent to investors on Tuesday morning. The firm currently has a buy rating on the real estate investment trust’s stock.
Several other research firms have also issued reports on GGP. J P Morgan Chase & Co raised General Growth Properties from a neutral rating to an overweight rating and set a $25.00 price target for the company in a research report on Tuesday, September 26th. Sandler O’Neill downgraded General Growth Properties from a buy rating to a hold rating and reduced their price objective for the stock from $31.00 to $24.00 in a report on Thursday, August 3rd. Zacks Investment Research upgraded General Growth Properties from a sell rating to a hold rating in a report on Thursday, August 3rd. Stifel Nicolaus assumed coverage on General Growth Properties in a report on Friday, July 14th. They issued a buy rating and a $27.00 price objective for the company. Finally, Boenning Scattergood set a $35.00 price objective on General Growth Properties and gave the stock a buy rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $25.46.
General Growth Properties (NYSE:GGP) remained flat at $19.46 during mid-day trading on Tuesday. The company’s stock had a trading volume of 5,342,439 shares. The company has a market cap of $17.14 billion, a price-to-earnings ratio of 16.33 and a beta of 0.77. General Growth Properties has a 12 month low of $18.86 and a 12 month high of $27.10. The firm’s 50-day moving average is $21.03 and its 200-day moving average is $22.18.
General Growth Properties (NYSE:GGP) last posted its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.22). The company had revenue of $555.80 million during the quarter, compared to analysts’ expectations of $576.75 million. General Growth Properties had a return on equity of 13.57% and a net margin of 50.01%. During the same period in the prior year, the firm earned $0.35 EPS. On average, equities analysts anticipate that General Growth Properties will post $0.56 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 15th will be issued a $0.22 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.88 dividend on an annualized basis and a yield of 4.52%. General Growth Properties’s dividend payout ratio is presently 73.95%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. purchased a new position in General Growth Properties in the 1st quarter worth approximately $195,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new position in General Growth Properties in the 1st quarter worth approximately $204,000. Gotham Asset Management LLC purchased a new position in General Growth Properties in the 1st quarter worth approximately $256,000. OppenheimerFunds Inc. lifted its holdings in General Growth Properties by 29.5% in the 1st quarter. OppenheimerFunds Inc. now owns 14,120 shares of the real estate investment trust’s stock worth $327,000 after purchasing an additional 3,217 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in General Growth Properties by 3.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 31,652 shares of the real estate investment trust’s stock worth $733,000 after purchasing an additional 976 shares in the last quarter. 95.36% of the stock is currently owned by institutional investors.
About General Growth Properties
GGP Inc (GGP), formerly General Growth Properties, Inc, is a self-administered and self-managed real estate investment trust (REIT). The Company operates as a holding company, which is engaged in the operation, development and management of retail and other rental properties, primarily regional malls.
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