Seritage Growth Properties (NYSE:SRG) has been given a $38.00 target price by stock analysts at Boenning Scattergood in a note issued to investors on Friday. The firm presently has a “sell” rating on the financial services provider’s stock. Boenning Scattergood’s price target suggests a potential downside of 4.38% from the stock’s current price. Boenning Scattergood also issued estimates for Seritage Growth Properties’ Q2 2018 earnings at $0.53 EPS, Q3 2018 earnings at $0.50 EPS, Q4 2018 earnings at $0.53 EPS and FY2018 earnings at $2.09 EPS.
The analysts wrote, “We estimate that the deal would largely bridge our identified potential funding shortfall though proceeds could also simply be used to pay down the outstanding ESL loan. We continue to rate SRG Underperform due to the uncertainties around its biggest tenant Sears as well as the stock’s large relative NAV premium. Key Points: Sources & Uses Update – Following the announced sale of its 50% interest in five Simon Property Group Inc. (SPG-$165.63-Outperform) assets, our last analysis indicated that the company’s funding shortfall declined to approximately $80 million. Our analysis assumes that the ESL facility that officially matures at the end of 2017 is fully utilized and is rolled over indefinitely. The company has raised approximately $140 million of capital this quarter from SPG JV interest sale and preferred equity raise.””
Separately, Zacks Investment Research lowered shares of Seritage Growth Properties from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 11th.
In other news, major shareholder Bruce R. Berkowitz sold 772,200 shares of the business’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $40.71, for a total transaction of $31,436,262.00. Following the sale, the insider now directly owns 528,498 shares of the company’s stock, valued at $21,515,153.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Bruce R. Berkowitz sold 18,600 shares of the business’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $40.04, for a total transaction of $744,744.00. Following the sale, the insider now directly owns 568,598 shares in the company, valued at $22,766,663.92. The disclosure for this sale can be found here. Over the last three months, insiders have bought 110,750 shares of company stock worth $187,062 and have sold 1,105,700 shares worth $44,883,455. 9.78% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of SRG. Teachers Advisors LLC boosted its holdings in Seritage Growth Properties by 2.9% in the first quarter. Teachers Advisors LLC now owns 42,722 shares of the financial services provider’s stock valued at $1,843,000 after purchasing an additional 1,198 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Seritage Growth Properties by 3.1% in the first quarter. Dimensional Fund Advisors LP now owns 59,363 shares of the financial services provider’s stock valued at $2,561,000 after purchasing an additional 1,800 shares during the last quarter. First Trust Advisors LP boosted its holdings in Seritage Growth Properties by 32.8% in the second quarter. First Trust Advisors LP now owns 10,950 shares of the financial services provider’s stock valued at $459,000 after purchasing an additional 2,704 shares during the last quarter. Rhumbline Advisers boosted its holdings in Seritage Growth Properties by 1.9% in the second quarter. Rhumbline Advisers now owns 31,400 shares of the financial services provider’s stock valued at $1,317,000 after purchasing an additional 577 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Seritage Growth Properties in the second quarter valued at $117,000. 78.00% of the stock is currently owned by institutional investors.
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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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