Morgan Stanley increased its position in Seritage Growth Properties (NYSE:SRG) by 74.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,946 shares of the financial services provider’s stock after buying an additional 137,498 shares during the period. Morgan Stanley owned about 0.96% of Seritage Growth Properties worth $13,892,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC increased its stake in Seritage Growth Properties by 823.3% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 1,936,642 shares of the financial services provider’s stock worth $83,566,000 after buying an additional 1,726,892 shares in the last quarter. 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 in 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 in 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 in the last quarter. Finally, Everett Capital Advisors UK LLP increased its stake in Seritage Growth Properties by 48.6% in the first quarter. Everett Capital Advisors UK LLP now owns 293,968 shares of the financial services provider’s stock worth $12,685,000 after buying an additional 96,100 shares in the last quarter. 86.41% of the stock is currently owned by institutional investors and hedge funds.
Shares of Seritage Growth Properties (NYSE:SRG) opened at 47.58 on Thursday. Seritage Growth Properties has a 52 week low of $38.49 and a 52 week high of $51.88. The firm’s market cap is $1.62 billion. The stock has a 50 day moving average of $42.18 and a 200 day moving average of $42.54.
Seritage Growth Properties (NYSE:SRG) last released its earnings results on Thursday, May 4th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by $0.13. The company had revenue of $65.40 million for the quarter, compared to analyst estimates of $67.42 million. Seritage Growth Properties had a negative return on equity of 4.36% and a negative net margin of 25.12%. Analysts anticipate that Seritage Growth Properties will post $2.33 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, July 13th. Stockholders of record on Friday, June 30th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Wednesday, June 28th. Seritage Growth Properties’s dividend payout ratio (DPR) is currently -50.76%.
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A number of equities research analysts have weighed in on SRG shares. Zacks Investment Research upgraded shares of Seritage Growth Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Boenning Scattergood set a $38.00 price target on shares of Seritage Growth Properties and gave the stock a “sell” rating in a research note on Monday. BidaskClub upgraded shares of Seritage Growth Properties from a “strong sell” rating to a “sell” rating in a research note on Sunday. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $48.00 price target on shares of Seritage Growth Properties in a research note on Friday, May 5th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $44.33.
In related news, major shareholder Bruce R. Berkowitz bought 123,500 shares of Seritage Growth Properties stock in a transaction dated Monday, May 8th. The shares were bought at an average cost of $40.83 per share, with a total value of $5,042,505.00. Following the acquisition, the insider now owns 35,850 shares in the company, valued at approximately $1,463,755.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bruce R. Berkowitz bought 31,200 shares of Seritage Growth Properties stock in a transaction dated Friday, May 26th. The shares were bought at an average cost of $39.69 per share, for a total transaction of $1,238,328.00. Following the completion of the acquisition, the insider now owns 35,850 shares in the company, valued at approximately $1,422,886.50. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 391,600 shares of company stock worth $15,702,921. 9.78% of the stock is currently owned by insiders.
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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