Published On: Sun, Sep 11th, 2016

General Growth Properties’ (GGP) “Buy” Rating Reiterated at BMO Capital Markets

General Growth Properties Inc. (NYSE:GGP)‘s stock had its “buy” rating reiterated by stock analysts at BMO Capital Markets in a research note issued on Tuesday. They currently have a $32.00 price objective on the real estate investment trust’s stock. BMO Capital Markets’ target price points to a potential upside of 13.84% from the company’s previous close.
Several other research firms have also recently weighed in on GGP. Barclays PLC increased their price objective on General Growth Properties from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 19th. Bank of America Corp. reissued a “buy” rating on shares of General Growth Properties in a research report on Monday, May 2nd. Mizuho started coverage on General Growth Properties in a research report on Wednesday, April 13th. They issued a “buy” rating and a $33.00 price objective for the company. Zacks Investment Research raised General Growth Properties from a “sell” rating to a “hold” rating in a research report on Tuesday, April 19th. Finally, Citigroup Inc. reissued a “buy” rating on shares of General Growth Properties in a research report on Thursday, June 30th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. General Growth Properties presently has a consensus rating of “Buy” and an average price target of $33.47.
General Growth Properties (NYSE:GGP) traded down 3.83% during midday trading on Tuesday, reaching $28.11. 4,380,729 shares of the company traded hands. The company has a market cap of $24.83 billion, a price-to-earnings ratio of 39.15 and a beta of 1.07. General Growth Properties has a 12-month low of $24.43 and a 12-month high of $32.10. The company has a 50-day moving average price of $30.15 and a 200-day moving average price of $29.05.

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General Growth Properties (NYSE:GGP) last posted its quarterly earnings data on Monday, August 1st. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by $0.01. General Growth Properties had a net margin of 28.84% and a return on equity of 8.65%. The business earned $574.60 million during the quarter, compared to the consensus estimate of $577.90 million. During the same period in the prior year, the company posted $0.33 earnings per share. The firm’s revenue was down .9% compared to the same quarter last year. On average, analysts predict that General Growth Properties will post $1.53 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, October 14th will be given a dividend of $0.20 per share. This is a positive change from General Growth Properties’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.80 annualized dividend and a dividend yield of 2.85%. General Growth Properties’s payout ratio is 105.56%.
In other General Growth Properties news, Director John K. Haley sold 3,400 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $30.96, for a total transaction of $105,264.00. Following the transaction, the director now owns 46,873 shares of the company’s stock, valued at approximately $1,451,188.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael B. Berman sold 189,474 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $29.15, for a total value of $5,523,167.10. The disclosure for this sale can be found here. Company insiders own 40.70% of the company’s stock.
Several hedge funds and institutional investors recently bought and sold shares of GGP. Resolution Capital Ltd raised its position in General Growth Properties by 32.0% in the second quarter. Resolution Capital Ltd now owns 4,548,827 shares of the real estate investment trust’s stock valued at $135,646,000 after buying an additional 1,103,865 shares during the period. Capital Fund Management S.A. raised its position in General Growth Properties by 765.8% in the second quarter. Capital Fund Management S.A. now owns 250,060 shares of the real estate investment trust’s stock valued at $7,457,000 after buying an additional 221,177 shares during the period. Retirement Systems of Alabama raised its position in General Growth Properties by 0.8% in the second quarter. Retirement Systems of Alabama now owns 297,175 shares of the real estate investment trust’s stock valued at $8,862,000 after buying an additional 2,409 shares during the period. Conning Inc. increased its position in shares of General Growth Properties by 2.8% in the second quarter. Conning Inc. now owns 13,673 shares of the real estate investment trust’s stock valued at $408,000 after buying an additional 370 shares in the last quarter. Finally, PGGM Investments increased its position in shares of General Growth Properties by 7.3% in the second quarter. PGGM Investments now owns 14,742,682 shares of the real estate investment trust’s stock valued at $439,627,000 after buying an additional 1,000,000 shares in the last quarter. 95.35% of the stock is currently owned by hedge funds and other institutional investors.
General Growth Properties Company Profile
General Growth Properties, Inc (GGP) is a self-administered and self-managed real estate investment trust (REIT). The Company operates through operation, development and management of retail and other rental properties segment. It is engaged in owning and operating retail properties to communities, retailers, employees, consumers and shareholders.

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