GGP (GGP) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of GGP (NYSE:GGP) from a hold rating to a sell rating in a report released on Tuesday morning.

According to Zacks, “Shares of GGP have underperformed the industry it belongs to, in the past six months. Notably, mall traffic continues to suffer amid rapid shift in customers’ shopping preferences and patterns, with online purchases growing by leaps and bounds. These have made the retailers reconsider their footprint and eventually opt for store closures in recent times. This has emerged as a pressing concern for retail REIT like GGP, as the trend is curtailing demand for the retail real estate space considerably. Rate hike also add to its woes. Nevertheless, the company has a high-quality retail portfolio and a cluster of renowned tenants. Moreover, the company has made concerted efforts to support omni-channel retailing, which is a positive.”

Other research analysts also recently issued research reports about the stock. Boenning Scattergood set a $35.00 price objective on shares of GGP and gave the company a buy rating in a research note on Wednesday, December 6th. Stifel Nicolaus reaffirmed a buy rating and set a $24.00 price objective on shares of GGP in a research note on Wednesday, November 1st. SunTrust Banks set a $26.00 price objective on shares of GGP and gave the company a buy rating in a research note on Tuesday, October 31st. BMO Capital Markets set a $22.00 price objective on shares of GGP and gave the company a hold rating in a research note on Tuesday, October 31st. Finally, JPMorgan Chase & Co. raised shares of GGP from a neutral rating to an overweight rating and set a $25.00 price objective for the company in a research note on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. GGP has a consensus rating of Hold and a consensus target price of $25.33.

GGP (NYSE:GGP) traded down $0.04 during midday trading on Tuesday, hitting $23.19. 5,357,815 shares of the stock were exchanged, compared to its average volume of 4,359,189. GGP has a one year low of $18.83 and a one year high of $25.91. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a market cap of $21,930.00, a P/E ratio of 32.66, a P/E/G ratio of 2.57 and a beta of 0.86.

The company also recently announced a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Friday, December 15th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend was Thursday, December 14th. GGP’s payout ratio is currently 123.94%.

Large investors have recently modified their holdings of the company. Tredje AP fonden grew its holdings in shares of GGP by 13.3% during the 3rd quarter. Tredje AP fonden now owns 59,621 shares of the real estate investment trust’s stock worth $1,238,000 after purchasing an additional 7,007 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of GGP by 34.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 85,600 shares of the real estate investment trust’s stock worth $2,002,000 after purchasing an additional 22,000 shares during the period. Toronto Dominion Bank grew its holdings in shares of GGP by 25.6% during the 2nd quarter. Toronto Dominion Bank now owns 197,789 shares of the real estate investment trust’s stock worth $4,659,000 after purchasing an additional 40,266 shares during the period. Nationwide Fund Advisors grew its holdings in shares of GGP by 117.8% during the 3rd quarter. Nationwide Fund Advisors now owns 415,514 shares of the real estate investment trust’s stock worth $8,630,000 after purchasing an additional 224,759 shares during the period. Finally, Gluskin Sheff & Assoc Inc. purchased a new stake in shares of GGP during the 2nd quarter worth about $24,573,000. Institutional investors and hedge funds own 95.98% of the company’s stock.

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GGP Company Profile

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.

Analyst Recommendations for GGP (NYSE:GGP)

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