Governors Lane LP grew its holdings in Seritage Growth Properties (NYSE:SRG) by 86.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 567,093 shares of the financial services provider’s stock after purchasing an additional 263,000 shares during the quarter. Governors Lane LP owned about 1.60% of Seritage Growth Properties worth $22,945,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in SRG. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Seritage Growth Properties by 14.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 2,835,452 shares of the financial services provider’s stock worth $130,629,000 after purchasing an additional 358,962 shares during the last quarter. FMR LLC lifted its position in Seritage Growth Properties by 6,962.9% in the second quarter. FMR LLC now owns 353,568 shares of the financial services provider’s stock valued at $14,833,000 after acquiring an additional 348,562 shares during the last quarter. Lee Danner & Bass Inc. acquired a new position in Seritage Growth Properties in the fourth quarter valued at $8,578,000. AXA increased its stake in Seritage Growth Properties by 334.5% in the third quarter. AXA now owns 134,700 shares of the financial services provider’s stock valued at $6,206,000 after purchasing an additional 103,700 shares during the period. Finally, Eagle Asset Management Inc. increased its stake in Seritage Growth Properties by 4.7% in the third quarter. Eagle Asset Management Inc. now owns 1,393,206 shares of the financial services provider’s stock valued at $62,958,000 after purchasing an additional 62,006 shares during the period. 89.63% of the stock is currently owned by institutional investors and hedge funds.
In related news, major shareholder Bruce R. Berkowitz sold 60,000 shares of the firm’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $40.35, for a total transaction of $2,421,000.00. Following the completion of the sale, the insider now directly owns 528,498 shares of the company’s stock, valued at approximately $21,324,894.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Edward S. Lampert purchased 77,638 shares of the stock in a transaction that occurred on Friday, March 2nd. The shares were purchased at an average cost of $36.17 per share, with a total value of $2,808,166.46. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 1,038,800 shares of company stock worth $42,258,449. 9.78% of the stock is currently owned by insiders.
Shares of Seritage Growth Properties (NYSE:SRG) traded down $0.83 on Thursday, hitting $35.25. 439,907 shares of the company traded hands, compared to its average volume of 549,127. The company has a quick ratio of 4.22, a current ratio of 5.07 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $1,250.00 and a P/E ratio of -16.17. Seritage Growth Properties has a fifty-two week low of $35.22 and a fifty-two week high of $50.00.
The business also recently declared a quarterly dividend, which will be paid on Thursday, April 12th. Shareholders of record on Friday, March 30th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend is Wednesday, March 28th. Seritage Growth Properties’s dividend payout ratio is currently -45.87%.
A number of research analysts have commented on SRG shares. Boenning Scattergood set a $38.00 price objective on shares of Seritage Growth Properties and gave the company a “sell” rating in a research note on Tuesday, November 21st. Zacks Investment Research lowered shares of Seritage Growth Properties from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 23rd.
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About Seritage Growth Properties
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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