Seritage Growth Properties (NYSE:SRG) Issues Earnings Results

Seritage Growth Properties (NYSE:SRG) released its quarterly earnings data on Friday. The financial services provider reported ($0.13) EPS for the quarter, Zacks reports. Seritage Growth Properties had a negative return on equity of 23.03% and a negative net margin of 487.58%.

Seritage Growth Properties Stock Performance

Shares of SRG stock traded up $0.01 during trading on Friday, reaching $2.29. The company had a trading volume of 172,699 shares, compared to its average volume of 241,919. The firm’s 50 day simple moving average is $2.55 and its two-hundred day simple moving average is $2.72. Seritage Growth Properties has a one year low of $2.25 and a one year high of $4.56. The company has a debt-to-equity ratio of 0.16, a current ratio of 18.47 and a quick ratio of 18.47. The company has a market capitalization of $128.70 million, a PE ratio of -1.59 and a beta of 2.21.

Hedge Funds Weigh In On Seritage Growth Properties

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its stake in shares of Seritage Growth Properties by 307.7% in the fourth quarter. Barclays PLC now owns 7,575 shares of the financial services provider’s stock worth $25,000 after buying an additional 5,717 shares during the last quarter. CIBC Asset Management Inc bought a new stake in shares of Seritage Growth Properties during the 4th quarter worth $34,000. Invesco Ltd. acquired a new position in Seritage Growth Properties in the 2nd quarter valued at $60,000. Bank of America Corp DE grew its stake in Seritage Growth Properties by 725.6% in the 3rd quarter. Bank of America Corp DE now owns 14,629 shares of the financial services provider’s stock valued at $62,000 after buying an additional 12,857 shares during the last quarter. Finally, Brevan Howard Capital Management LP raised its holdings in Seritage Growth Properties by 89.2% in the 2nd quarter. Brevan Howard Capital Management LP now owns 20,867 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 9,839 shares during the period. Institutional investors and hedge funds own 78.93% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on SRG shares. Weiss Ratings cut shares of Seritage Growth Properties from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 5th. Wall Street Zen upgraded shares of Seritage Growth Properties from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has an average rating of “Sell”.

Seritage Growth Properties Company Profile

Seritage Growth Properties is a publicly traded real estate investment trust (REIT) formed in 2015 as a spin-off from Sears Holdings. Headquartered in New York City, the company owns and operates a diversified portfolio of retail and mixed-use properties that were previously under the Sears and Kmart banners. Since its launch, Seritage has pursued a strategy of unlocking value through active asset management, redevelopment and strategic leasing.

The company’s core business activities include the acquisition and redevelopment of retail properties, negotiation of long-term lease agreements with national and regional tenants, and selective disposition of non-core assets.