General Growth Properties, Inc. (GGP) Short Interest Up 8.9% in October
General Growth Properties, Inc. (NYSE:GGP) was the recipient of a large growth in short interest during the month of October. As of October 13th, there was short interest totalling 69,470,088 shares, a growth of 8.9% from the September 29th total of 63,773,175 shares. Currently, 12.5% of the company’s shares are sold short. Based on an average daily trading volume, of 4,224,790 shares, the short-interest ratio is presently 16.4 days.
A number of hedge funds have recently added to or reduced their stakes in GGP. OppenheimerFunds Inc. lifted its holdings in General Growth Properties by 29.5% in the first quarter. OppenheimerFunds Inc. now owns 14,120 shares of the real estate investment trust’s stock valued at $327,000 after buying an additional 3,217 shares during the period. PNC Financial Services Group Inc. lifted its holdings in General Growth Properties by 3.2% in the first quarter. PNC Financial Services Group Inc. now owns 31,652 shares of the real estate investment trust’s stock valued at $733,000 after buying an additional 976 shares during the period. Renaissance Technologies LLC lifted its holdings in General Growth Properties by 90.9% in the first quarter. Renaissance Technologies LLC now owns 849,500 shares of the real estate investment trust’s stock valued at $19,691,000 after buying an additional 404,500 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in General Growth Properties in the first quarter valued at $195,000. Finally, Gotham Asset Management LLC acquired a new position in General Growth Properties in the first quarter valued at $256,000. Institutional investors and hedge funds own 95.36% of the company’s stock.
Shares of General Growth Properties (NYSE GGP) opened at 19.46 on Wednesday. General Growth Properties has a 52 week low of $18.86 and a 52 week high of $27.10. The company’s 50-day moving average price is $21.03 and its 200 day moving average price is $22.18. The firm has a market cap of $17.14 billion, a P/E ratio of 16.33 and a beta of 0.77.
General Growth Properties (NYSE:GGP) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.22). The business had revenue of $555.80 million during the quarter, compared to the consensus estimate of $576.75 million. General Growth Properties had a return on equity of 13.57% and a net margin of 50.01%. During the same period in the prior year, the firm earned $0.35 EPS. On average, equities analysts anticipate that General Growth Properties will post $0.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 15th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 4.52%. General Growth Properties’s payout ratio is 73.95%.
GGP has been the topic of a number of recent research reports. J P Morgan Chase & Co upgraded General Growth Properties from a “neutral” rating to an “overweight” rating and set a $25.00 price objective on the stock in a research report on Tuesday, September 26th. Sandler O’Neill lowered General Growth Properties from a “buy” rating to a “hold” rating and decreased their price objective for the company from $31.00 to $24.00 in a research report on Thursday, August 3rd. Zacks Investment Research upgraded General Growth Properties from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Stifel Nicolaus initiated coverage on General Growth Properties in a research report on Friday, July 14th. They issued a “buy” rating and a $27.00 price objective on the stock. Finally, BMO Capital Markets started coverage on General Growth Properties in a research report on Monday, September 11th. They issued a “market perform” rating and a $22.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $24.82.
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About General Growth Properties
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.
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