ValuEngine Downgrades Seritage Growth Properties (NYSE:SRG) to Hold

Seritage Growth Properties (NYSE:SRG) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Friday, June 7th, ValuEngine reports.

Shares of NYSE:SRG traded down $0.71 during midday trading on Friday, reaching $42.96. 316,335 shares of the company’s stock were exchanged, compared to its average volume of 168,778. Seritage Growth Properties has a 12 month low of $30.60 and a 12 month high of $51.89. The business has a 50 day moving average price of $43.28. The company has a debt-to-equity ratio of 1.42, a quick ratio of 7.62 and a current ratio of 7.62.

Seritage Growth Properties (NYSE:SRG) last announced its quarterly earnings results on Thursday, May 2nd. The financial services provider reported ($0.23) earnings per share (EPS) for the quarter. Seritage Growth Properties had a negative net margin of 44.31% and a negative return on equity of 7.53%. The firm had revenue of $43.86 million for the quarter.

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its stake in shares of Seritage Growth Properties by 28.6% in the third quarter. JPMorgan Chase & Co. now owns 357,542 shares of the financial services provider’s stock worth $16,980,000 after acquiring an additional 79,575 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Seritage Growth Properties by 18.4% in the fourth quarter. Bank of Montreal Can now owns 16,445 shares of the financial services provider’s stock worth $532,000 after acquiring an additional 2,557 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Seritage Growth Properties by 8.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,963 shares of the financial services provider’s stock worth $290,000 after acquiring an additional 665 shares during the last quarter. Xact Kapitalforvaltning AB grew its position in shares of Seritage Growth Properties by 59.6% during the 4th quarter. Xact Kapitalforvaltning AB now owns 8,837 shares of the financial services provider’s stock worth $286,000 after buying an additional 3,300 shares during the period. Finally, Rhumbline Advisers grew its position in shares of Seritage Growth Properties by 42.9% during the 4th quarter. Rhumbline Advisers now owns 46,702 shares of the financial services provider’s stock worth $1,510,000 after buying an additional 14,017 shares during the period.

Seritage Growth Properties Company Profile

Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 206 wholly-owned properties and 26 joint venture properties totaling approximately 36.3 million square feet of space across 48 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015.

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