Seritage Growth Properties (NYSE:SRG) Issues Quarterly Earnings Results

Seritage Growth Properties (NYSE:SRG) released its quarterly earnings data on Friday. The financial services provider reported ($0.56) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $2.05 million during the quarter. Seritage Growth Properties had a negative net margin of 374.73% and a negative return on equity of 19.39%.

Seritage Growth Properties Stock Performance

SRG traded down $0.22 during mid-day trading on Friday, reaching $2.41. 422,482 shares of the company traded hands, compared to its average volume of 245,076. The stock has a market capitalization of $135.47 million, a P/E ratio of -1.85 and a beta of 2.24. The company has a quick ratio of 16.70, a current ratio of 16.70 and a debt-to-equity ratio of 0.14. The company’s fifty day moving average price is $2.69 and its 200-day moving average price is $3.20. Seritage Growth Properties has a 52-week low of $2.38 and a 52-week high of $4.56.

Institutional Investors Weigh In On Seritage Growth Properties

Hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. purchased a new stake in shares of Seritage Growth Properties in the 2nd quarter worth $60,000. CIBC Asset Management Inc purchased a new stake in shares of Seritage Growth Properties in the 4th quarter worth $34,000. Barclays PLC increased its stake in shares of Seritage Growth Properties by 307.7% in the 4th quarter. Barclays PLC now owns 7,575 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 5,717 shares in the last quarter. Towerview LLC increased its stake in shares of Seritage Growth Properties by 28.8% in the 1st quarter. Towerview LLC now owns 1,030,000 shares of the financial services provider’s stock worth $2,894,000 after purchasing an additional 230,000 shares in the last quarter. Finally, Creek Drive Management Group LLC purchased a new stake in shares of Seritage Growth Properties in the 4th quarter worth $1,421,000. 78.93% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Seritage Growth Properties from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded shares of Seritage Growth Properties from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday. One research analyst has rated the stock with a Sell rating, Based on 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.