GGP Inc (GGP) Shares Sold by Bank of New York Mellon Corp

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Bank of New York Mellon Corp lessened its stake in shares of GGP Inc (NYSE:GGP) by 0.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,098,167 shares of the real estate investment trust’s stock after selling 36,160 shares during the period. Bank of New York Mellon Corp’s holdings in GGP were worth $124,586,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. lifted its stake in GGP by 49.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 12,632,903 shares of the real estate investment trust’s stock valued at $258,469,000 after acquiring an additional 4,162,699 shares during the period. Northern Trust Corp lifted its stake in GGP by 2.6% during the 1st quarter. Northern Trust Corp now owns 10,671,287 shares of the real estate investment trust’s stock valued at $218,335,000 after acquiring an additional 273,787 shares during the period. Centersquare Investment Management LLC acquired a new stake in GGP during the 1st quarter valued at approximately $135,743,000. Schwab Charles Investment Management Inc. lifted its stake in GGP by 5.2% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 6,304,100 shares of the real estate investment trust’s stock valued at $128,982,000 after acquiring an additional 308,977 shares during the period. Finally, Legal & General Group Plc lifted its stake in GGP by 5.4% during the 1st quarter. Legal & General Group Plc now owns 5,554,708 shares of the real estate investment trust’s stock valued at $113,662,000 after acquiring an additional 286,851 shares during the period. 86.95% of the stock is currently owned by institutional investors.

GGP opened at $21.63 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.56. GGP Inc has a 1 year low of $18.83 and a 1 year high of $24.23. The firm has a market capitalization of $20.62 billion, a P/E ratio of 13.78 and a beta of 0.91.

GGP (NYSE:GGP) last posted its earnings results on Tuesday, July 31st. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.01). GGP had a net margin of 24.46% and a return on equity of 6.98%. The firm had revenue of $583.14 million during the quarter, compared to analyst estimates of $593.94 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. equities research analysts forecast that GGP Inc will post 1.53 earnings per share for the current fiscal year.

Several analysts have commented on the stock. BMO Capital Markets set a $22.00 price objective on shares of GGP and gave the company a “hold” rating in a research note on Tuesday, July 31st. ValuEngine upgraded shares of GGP from a “strong sell” rating to a “sell” rating in a research note on Monday, July 30th. SunTrust Banks restated a “hold” rating on shares of GGP in a research note on Friday, July 20th. Zacks Investment Research cut shares of GGP from a “hold” rating to a “sell” rating in a research note on Friday, July 20th. Finally, Boenning Scattergood restated a “buy” rating on shares of GGP in a research note on Friday, May 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $24.80.

GGP Company Profile

GGP Inc is an S&P 500 company focused exclusively on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.

Further Reading: Outstanding Shares

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Institutional Ownership by Quarter for GGP (NYSE:GGP)

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