General Growth Properties Inc (GGP) reported quarterly earnings results on Monday, May-2-2016. The company said it had a profit of $0.40 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.05. Analysts had a consensus of $0.35. The company posted revenue of $607.00 million in the period, compared to analysts expectations of $588.71 million. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS.
Many Wall Street Analysts have commented on General Growth Properties Inc. Mizuho Initiated General Growth Properties Inc on Apr 14, 2016 to “Buy”, Price Target of the shares are set at $33.Company shares were Reiterated by RBC Capital Mkts on Feb 3, 2016 to “Outperform”, Firm has raised the Price Target to $ 33 from a previous price target of $32 .
General Growth Properties Inc opened for trading at $28.95 and hit $29.03 on the upside on Wednesday, eventually ending the session at $28.94, with a gain of 0.14% or 0.04 points. The heightened volatility saw the trading volume jump to 22,70,233 shares. Company has a market cap of $25,540 M.
In a different news, on Dec 28, 2015, Marvin J Levine (EVP, Chief Legal Officer) sold 20,000 shares at $26.88 per share price. According to the SEC, on Dec 7, 2015, Richard Pesin (EVP, Anchor Dev & Construction) purchased 19,500 shares at $25.24 per share price. On Sep 21, 2015, Michael B Berman (Chief Financial Officer) sold 90,000 shares at $25.73 per share price, according to the Form-4 filing with the securities and exchange commission.
General Growth Properties Inc. (GGP) is a self-administered and self-managed real estate investment trust (REIT). The Company is engaged in owning and operating retail properties to communities retailers employees consumers and shareholders. As of December 31 2014 the Company owned either entirely or with joint venture partners 128 retail properties. The Company’s business is conducted through GGP Operating Partnership LP (GGPOP) GGP Nimbus LP (GGPN) and GGP Limited Partnership (GGPLP or operating partnership) subsidiaries of GGP. The Operating Partnerships own an interest in the properties of GGP. As of December 31 2014 GGP held approximately a 99% common equity ownership of the Operating Partnerships. In addition the Operating Partnerships conduct their operations through General Growth Management Inc. (GGMI) General Growth Services Inc. (GGSI) and GGPLP REIT Services LLC (GGPRS).