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Gramercy Property (GPT) Surges: Stock Moves 15.5% Higher

Gramercy Property TrustGPT was a big mover last session, as the company saw its shares rise more than 15% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This continues the recent uptrend for the company-as the stock is now up 24.8% in the past one-month time frame.

The move came after the company made an agreement with the affiliates of Blackstone Real Estate Partners VIII. Per the deal, Blackstone will purchase all outstanding shares of the company for $7.6 billion.

The company has seen two negative estimate revisions in the past month, while its Zacks Consensus Estimate has also moved lower over the same time period, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.

Gramercy Property currently has a Zacks Rank #4 (Sell), while its Earnings ESP is positive.

Gramercy Property Trust Price

Gramercy Property Trust Price | Gramercy Property Trust Quote

A better-ranked stock in the REIT and Equity Trust - Other industry is Innovative Industrial Properties, Inc. IIPR , which currently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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