Gazit Globe (GZT) Authorizes Share Buyback Program

Gazit Globe (NYSE:GZT) (TSE:GZT) announced that its board has initiated a share buyback plan, which permits the company to buyback shares on Wednesday, March 28th. This buyback authorization permits the real estate investment trust to reacquire up to 13.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Separately, Zacks Investment Research raised Gazit Globe from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Monday, December 4th.

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GZT stock opened at $9.82 on Friday. Gazit Globe has a 12-month low of $9.01 and a 12-month high of $11.00. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 1.37.

In other Gazit Globe news, Vice Chairman Chaim Katzman sold 119,761 shares of the business’s stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $65.11, for a total transaction of $7,797,638.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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About Gazit Globe

Gazit-Globe Ltd. is a real estate company specialized in retail premises. The Company is engaged in the acquisition, development and management of properties. Its segments include Finland, Norway, Sweden, and Estonia and Denmark. It focuses on supermarket-anchored shopping centers in urban growth markets.

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