General Growth has repurchased 28.3M shares, including 25M from Pershing Square General Growth Properties announced the acquisition of approximately 28.35M of its common shares during the third quarter through September 12. The average share price was $20.00 for total consideration of $567M. The repurchase activity included 25M common shares acquired from affiliates of Pershing Square Capital Management on September 12 at $20.00 per share. The company used available cash resources. The repurchases reduced the company's total diluted common shares outstanding to approximately 964M shares.
General Growth price target raised to $35 from $28 at Oppenheimer Oppenheimer increased its price target on General Growth as the firm expects the company's FFO to rise by 10% this year and 13% in 2016. The firm thinks the market underestimates the company's near-term FFO growth and the value of its assets. It keeps an Outperform rating on the shares.