Cedar Realty Trust Inc. (CDR) Downgraded by Zacks Investment Research to “Sell”
According to Zacks, “Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of bread and butter supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company owns and operates shopping center properties which are anchored by supermarkets and/or drugstores. “
Other research analysts have also recently issued reports about the company. Wunderlich lifted their price objective on Cedar Realty Trust from $8.00 to $8.50 and gave the company a buy rating in a report on Monday, August 8th. Boenning Scattergood cut Cedar Realty Trust from a neutral rating to an underperform rating and set a $6.50 price objective for the company. in a report on Tuesday, June 28th.
Cedar Realty Trust (NYSE:CDR) traded up 0.30% during mid-day trading on Wednesday, reaching $6.78. 71,155 shares of the company’s stock were exchanged. The stock has a market cap of $556.33 million, a P/E ratio of 121.07 and a beta of 1.10. Cedar Realty Trust has a 52 week low of $6.47 and a 52 week high of $8.08. The stock has a 50-day moving average price of $7.40 and a 200-day moving average price of $7.28.
Cedar Realty Trust (NYSE:CDR) last issued its quarterly earnings data on Thursday, August 4th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.11. The company earned $37.87 million during the quarter, compared to analysts’ expectations of $37.74 million. Cedar Realty Trust had a return on equity of 4.94% and a net margin of 13.14%. The business’s revenue was up 3.1% on a year-over-year basis. During the same period last year, the business earned $0.14 earnings per share. On average, analysts forecast that Cedar Realty Trust will post $0.03 earnings per share for the current year.
In related news, CFO Philip Mays sold 25,000 shares of Cedar Realty Trust stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $7.50, for a total value of $187,500.00. Following the completion of the sale, the chief financial officer now directly owns 776,042 shares in the company, valued at $5,820,315. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.42% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Cedar Realty Trust by 14.3% in the second quarter. Vanguard Group Inc. now owns 10,242,100 shares of the real estate investment trust’s stock worth $76,098,000 after buying an additional 1,279,412 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Cedar Realty Trust by 111.6% in the first quarter. Nuveen Asset Management LLC now owns 2,302,592 shares of the real estate investment trust’s stock worth $16,648,000 after buying an additional 1,214,160 shares during the period. Emerald Acquisition Ltd. bought a new position in shares of Cedar Realty Trust during the second quarter worth about $5,085,000. Chartwell Investment Partners LLC bought a new position in shares of Cedar Realty Trust during the second quarter worth about $3,027,000. Finally, Calvert Investment Management Inc. bought a new position in shares of Cedar Realty Trust during the second quarter worth about $2,163,000. Hedge funds and other institutional investors own 97.02% of the company’s stock.
About Cedar Realty Trust
Cedar Realty Trust, Inc is a real estate investment trust. The Company focuses on ownership and operation of grocery-anchored shopping centers straddling the Washington District of Columbia (DC) to Boston corridor. The Company focuses its investment activities on grocery-anchored shopping centers. It owns and manages a portfolio of approximately 60 operating properties, including approximately 30 properties in Pennsylvania; over eight properties in Massachusetts; approximately seven properties in Connecticut; over six properties in Maryland; approximately eight properties in Virginia; over three properties in New Jersey, and one property in New York.
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