Cedar Realty Trust Inc. (CDR) Upgraded to Hold at Zacks Investment Research
Cedar Realty Trust Inc. (NYSE:CDR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
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 equities analysts have also recently issued research reports about the company. Wunderlich boosted their target price on Cedar Realty Trust from $8.00 to $8.50 and gave the stock a “buy” rating in a research report on Monday, August 8th. Boenning Scattergood cut Cedar Realty Trust from a “neutral” rating to an “underperform” rating and set a $6.50 target price on the stock. in a research report on Tuesday, June 28th.
Shares of Cedar Realty Trust (NYSE:CDR) traded down 2.12% during trading on Monday, reaching $6.93. The company had a trading volume of 348,107 shares. The firm’s 50 day moving average price is $7.28 and its 200 day moving average price is $7.27. Cedar Realty Trust has a 12 month low of $6.47 and a 12 month high of $8.08. The firm has a market capitalization of $568.64 million, a P/E ratio of 123.75 and a beta of 1.10.
Cedar Realty Trust (NYSE:CDR) last issued its quarterly earnings results on Thursday, August 4th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.11. The firm had revenue of $37.87 million for 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 firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS. Equities analysts predict that Cedar Realty Trust will post $0.03 EPS for the current year.
In related news, CFO Philip Mays sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $7.50, for a total value of $187,500.00. Following the sale, the chief financial officer now owns 776,042 shares in the company, valued at approximately $5,820,315. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.42% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CDR. Vanguard Group Inc. boosted its stake in 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 in the last quarter. Nuveen Asset Management LLC boosted its stake in 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 in the last quarter. Emerald Acquisition Ltd. purchased a new stake in Cedar Realty Trust during the second quarter worth $5,085,000. Chartwell Investment Partners LLC purchased a new stake in Cedar Realty Trust during the second quarter worth $3,027,000. Finally, Calvert Investment Management Inc. purchased a new stake in Cedar Realty Trust during the second quarter worth $2,163,000. Institutional investors and hedge funds own 97.00% 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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