Cedar Realty Trust Inc. (CDR) Rating Increased 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 research report issued on Friday.
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. “
Separately, Wunderlich decreased their target price on shares of Cedar Realty Trust from $8.50 to $7.75 and set a “buy” rating on the stock in a research report on Monday, November 7th.
Shares of Cedar Realty Trust (NYSE:CDR) opened at 6.61 on Friday. The company has a 50 day moving average of $6.68 and a 200-day moving average of $7.19. Cedar Realty Trust has a one year low of $5.92 and a one year high of $8.08. The stock’s market cap is $542.36 million.
Cedar Realty Trust (NYSE:CDR) last posted its quarterly earnings data on Thursday, November 3rd. The real estate investment trust reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Cedar Realty Trust had a net margin of 8.46% and a return on equity of 3.26%. The firm had revenue of $37.79 million for the quarter, compared to analyst estimates of $37.33 million. During the same period last year, the firm posted $0.14 EPS. Cedar Realty Trust’s quarterly revenue was up 4.7% on a year-over-year basis. On average, analysts anticipate that Cedar Realty Trust will post ($0.05) earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, November 21st. Shareholders of record on Friday, November 11th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, November 8th. This represents a $0.20 annualized dividend and a dividend yield of 3.03%. Cedar Realty Trust’s payout ratio is currently -666.44%.
In other news, CFO Philip Mays sold 25,000 shares of Cedar Realty Trust stock in a transaction on Monday, September 12th. The stock was sold at an average price of $7.50, for a total transaction of $187,500.00. Following the completion of the transaction, the chief financial officer now owns 776,042 shares of the company’s stock, valued at approximately $5,820,315. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Abraham Eisenstat purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, November 8th. The shares were purchased at an average cost of $6.21 per share, with a total value of $31,050.00. Following the purchase, the director now directly owns 41,782 shares in the company, valued at $259,466.22. The disclosure for this purchase can be found here. Insiders own 4.42% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in Cedar Realty Trust by 25.1% in the third quarter. Price T Rowe Associates Inc. MD now owns 10,410,540 shares of the real estate investment trust’s stock valued at $74,956,000 after buying an additional 2,090,790 shares during the period. Credit Suisse AG increased its position in Cedar Realty Trust by 2.5% in the third quarter. Credit Suisse AG now owns 354,528 shares of the real estate investment trust’s stock valued at $2,553,000 after buying an additional 8,798 shares during the period. Verition Fund Management LLC purchased a new position in Cedar Realty Trust during the third quarter valued at about $157,000. The Manufacturers Life Insurance Company purchased a new position in Cedar Realty Trust during the third quarter valued at about $427,000. Finally, Harrison Street Securities LLC increased its position in Cedar Realty Trust by 75.0% in the third quarter. Harrison Street Securities LLC now owns 50,298 shares of the real estate investment trust’s stock valued at $362,000 after buying an additional 21,560 shares during the period. 95.39% of the stock is owned by institutional investors and hedge funds.
Cedar Realty Trust Company Profile
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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