FBR & Co Reaffirms “Outperform” Rating for Cedar Realty Trust, Inc. (CDR)
Cedar Realty Trust, Inc. (NYSE:CDR)‘s stock had its “outperform” rating reissued by equities researchers at FBR & Co in a research note issued on Tuesday, July 11th, Marketbeat.com reports. They currently have a $5.75 target price on the real estate investment trust’s stock. FBR & Co’s target price would indicate a potential upside of 8.08% from the company’s current price. FBR & Co also issued estimates for Cedar Realty Trust’s Q2 2017 earnings at $0.14 EPS, Q3 2017 earnings at $0.14 EPS, Q4 2017 earnings at $0.13 EPS, FY2017 earnings at $0.54 EPS, Q1 2018 earnings at $0.14 EPS, Q2 2018 earnings at $0.14 EPS, Q3 2018 earnings at $0.15 EPS, Q4 2018 earnings at $0.15 EPS and FY2018 earnings at $0.58 EPS.
CDR has been the topic of several other research reports. Zacks Investment Research raised Cedar Realty Trust from a “hold” rating to a “buy” rating and set a $5.75 target price on the stock in a report on Wednesday, July 5th. TheStreet raised Cedar Realty Trust from a “d+” rating to a “c” rating in a report on Friday, May 5th. ValuEngine lowered Cedar Realty Trust from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Robert W. Baird raised Cedar Realty Trust from a “neutral” rating to an “outperform” rating and lowered their target price for the company from $8.00 to $6.00 in a report on Monday, March 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $6.15.
Shares of Cedar Realty Trust (NYSE CDR) traded up 0.19% on Tuesday, hitting $5.32. The stock had a trading volume of 555,764 shares. Cedar Realty Trust has a 12 month low of $4.70 and a 12 month high of $7.98. The firm has a 50 day moving average of $5.05 and a 200 day moving average of $5.35. The stock has a market cap of $437.21 million, a P/E ratio of 115.65 and a beta of 0.89.
Cedar Realty Trust (NYSE:CDR) last announced its quarterly earnings data on Friday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.24. Cedar Realty Trust had a return on equity of 2.48% and a net margin of 6.58%. The business had revenue of $35.70 million for the quarter, compared to analyst estimates of $35.97 million. During the same period in the prior year, the company earned $0.15 EPS. The company’s revenue was down 5.7% on a year-over-year basis. On average, equities analysts forecast that Cedar Realty Trust will post $0.12 earnings per share for the current fiscal year.
In other news, Director Paul G. Kirk, Jr. sold 9,759 shares of the company’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $4.88, for a total value of $47,623.92. Following the sale, the director now directly owns 75,874 shares in the company, valued at $370,265.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.50% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Cedar Realty Trust by 6.2% in the first quarter. Vanguard Group Inc. now owns 10,857,885 shares of the real estate investment trust’s stock valued at $54,507,000 after buying an additional 630,915 shares in the last quarter. State Street Corp increased its stake in shares of Cedar Realty Trust by 6.6% in the first quarter. State Street Corp now owns 3,143,559 shares of the real estate investment trust’s stock valued at $15,785,000 after buying an additional 193,877 shares in the last quarter. Deprince Race & Zollo Inc. increased its stake in shares of Cedar Realty Trust by 124.3% in the second quarter. Deprince Race & Zollo Inc. now owns 1,832,679 shares of the real estate investment trust’s stock valued at $8,888,000 after buying an additional 1,015,607 shares in the last quarter. Weiss Multi Strategy Advisers LLC bought a new stake in shares of Cedar Realty Trust during the first quarter valued at about $8,785,000. Finally, Kennedy Capital Management Inc. bought a new stake in shares of Cedar Realty Trust during the first quarter valued at about $6,964,000. Institutional investors and hedge funds own 97.45% of the company’s stock.
About Cedar Realty Trust
Cedar Realty Trust, Inc is a real estate investment trust (REIT). The Company focuses on ownership and operation of grocery-anchored shopping centers straddling the Washington District of Columbia (DC) to Boston corridor. As of December 31, 2016, the Company owned and managed a portfolio of 61 operating properties (excluding properties held for sale) totaling approximately 9.1 million square feet of gross leasable area (GLA).
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