Cedar Realty Trust, Inc. (CDR) Lowered to “Sell” at Zacks Investment Research
Zacks Investment Research downgraded shares of Cedar Realty Trust, Inc. (NYSE:CDR) from a hold rating to a sell rating in a report published on Wednesday, August 9th.
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. “
Several other research analysts also recently issued reports on CDR. BidaskClub upgraded shares of Cedar Realty Trust from a hold rating to a buy rating in a research report on Tuesday, August 1st. FBR & Co upped their price target on shares of Cedar Realty Trust from $5.75 to $6.25 and gave the stock an outperform rating in a research report on Tuesday, August 8th. Boenning Scattergood set a $5.00 price target on shares of Cedar Realty Trust and gave the stock a sell rating in a research report on Monday, August 7th. ValuEngine downgraded shares of Cedar Realty Trust from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, TheStreet upgraded shares of Cedar Realty Trust from a d+ rating to a c rating in a research report on Friday, May 5th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. Cedar Realty Trust currently has an average rating of Hold and an average target price of $6.15.
Cedar Realty Trust (CDR) traded down 1.01% during mid-day trading on Wednesday, hitting $4.88. 609,321 shares of the company’s stock were exchanged. The stock’s market capitalization is $401.12 million. The firm has a 50 day moving average of $5.12 and a 200 day moving average of $5.28. Cedar Realty Trust has a 52 week low of $4.70 and a 52 week high of $7.98.
Cedar Realty Trust (NYSE:CDR) last issued its quarterly earnings results on Friday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.24. The company had revenue of $35.70 million for the quarter, compared to analyst estimates of $35.97 million. Cedar Realty Trust had a return on equity of 2.49% and a net margin of 6.58%. The firm’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter last year, the company earned $0.15 EPS. Equities analysts forecast that Cedar Realty Trust will post $0.06 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Friday, August 11th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $0.20 dividend on an annualized basis and a yield of 4.10%. Cedar Realty Trust’s payout ratio is presently -333.28%.
In other Cedar Realty Trust news, Director Paul G. Kirk, Jr. sold 9,759 shares of the company’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $4.88, for a total transaction of $47,623.92. Following the transaction, the director now directly owns 75,874 shares in the company, valued at approximately $370,265.12. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.50% of the company’s stock.
Several hedge funds have recently made changes to their positions in 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 worth $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 2.1% in the second quarter. State Street Corp now owns 3,208,376 shares of the real estate investment trust’s stock worth $15,562,000 after buying an additional 64,817 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 worth $8,888,000 after buying an additional 1,015,607 shares in the last quarter. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of Cedar Realty Trust during the first quarter worth $8,785,000. Finally, Northern Trust Corp increased its stake in shares of Cedar Realty Trust by 1.9% in the second quarter. Northern Trust Corp now owns 1,491,023 shares of the real estate investment trust’s stock worth $7,232,000 after buying an additional 27,681 shares in the last quarter. Institutional investors and hedge funds own 92.13% 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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