New York State Common Retirement Fund Purchases 95,209 Shares of DDR Corp (DDR)
New York State Common Retirement Fund lifted its position in DDR Corp (NYSE:DDR) by 14.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 751,210 shares of the real estate investment trust’s stock after purchasing an additional 95,209 shares during the quarter. New York State Common Retirement Fund owned 0.20% of DDR Corp worth $6,813,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of DDR. BlackRock Inc. raised its stake in shares of DDR Corp by 4,057.9% in the first quarter. BlackRock Inc. now owns 20,681,069 shares of the real estate investment trust’s stock valued at $259,135,000 after purchasing an additional 20,183,679 shares in the last quarter. Eaton Vance Management acquired a new position in shares of DDR Corp in the second quarter valued at $40,491,000. Goldman Sachs Group Inc. raised its stake in shares of DDR Corp by 23.1% in the first quarter. Goldman Sachs Group Inc. now owns 23,170,463 shares of the real estate investment trust’s stock valued at $290,325,000 after purchasing an additional 4,348,169 shares in the last quarter. Morgan Stanley raised its stake in shares of DDR Corp by 189.5% in the first quarter. Morgan Stanley now owns 3,763,059 shares of the real estate investment trust’s stock valued at $47,151,000 after purchasing an additional 2,463,134 shares in the last quarter. Finally, LSV Asset Management raised its stake in shares of DDR Corp by 369.3% in the second quarter. LSV Asset Management now owns 2,758,800 shares of the real estate investment trust’s stock valued at $25,022,000 after purchasing an additional 2,171,000 shares in the last quarter. Institutional investors and hedge funds own 80.24% of the company’s stock.
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DDR Corp (NYSE:DDR) last released its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.22). The firm had revenue of $227.40 million for the quarter, compared to analyst estimates of $222.90 million. DDR Corp had a negative return on equity of 3.16% and a negative net margin of 6.23%. The business’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.33 earnings per share.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 26th were issued a $0.19 dividend. The ex-dividend date was Monday, September 25th. This represents a $0.76 annualized dividend and a yield of 8.61%. DDR Corp’s dividend payout ratio is presently -379.98%.
A number of research analysts recently commented on DDR shares. Deutsche Bank AG upgraded DDR Corp from a “hold” rating to a “buy” rating and upped their target price for the company from $12.00 to $13.00 in a research note on Thursday, July 27th. KeyCorp restated a “buy” rating and issued a $13.00 target price on shares of DDR Corp in a research note on Friday, September 1st. ValuEngine upgraded DDR Corp from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Zacks Investment Research upgraded DDR Corp from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Wednesday, October 4th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $9.00 target price on shares of DDR Corp in a research note on Tuesday, June 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. DDR Corp currently has a consensus rating of “Hold” and a consensus price target of $12.85.
DDR Corp Company Profile
DDR Corp. is a self-administered and self-managed real estate investment trust. It operates through two segments: shopping centers and loan investments. It is in the business of acquiring, owning, developing, redeveloping, expanding, leasing and managing shopping centers. As of December 31, 2016, it owned and managed approximately 106 million total square feet of gross leasable area (GLA).
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