Brookfield Asset Management Inc. Grows Holdings in DDR Corp. (DDR)
Brookfield Asset Management Inc. raised its holdings in shares of DDR Corp. (NYSE:DDR) by 312.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,181,400 shares of the real estate investment trust’s stock after purchasing an additional 6,195,700 shares during the period. Brookfield Asset Management Inc. owned 2.23% of DDR Corp. worth $74,205,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. raised its position in shares of DDR Corp. by 4,057.9% in the 1st quarter. BlackRock Inc. now owns 20,681,069 shares of the real estate investment trust’s stock valued at $259,135,000 after acquiring an additional 20,183,679 shares during the period. Goldman Sachs Group Inc. raised its position in shares of DDR Corp. by 26.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 29,389,951 shares of the real estate investment trust’s stock valued at $266,566,000 after acquiring an additional 6,219,488 shares during the period. Eaton Vance Management acquired a new stake in shares of DDR Corp. in the 2nd quarter valued at approximately $40,491,000. Balyasny Asset Management LLC raised its position in shares of DDR Corp. by 158.3% in the 2nd quarter. Balyasny Asset Management LLC now owns 6,707,542 shares of the real estate investment trust’s stock valued at $60,837,000 after acquiring an additional 4,110,896 shares during the period. Finally, Morgan Stanley raised its position in shares of DDR Corp. by 189.5% in the 1st quarter. Morgan Stanley now owns 3,763,059 shares of the real estate investment trust’s stock valued at $47,151,000 after acquiring an additional 2,463,134 shares during the period. Institutional investors own 79.98% of the company’s stock.
A number of analysts recently weighed in on DDR shares. KeyCorp reiterated a “buy” rating and issued a $13.00 price target on shares of DDR Corp. in a research report on Friday, September 1st. BidaskClub upgraded shares of DDR Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Deutsche Bank AG upgraded shares of DDR Corp. from a “hold” rating to a “buy” rating and increased their price target for the company from $12.00 to $13.00 in a research report on Thursday, July 27th. ValuEngine downgraded shares of DDR Corp. from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and issued a $12.00 price target (down from $14.50) on shares of DDR Corp. in a research report on Wednesday, June 28th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $12.63.
DDR Corp. (NYSE:DDR) traded down 1.16% during mid-day trading on Friday, reaching $8.54. The company had a trading volume of 582,642 shares. The firm’s market capitalization is $3.13 billion. DDR Corp. has a one year low of $8.11 and a one year high of $16.53. The firm’s 50-day moving average is $9.35 and its 200-day moving average is $9.82.
DDR Corp. (NYSE:DDR) last issued its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.22). DDR Corp. had a negative net margin of 5.48% and a positive return on equity of 1.24%. The business had revenue of $227.40 million during the quarter, compared to analyst estimates of $222.90 million. During the same period last year, the firm posted $0.33 earnings per share. DDR Corp.’s quarterly revenue was down 7.5% compared to the same quarter last year. On average, equities research analysts anticipate that DDR Corp. will post ($0.12) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 26th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 8.80%. The ex-dividend date was Monday, September 25th. DDR Corp.’s payout ratio is -379.98%.
About DDR Corp.
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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