Zacks Investment Research upgraded shares of City Developments (OTCMKTS:CDEVY) from a sell rating to a hold rating in a research note published on Monday morning, reports.

According to Zacks, “City Developments Limited (CDL) is one of the largest real estate companies of Singapore. By market capitalization, the firm’s income-stable and geographically-diversified portfolio comprises residences, offices, hotels, serviced apartments, integrated developments and shopping malls. CDL has hotel assets in one of the world’s largest hotel groups – its London-listed subsidiary, Millennium & Copthorne Hotels plc (M&C), has over 130 hotels globally, many in key gateway cities. Globally, CDL has developed over 40,000 homes and is one of Singapore’s largest commercial landlords, with one of the biggest land banks amongst Singapore private-sector developers. Building on its track record of over 50 years in real estate development, investment and management, CDL has developed growth platforms in five key international markets – UK, US, China, Japan and Australia. The Company is also leveraging its stable of prime assets and growing its real estate funds management business. “

Shares of OTCMKTS:CDEVY opened at $6.88 on Monday. City Developments has a 12 month low of $5.55 and a 12 month high of $9.77. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market cap of $6.30 billion, a price-to-earnings ratio of 13.49 and a beta of 1.00.

The business also recently disclosed a None dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be issued a dividend of $0.091 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This is a positive change from City Developments’s previous None dividend of $0.04. City Developments’s dividend payout ratio is currently 9.80%.

City Developments Company Profile

City Developments Limited (CDL) is a leading global real estate operating company with a network spanning 100 locations in 28 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically-diverse portfolio comprises residences, offices, hotels, serviced apartments, integrated developments and shopping malls.

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