Cedar Realty Trust, Inc. (NYSE:CDR) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Cedar Realty Trust, Inc. (NYSE:CDR) from a hold rating to a sell rating in a research note published on Wednesday morning.
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. “
Other research analysts have also issued research reports about the company. BidaskClub raised Cedar Realty Trust from a hold rating to a buy rating in a report on Tuesday, August 1st. FBR & Co lifted their target price on Cedar Realty Trust from $5.75 to $6.25 and gave the company an outperform rating in a report on Tuesday. TheStreet raised Cedar Realty Trust from a d+ rating to a c rating in a report on Friday, May 5th. Boenning Scattergood set a $5.00 target price on Cedar Realty Trust and gave the company a sell rating in a report on Monday, August 7th. Finally, ValuEngine lowered Cedar Realty Trust from a buy rating to a hold rating in a report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $6.15.
Shares of Cedar Realty Trust (CDR) traded down 3.07% during midday trading on Wednesday, reaching $5.05. 777,426 shares of the company’s stock were exchanged. The company’s market cap is $415.09 million. The firm has a 50 day moving average price of $5.10 and a 200 day moving average price of $5.31. Cedar Realty Trust has a 12 month low of $4.70 and a 12 month high of $7.98.
Cedar Realty Trust (NYSE:CDR) last posted its earnings results 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. The company had revenue of $35.70 million for the quarter, compared to analysts’ expectations of $35.97 million. Cedar Realty Trust had a net margin of 6.58% and a return on equity of 2.49%. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.15 EPS. Equities research analysts forecast that Cedar Realty Trust will post $0.08 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Friday, August 11th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Wednesday, August 9th. Cedar Realty Trust’s payout ratio is -333.28%.
In other news, Director Paul G. Kirk, Jr. sold 9,759 shares of the business’s stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $4.88, for a total transaction of $47,623.92. Following the completion of the transaction, the director now owns 75,874 shares of the company’s stock, valued at $370,265.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.50% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Weiss Multi Strategy Advisers LLC acquired a new position in shares of Cedar Realty Trust during the first quarter valued at approximately $8,785,000. Kennedy Capital Management Inc. acquired a new position in shares of Cedar Realty Trust during the first quarter valued at approximately $6,964,000. Norges Bank acquired a new position in shares of Cedar Realty Trust during the fourth quarter valued at approximately $6,764,000. Deprince Race & Zollo Inc. raised its position 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 during the last quarter. Finally, LSV Asset Management raised its position in shares of Cedar Realty Trust by 1,820.0% in the second quarter. LSV Asset Management now owns 1,009,900 shares of the real estate investment trust’s stock valued at $4,898,000 after buying an additional 957,300 shares during the last quarter. 97.45% of the stock is owned by institutional investors.
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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