Zacks Investment Research upgraded shares of Cedar Realty Trust Inc. (NYSE:CDR) from a sell rating to a hold rating in a research report released on Thursday 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. “
Separately, Wunderlich reduced their target price on shares of Cedar Realty Trust from $8.50 to $7.75 and set a buy rating for the company in a research note on Monday, November 7th.
Shares of Cedar Realty Trust (NYSE:CDR) opened at 6.54 on Thursday. The stock has a 50 day moving average of $6.65 and a 200 day moving average of $7.18. Cedar Realty Trust has a 52-week low of $5.92 and a 52-week high of $8.08. The firm’s market cap is $536.62 million.
Cedar Realty Trust (NYSE:CDR) last posted its quarterly earnings results on Thursday, November 3rd. The real estate investment trust reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 by $0.01. The business earned $37.79 million during the quarter, compared to analysts’ expectations of $37.33 million. Cedar Realty Trust had a net margin of 8.46% and a return on equity of 3.26%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the company posted $0.14 earnings per share. Equities analysts predict that Cedar Realty Trust will post ($0.05) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 21st. Shareholders of record on Friday, November 11th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date was Tuesday, November 8th. Cedar Realty Trust’s dividend payout ratio (DPR) is presently -666.44%.
In other Cedar Realty Trust news, Director Abraham Eisenstat bought 5,000 shares of Cedar Realty Trust stock in a transaction on Tuesday, November 8th. The stock was purchased at an average cost of $6.21 per share, for a total transaction of $31,050.00. Following the completion of the purchase, the director now directly owns 41,782 shares of the company’s stock, valued at $259,466.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Philip Mays sold 25,000 shares of Cedar Realty Trust stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $7.50, for a total transaction of $187,500.00. Following the completion of the sale, the chief financial officer now owns 776,042 shares of the company’s stock, valued at $5,820,315. The disclosure for this sale can be found here. 4.42% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of CDR. California Public Employees Retirement System raised its position in Cedar Realty Trust by 17.9% in the second quarter. California Public Employees Retirement System now owns 295,700 shares of the real estate investment trust’s stock worth $2,197,000 after buying an additional 45,000 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in Cedar Realty Trust during the second quarter worth approximately $126,000. Victory Capital Management Inc. raised its position in Cedar Realty Trust by 0.5% in the second quarter. Victory Capital Management Inc. now owns 155,415 shares of the real estate investment trust’s stock worth $1,155,000 after buying an additional 710 shares in the last quarter. Principal Financial Group Inc. raised its position in Cedar Realty Trust by 1.8% in the second quarter. Principal Financial Group Inc. now owns 548,761 shares of the real estate investment trust’s stock worth $4,078,000 after buying an additional 9,896 shares in the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new position in Cedar Realty Trust during the second quarter worth approximately $571,000. Hedge funds and other institutional investors own 97.01% of the company’s stock.
About Cedar Realty Trust
Cedar Realty Trust, Inc is a real estate investment trust. The Company focuses on ownership and operation of grocery-anchored shopping centers straddling the Washington District of Columbia (DC) to Boston corridor. The Company focuses its investment activities on grocery-anchored shopping centers. It owns and manages a portfolio of approximately 60 operating properties, including approximately 30 properties in Pennsylvania; over eight properties in Massachusetts; approximately seven properties in Connecticut; over six properties in Maryland; approximately eight properties in Virginia; over three properties in New Jersey, and one property in New York.