DDR Corp.’s (DDR) “Neutral” Rating Reiterated at J P Morgan Chase & Co
DDR Corp. (NYSE:DDR)‘s stock had its “neutral” rating restated by equities research analysts at J P Morgan Chase & Co in a research report issued to clients and investors on Wednesday. They presently have a $12.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $14.50. J P Morgan Chase & Co’s price objective points to a potential upside of 32.74% from the stock’s previous close.
DDR has been the subject of several other reports. KeyCorp restated an “overweight” rating and issued a $13.00 target price (down from $16.50) on shares of DDR Corp. in a research note on Wednesday. TheStreet downgraded shares of DDR Corp. from a “c-” rating to a “d+” rating in a research note on Thursday, May 18th. Zacks Investment Research downgraded shares of DDR Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Boenning Scattergood upgraded shares of DDR Corp. from an “underperform” rating to a “neutral” rating in a research note on Monday, May 15th. They noted that the move was a valuation call. 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. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $15.43.
Shares of DDR Corp. (NYSE DDR) traded up 1.46% during midday trading on Wednesday, hitting $9.04. 6,748,351 shares of the stock were exchanged. DDR Corp. has a 12-month low of $8.28 and a 12-month high of $19.92. The firm’s market cap is $3.31 billion. The firm has a 50 day moving average of $9.22 and a 200 day moving average of $12.82.
DDR Corp. (NYSE:DDR) last announced its earnings results on Tuesday, April 25th. The real estate investment trust reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.01. The business had revenue of $230.98 million during the quarter, compared to the consensus estimate of $230.91 million. DDR Corp. had a negative net margin of 4.17% and a positive return on equity of 1.60%. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 earnings per share. Equities analysts forecast that DDR Corp. will post ($0.15) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Investors of record on Thursday, June 15th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.76 annualized dividend and a yield of 8.41%. DDR Corp.’s dividend payout ratio is presently -475.00%.
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In other DDR Corp. news, Director Terrance R. Ahern bought 59,000 shares of the company’s stock in a transaction on Thursday, June 22nd. The shares were bought at an average cost of $8.47 per share, with a total value of $499,730.00. Following the completion of the acquisition, the director now owns 323,060 shares of the company’s stock, valued at $2,736,318.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexander Otto bought 500,000 shares of the company’s stock in a transaction on Tuesday, May 9th. The shares were acquired at an average cost of $9.52 per share, for a total transaction of $4,760,000.00. Following the completion of the acquisition, the director now directly owns 44,509,893 shares of the company’s stock, valued at approximately $423,734,181.36. The disclosure for this purchase can be found here. Insiders purchased 1,357,325 shares of company stock worth $12,714,410 over the last ninety days. 16.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of DDR. Brookfield Asset Management Inc. boosted its stake in shares of DDR Corp. by 83.6% in the fourth quarter. Brookfield Asset Management Inc. now owns 1,622,500 shares of the real estate investment trust’s stock worth $24,776,000 after buying an additional 739,000 shares during the period. Swiss National Bank boosted its stake in shares of DDR Corp. by 0.6% in the first quarter. Swiss National Bank now owns 514,300 shares of the real estate investment trust’s stock worth $6,444,000 after buying an additional 3,100 shares during the period. Norges Bank acquired a new stake in shares of DDR Corp. during the fourth quarter worth $34,076,000. Clinton Group Inc. boosted its stake in shares of DDR Corp. by 1,237.5% in the first quarter. Clinton Group Inc. now owns 611,104 shares of the real estate investment trust’s stock worth $7,657,000 after buying an additional 565,413 shares during the period. Finally, Highbridge Capital Management LLC acquired a new stake in shares of DDR Corp. during the fourth quarter worth $4,097,000. 82.40% of the stock is currently owned by institutional investors.
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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