Cedar Realty Trust, Inc. (NYSE:CDR) Downgraded by Zacks Investment Research
Cedar Realty Trust, Inc. (NYSE:CDR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.
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. “
Several other research analysts have also issued reports on the company. Robert W. Baird raised Cedar Realty Trust from a “neutral” rating to an “outperform” rating and reduced their target price for the company from $8.00 to $6.00 in a research report on Monday, March 13th. ValuEngine lowered Cedar Realty Trust from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, TheStreet raised Cedar Realty Trust from a “d+” rating to a “c” rating in a report on Friday, May 5th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $6.50.
Cedar Realty Trust (NYSE CDR) traded up 0.40% during mid-day trading on Monday, hitting $4.97. The stock had a trading volume of 734,028 shares. The stock has a market cap of $408.44 million, a price-to-earnings ratio of 108.04 and a beta of 0.88. Cedar Realty Trust has a 12 month low of $4.70 and a 12 month high of $8.08. The stock’s 50-day moving average price is $5.06 and its 200-day moving average price is $5.57.
Cedar Realty Trust (NYSE:CDR) last issued its earnings results on Thursday, May 4th. The real estate investment trust reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The business had revenue of $36.77 million during the quarter, compared to analysts’ expectations of $36.37 million. Cedar Realty Trust had a return on equity of 4.88% and a net margin of 12.74%. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 EPS. On average, analysts predict that Cedar Realty Trust will post $0.12 earnings per share for the current year.
In other Cedar Realty Trust news, Director Paul G. Kirk, Jr. sold 9,759 shares of the stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $4.88, for a total transaction of $47,623.92. Following the transaction, the director now owns 75,874 shares in the company, valued at $370,265.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.50% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Westpac Banking Corp acquired a new position in shares of Cedar Realty Trust during the third quarter worth about $4,090,000. California State Teachers Retirement System increased its position in shares of Cedar Realty Trust by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 157,544 shares of the real estate investment trust’s stock worth $1,115,000 after buying an additional 2,759 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Cedar Realty Trust by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 962,561 shares of the real estate investment trust’s stock worth $6,815,000 after buying an additional 5,779 shares in the last quarter. Independent Portfolio Consultants Inc. increased its position in shares of Cedar Realty Trust by 9.1% in the first quarter. Independent Portfolio Consultants Inc. now owns 20,345 shares of the real estate investment trust’s stock worth $102,000 after buying an additional 1,705 shares in the last quarter. Finally, Russell Frank Co increased its position in shares of Cedar Realty Trust by 8.3% in the fourth quarter. Russell Frank Co now owns 602,375 shares of the real estate investment trust’s stock worth $4,337,000 after buying an additional 46,032 shares in the last quarter. Institutional investors own 98.12% of the company’s stock.
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cedar Realty Trust Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cedar Realty Trust Inc. and related companies with MarketBeat.com's FREE daily email newsletter.