Cedar Realty Trust, Inc. (CDR) Announces $0.05 Quarterly Dividend
Cedar Realty Trust, Inc. (NYSE:CDR) announced a quarterly dividend on Wednesday, October 18th, Wall Street Journal reports. Shareholders of record on Friday, November 10th will be given a dividend of 0.05 per share by the real estate investment trust on Monday, November 20th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend is Thursday, November 9th.
Cedar Realty Trust has a dividend payout ratio of 37.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Cedar Realty Trust to earn $0.11 per share next year, which means the company may not be able to cover its $0.20 annual dividend with an expected future payout ratio of 181.8%.
Cedar Realty Trust (NYSE:CDR) traded up 0.35% during mid-day trading on Wednesday, hitting $5.68. The company’s stock had a trading volume of 318,738 shares. Cedar Realty Trust has a 12-month low of $4.70 and a 12-month high of $7.12. The company’s market cap is $466.88 million. The firm’s 50-day moving average is $5.36 and its 200-day moving average is $5.18.
Cedar Realty Trust (NYSE:CDR) last released its earnings results on Friday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.24). Cedar Realty Trust had a net margin of 6.58% and a return on equity of 2.49%. The firm had revenue of $35.70 million during the quarter, compared to analyst estimates of $35.97 million. During the same period in the previous year, the company earned $0.15 earnings per share. Cedar Realty Trust’s revenue was down 5.7% on a year-over-year basis. Analysts predict that Cedar Realty Trust will post $0.06 EPS for the current fiscal year.
Several equities analysts recently issued reports on the company. BidaskClub raised Cedar Realty Trust from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Zacks Investment Research downgraded Cedar Realty Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. FBR & Co increased their price target on Cedar Realty Trust from $5.75 to $6.25 and gave the stock an “outperform” rating in a research report on Tuesday, August 8th. ValuEngine raised Cedar Realty Trust from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Finally, KeyCorp reaffirmed a “hold” rating on shares of Cedar Realty Trust in a research report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, three have assigned 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 a consensus price target of $6.15.
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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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