Zacks Investment Research Lowers Clipper Realty (CLPR) to Hold

Clipper Realty (NYSE:CLPR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

According to Zacks, “Clipper Realty Inc. is a real estate investment trust. The Company specializes in acquiring, owning, repositioning, operating and managing asset. Clipper Realty Inc. is headquartered in Brooklyn, New York. “

Other research analysts have also issued research reports about the stock. B. Riley reaffirmed a “buy” rating on shares of Clipper Realty in a research note on Wednesday, November 1st. FBR & Co reaffirmed a “buy” rating and issued a $16.00 price target on shares of Clipper Realty in a research note on Friday, October 27th. Finally, JMP Securities initiated coverage on shares of Clipper Realty in a research note on Monday, October 9th. They issued an “outperform” rating and a $17.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $15.00.

Shares of Clipper Realty (CLPR) traded down $0.12 on Thursday, reaching $10.08. 28,016 shares of the company’s stock were exchanged, compared to its average volume of 77,671. Clipper Realty has a 1 year low of $9.43 and a 1 year high of $15.00. The company has a market capitalization of $182.94 and a price-to-earnings ratio of 29.34.

In other Clipper Realty news, Director Sam Levinson acquired 15,000 shares of the stock in a transaction dated Monday, November 6th. The shares were bought at an average cost of $10.72 per share, for a total transaction of $160,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Several hedge funds and other institutional investors have recently bought and sold shares of CLPR. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Clipper Realty in the third quarter valued at approximately $114,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Clipper Realty in the third quarter valued at approximately $143,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Clipper Realty in the second quarter valued at approximately $180,000. Teachers Insurance & Annuity Association of America acquired a new stake in shares of Clipper Realty in the second quarter valued at approximately $189,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Clipper Realty in the second quarter valued at approximately $196,000. Institutional investors own 57.08% of the company’s stock.

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Clipper Realty Company Profile

Clipper Realty, Inc is a real estate investment trust, which acquires, owns, manages, operates and repositions multi-family residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. The Company’s segments include Commercial and Residential. As of June 30, 2016, it owned two residential/retail rental properties at 50 Murray Street and 53 Park Place in the Tribeca neighborhood of Manhattan, referred to as the Tribeca House properties.

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