Cedar Realty Trust Inc. (CDR) Stock Rating Lowered by Zacks Investment Research
Cedar Realty Trust Inc. (NYSE:CDR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
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 analysts have also issued reports on the stock. Boenning Scattergood lowered shares of Cedar Realty Trust from a “neutral” rating to an “underperform” rating and set a $6.50 price target for the company. in a research report on Tuesday, June 28th. Wunderlich upped their price target on shares of Cedar Realty Trust from $8.00 to $8.50 and gave the company a “buy” rating in a research report on Monday, August 8th.
Shares of Cedar Realty Trust (NYSE:CDR) opened at 6.76 on Wednesday. Cedar Realty Trust has a 12 month low of $6.47 and a 12 month high of $8.08. The company has a 50-day moving average price of $7.39 and a 200-day moving average price of $7.28. The company has a market capitalization of $554.69 million, a price-to-earnings ratio of 120.71 and a beta of 1.10.
Cedar Realty Trust (NYSE:CDR) last posted its quarterly earnings results on Thursday, August 4th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.11. Cedar Realty Trust had a net margin of 13.14% and a return on equity of 4.94%. The business earned $37.87 million during the quarter, compared to analyst estimates of $37.74 million. During the same period in the prior year, the business posted $0.14 earnings per share. The company’s revenue was up 3.1% on a year-over-year basis. On average, equities analysts anticipate that Cedar Realty Trust will post $0.03 EPS for the current year.
In other news, CFO Philip Mays sold 25,000 shares of the stock in a transaction dated 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 directly owns 776,042 shares in the company, valued at $5,820,315. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 4.42% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Cedar Realty Trust by 14.3% in the second quarter. Vanguard Group Inc. now owns 10,242,100 shares of the real estate investment trust’s stock worth $76,098,000 after buying an additional 1,279,412 shares during the last quarter. Nuveen Asset Management LLC increased its position in Cedar Realty Trust by 111.6% in the first quarter. Nuveen Asset Management LLC now owns 2,302,592 shares of the real estate investment trust’s stock worth $16,648,000 after buying an additional 1,214,160 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in Cedar Realty Trust during the second quarter worth about $5,085,000. Chartwell Investment Partners LLC bought a new position in Cedar Realty Trust during the second quarter worth about $3,027,000. Finally, Calvert Investment Management Inc. bought a new position in Cedar Realty Trust during the second quarter worth about $2,163,000. Institutional investors own 97.02% 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.
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