Cedar Realty Trust Inc. (CDR) Upgraded to Hold at Zacks Investment Research
Cedar Realty Trust Inc. (NYSE:CDR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note 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. “
A number of other brokerages have also recently issued reports on CDR. Wunderlich raised their target price on shares of Cedar Realty Trust from $8.00 to $8.50 and gave the stock a “buy” rating in a report on Monday, August 8th. Boenning Scattergood cut shares of Cedar Realty Trust from a “neutral” rating to an “underperform” rating and set a $6.50 target price on the stock. in a report on Tuesday, June 28th.
Cedar Realty Trust (NYSE:CDR) traded down 2.12% during midday trading on Monday, reaching $6.93. The company had a trading volume of 348,107 shares. The company’s 50 day moving average is $7.28 and its 200-day moving average is $7.27. The company has a market capitalization of $568.64 million, a P/E ratio of 123.75 and a beta of 1.10. Cedar Realty Trust has a 52-week low of $6.47 and a 52-week high of $8.08.
Cedar Realty Trust (NYSE:CDR) last issued its earnings results on Thursday, August 4th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $37.87 million for the quarter, compared to analysts’ expectations of $37.74 million. During the same quarter last year, the company posted $0.14 earnings per share. Cedar Realty Trust’s revenue was up 3.1% on a year-over-year basis. Equities analysts expect that Cedar Realty Trust will post $0.03 earnings per share for the current fiscal year.
In other news, CFO Philip Mays sold 25,000 shares of Cedar Realty Trust stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $7.50, for a total transaction of $187,500.00. Following the sale, the chief financial officer now owns 776,042 shares of the company’s stock, valued at $5,820,315. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.42% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CDR. California Public Employees Retirement System boosted its stake in Cedar Realty Trust by 17.9% in the second quarter. California Public Employees Retirement System now owns 295,700 shares of the real estate investment trust’s stock worth $2,197,000 after buying an additional 45,000 shares during the period. Fox Run Management L.L.C. acquired a new stake in Cedar Realty Trust during the second quarter worth $126,000. BlackRock Group LTD raised its position in Cedar Realty Trust by 3.0% in the first quarter. BlackRock Group LTD now owns 590,445 shares of the real estate investment trust’s stock worth $4,269,000 after buying an additional 17,313 shares in the last quarter. Chartwell Investment Partners LLC bought a new position in Cedar Realty Trust during the second quarter worth approximately $3,027,000. Finally, Victory Capital Management Inc. raised its position in Cedar Realty Trust by 0.5% in the second quarter. Victory Capital Management Inc. now owns 155,415 shares of the real estate investment trust’s stock worth $1,155,000 after buying an additional 710 shares in the last quarter. 97.00% of the stock is currently owned by institutional investors.
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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