Ameriprise Financial Inc. reduced its position in Cedar Realty Trust, Inc. (NYSE:CDR) by 2.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 424,591 shares of the real estate investment trust’s stock after selling 10,465 shares during the quarter. Ameriprise Financial Inc. owned about 0.52% of Cedar Realty Trust worth $2,060,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the business. TIAA CREF Investment Management LLC increased its holdings in Cedar Realty Trust by 144.3% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 561,367 shares of the real estate investment trust’s stock valued at $2,723,000 after buying an additional 331,619 shares during the period. Teachers Advisors LLC increased its holdings in Cedar Realty Trust by 8.0% in the 2nd quarter. Teachers Advisors LLC now owns 147,213 shares of the real estate investment trust’s stock valued at $714,000 after buying an additional 10,852 shares during the period. Alliancebernstein L.P. increased its holdings in Cedar Realty Trust by 3.5% in the 2nd quarter. Alliancebernstein L.P. now owns 138,894 shares of the real estate investment trust’s stock valued at $674,000 after buying an additional 4,694 shares during the period. Systematic Financial Management LP bought a new position in Cedar Realty Trust in the 2nd quarter valued at about $1,462,000. Finally, Wells Fargo & Company MN increased its holdings in Cedar Realty Trust by 1.7% in the 2nd quarter. Wells Fargo & Company MN now owns 59,280 shares of the real estate investment trust’s stock valued at $288,000 after buying an additional 1,012 shares during the period. 92.23% of the stock is currently owned by hedge funds and other institutional investors.
Cedar Realty Trust (NYSE:CDR) last posted its quarterly earnings data on Friday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.24). The company had revenue of $35.70 million during the quarter, compared to the consensus estimate of $35.97 million. Cedar Realty Trust had a return on equity of 2.49% and a net margin of 6.58%. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the company posted $0.15 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Friday, November 10th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend is Thursday, November 9th. Cedar Realty Trust’s dividend payout ratio (DPR) is -333.28%.
Several brokerages recently issued reports on CDR. KeyCorp reaffirmed a “hold” rating on shares of Cedar Realty Trust in a report on Wednesday, October 4th. FBR & Co reaffirmed an “outperform” rating and set a $5.75 price target on shares of Cedar Realty Trust in a report on Tuesday, July 11th. Boenning Scattergood set a $5.00 price target on shares of Cedar Realty Trust and gave the company a “sell” rating in a report on Monday, August 7th. Zacks Investment Research lowered shares of Cedar Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Finally, BidaskClub lowered shares of Cedar Realty Trust from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $6.15.
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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