DDR Corp. (DDR) Shares Gap Up on Better-Than-Expected Earnings

DDR Corp. (NYSE:DDR)’s share price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $7.54, but opened at $7.78. DDR Corp. shares last traded at $7.96, with a volume of 3859313 shares.

The real estate investment trust reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.03. DDR Corp. had a return on equity of 3.44% and a net margin of 1.11%. The firm had revenue of $220.10 million during the quarter, compared to analyst estimates of $218.58 million. During the same period last year, the company earned $0.33 earnings per share. The business’s revenue for the quarter was down 10.2% on a year-over-year basis.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 26th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 9.60%. The ex-dividend date of this dividend was Monday, September 25th. DDR Corp.’s payout ratio is currently -1,900.00%.

A number of research firms have recently commented on DDR. SunTrust Banks, Inc. reaffirmed a “hold” rating and issued a $10.00 price target on shares of DDR Corp. in a report on Friday. ValuEngine raised DDR Corp. from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Boenning Scattergood lowered DDR Corp. from a “neutral” rating to an “under perform” rating in a report on Tuesday, October 3rd. Zacks Investment Research raised DDR Corp. from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a report on Wednesday, October 4th. Finally, Deutsche Bank AG raised DDR Corp. from a “hold” rating to a “buy” rating and raised their price target for the stock from $12.00 to $13.00 in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. DDR Corp. has a consensus rating of “Hold” and an average target price of $12.42.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DDR. BlackRock Inc. raised its position in DDR Corp. by 4,057.9% during the first quarter. BlackRock Inc. now owns 20,681,069 shares of the real estate investment trust’s stock valued at $259,135,000 after purchasing an additional 20,183,679 shares in the last quarter. Goldman Sachs Group Inc. raised its position in DDR Corp. by 26.8% during the second quarter. Goldman Sachs Group Inc. now owns 29,389,951 shares of the real estate investment trust’s stock valued at $266,566,000 after purchasing an additional 6,219,488 shares in the last quarter. Brookfield Asset Management Inc. raised its position in DDR Corp. by 312.0% during the second quarter. Brookfield Asset Management Inc. now owns 8,181,400 shares of the real estate investment trust’s stock valued at $74,205,000 after purchasing an additional 6,195,700 shares in the last quarter. Eaton Vance Management purchased a new stake in DDR Corp. during the second quarter valued at about $40,491,000. Finally, Balyasny Asset Management LLC raised its position in DDR Corp. by 158.3% during the second quarter. Balyasny Asset Management LLC now owns 6,707,542 shares of the real estate investment trust’s stock valued at $60,837,000 after purchasing an additional 4,110,896 shares in the last quarter. Institutional investors and hedge funds own 80.26% of the company’s stock.

The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $3.05 billion, a PE ratio of 6.92, a price-to-earnings-growth ratio of 1.46 and a beta of 0.76.

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About DDR Corp.

DDR Corp. is a self-administered and self-managed real estate investment trust. It operates through two segments: shopping centers and loan investments. It is in the business of acquiring, owning, developing, redeveloping, expanding, leasing and managing shopping centers. As of December 31, 2016, it owned and managed approximately 106 million total square feet of gross leasable area (GLA).

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