Cedar Realty Trust (NYSE:CDR) Trading Down 6.1% After Earnings Miss

Cedar Realty Trust Inc (NYSE:CDR)’s share price traded down 6.1% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $2.58 and last traded at $2.61, 581,399 shares were traded during trading. An increase of 72% from the average session volume of 337,600 shares. The stock had previously closed at $2.78.

The real estate investment trust reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.08). Cedar Realty Trust had a net margin of 15.49% and a return on equity of 5.85%. The company had revenue of $35.66 million during the quarter, compared to analyst estimates of $35.77 million.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Friday, August 9th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.20 dividend on an annualized basis and a yield of 7.63%. Cedar Realty Trust’s dividend payout ratio is currently 34.48%.

A number of equities research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Cedar Realty Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, July 9th. ValuEngine cut shares of Cedar Realty Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st.

In other Cedar Realty Trust news, insider Bruce J. Schanzer sold 10,000 shares of Cedar Realty Trust stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $3.14, for a total transaction of $31,400.00. Following the sale, the insider now owns 2,272,343 shares of the company’s stock, valued at approximately $7,135,157.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 4.51% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its stake in Cedar Realty Trust by 8.6% during the 4th quarter. FMR LLC now owns 4,140,727 shares of the real estate investment trust’s stock worth $13,002,000 after purchasing an additional 328,844 shares during the last quarter. Foundry Partners LLC boosted its position in shares of Cedar Realty Trust by 6.3% during the 1st quarter. Foundry Partners LLC now owns 1,308,915 shares of the real estate investment trust’s stock valued at $4,450,000 after acquiring an additional 77,475 shares during the last quarter. AJO LP boosted its position in shares of Cedar Realty Trust by 4.3% during the 1st quarter. AJO LP now owns 1,235,285 shares of the real estate investment trust’s stock valued at $4,200,000 after acquiring an additional 50,988 shares during the last quarter. Millennium Management LLC boosted its position in shares of Cedar Realty Trust by 68.7% during the 4th quarter. Millennium Management LLC now owns 1,101,047 shares of the real estate investment trust’s stock valued at $3,457,000 after acquiring an additional 448,250 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Cedar Realty Trust by 0.5% during the 4th quarter. Principal Financial Group Inc. now owns 727,485 shares of the real estate investment trust’s stock valued at $2,284,000 after acquiring an additional 3,850 shares during the last quarter. 89.60% of the stock is currently owned by institutional investors.

The firm’s 50-day moving average price is $2.60. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.64. The stock has a market capitalization of $233.26 million, a PE ratio of 4.52 and a beta of 0.87.

Cedar Realty Trust Company Profile (NYSE:CDR)

Cedar Realty Trust, Inc is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, DC to Boston. The Company's portfolio (excluding properties treated as "held for sale") comprises 58 properties, with approximately 8.7 million square feet of gross leasable area.

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