Cedar Realty Trust Inc (CDR) to Issue Quarterly Dividend of $0.05
Cedar Realty Trust Inc (NYSE:CDR) announced a quarterly dividend on Thursday, April 20th. Shareholders of record on Friday, May 12th will be given a dividend of 0.05 per share by the real estate investment trust on Monday, May 22nd. This represents a $0.20 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend is Wednesday, May 10th.
Cedar Realty Trust has a payout ratio of 37.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cedar Realty Trust to earn $0.13 per share next year, which means the company may not be able to cover its $0.20 annual dividend with an expected future payout ratio of 153.8%.
Cedar Realty Trust (NYSE:CDR) traded up 0.19% during midday trading on Thursday, reaching $5.26. The company’s stock had a trading volume of 447,783 shares. The stock has a 50 day moving average of $5.19 and a 200 day moving average of $6.11. The firm’s market capitalization is $431.59 million. Cedar Realty Trust has a 52 week low of $4.86 and a 52 week high of $8.08.
Cedar Realty Trust (NYSE:CDR) last issued its earnings results on Thursday, February 23rd. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.13. Cedar Realty Trust had a return on equity of 3.26% and a net margin of 8.46%. The business earned $37.17 million during the quarter, compared to analysts’ expectations of $36.43 million. During the same period in the prior year, the firm posted $0.14 EPS. Cedar Realty Trust’s quarterly revenue was down 1.5% compared to the same quarter last year. On average, equities research analysts predict that Cedar Realty Trust will post $0.10 earnings per share for the current fiscal year.
In other news, insider Bruce J. Schanzer acquired 5,000 shares of the firm’s stock in a transaction on Thursday, March 2nd. The shares were purchased at an average cost of $5.52 per share, for a total transaction of $27,600.00. Following the transaction, the insider now owns 2,626,593 shares of the company’s stock, valued at $14,498,793.36. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bruce J. Schanzer acquired 7,000 shares of the firm’s stock in a transaction on Monday, February 27th. The stock was purchased at an average price of $5.79 per share, for a total transaction of $40,530.00. Following the completion of the transaction, the insider now directly owns 2,626,593 shares in the company, valued at approximately $15,207,973.47. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 48,725 shares of company stock worth $259,086. 4.42% of the stock is owned by corporate insiders.
A number of brokerages have recently issued reports on CDR. KeyCorp cut Cedar Realty Trust to an “overweight” rating in a report on Wednesday, December 21st. Zacks Investment Research raised Cedar Realty Trust from a “hold” rating to a “buy” rating and set a $7.50 target price for the company in a report on Monday, January 9th. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Cedar Realty Trust in a report on Monday, January 9th. TheStreet cut Cedar Realty Trust from a “c” rating to a “d+” rating in a report on Thursday, February 23rd. Finally, Robert W. Baird upgraded Cedar Realty Trust from a “neutral” rating to an “outperform” rating and decreased their price target for the stock from $8.00 to $6.00 in a research report on Monday, March 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Cedar Realty Trust presently has a consensus rating of “Hold” and an average price target of $6.94.
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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