285,980 Shares in DDR Corp. (DDR) Purchased by Pinebridge Investments L.P.
Pinebridge Investments L.P. acquired a new position in shares of DDR Corp. (NYSE:DDR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 285,980 shares of the real estate investment trust’s stock, valued at approximately $2,594,000. Pinebridge Investments L.P. owned about 0.08% of DDR Corp. as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DDR. Sigma Planning Corp acquired a new position in DDR Corp. during the second quarter worth $100,000. Cutter & CO Brokerage Inc. acquired a new position in DDR Corp. during the second quarter worth $104,000. Cambridge Investment Research Advisors Inc. acquired a new position in DDR Corp. during the second quarter worth $111,000. Janney Montgomery Scott LLC acquired a new position in DDR Corp. during the second quarter worth $121,000. Finally, Greenleaf Trust acquired a new position in DDR Corp. during the second quarter worth $123,000. 80.24% of the stock is currently owned by institutional investors.
Shares of DDR Corp. (NYSE DDR) opened at 9.22 on Friday. The stock’s market cap is $3.38 billion. DDR Corp. has a 12-month low of $8.11 and a 12-month high of $17.96. The company has a 50 day moving average price of $9.89 and a 200 day moving average price of $10.40.
DDR Corp. (NYSE:DDR) last issued its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.22). DDR Corp. had a negative net margin of 5.48% and a positive return on equity of 1.24%. The firm had revenue of $227.40 million during the quarter, compared to analyst estimates of $222.90 million. During the same quarter in the previous year, the business posted $0.33 EPS. DDR Corp.’s revenue was down 7.5% compared to the same quarter last year. Analysts anticipate that DDR Corp. will post ($0.12) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 26th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 8.25%. The ex-dividend date is Monday, September 25th. DDR Corp.’s payout ratio is currently -379.98%.
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DDR has been the topic of a number of recent research reports. Jefferies Group LLC reissued a “hold” rating and set a $13.00 price objective on shares of DDR Corp. in a research note on Friday, May 26th. ValuEngine lowered DDR Corp. from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research lowered DDR Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. BidaskClub raised DDR Corp. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Finally, KeyCorp reissued an “overweight” rating and set a $13.00 price objective (down previously from $16.50) on shares of DDR Corp. in a research note on Wednesday, June 28th. Twelve investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. DDR Corp. has an average rating of “Hold” and a consensus price target of $14.00.
DDR Corp. Profile
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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