Cedar Realty Trust (NYSE:CDR – Get Valuation) was upgraded from a “sell” rating to a “buy” rating by Zacks Investment Research in a research note issued to investors on Friday, Zacks.com reports. The brokerage firm currently has a price target of $30.00 on shares of Real Estate Investment Trust. Zacks Investment Research’s price target indicates a potential upside of 12.32% from the stock’s previous close.
According to Zacks, “Cedar Realty Trust, Inc. is a real estate investment trust that owns a portfolio of grocery-centric malls in high-density urban markets from DC to Boston. Cedar Realty Trust Inc, formerly known as Cedar Shopn Ctr, is based in Port Washington, NY.
Several other analysts have also recently issued reports on the stock. Raymond James downgraded shares of Cedar Realty Trust from an outperform rating to a market perform rating in a report Tuesday, March 8th. TheStreet upgraded shares of Cedar Realty Trust from a “d+” rating to a “c-” rating in a report on Friday, April 1st. StockNews.com downgraded shares of Cedar Realty Trust to a “sell” rating from a “hold” rating in a report Wednesday. Finally, B. Riley increased his price target on Cedar Realty Trust shares to $29.00 from $26.00 and issued a research note on Thursday, March 3, with a “buy” rating of the company. One equities research analyst has assigned a sell rating to the stock, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $26.67.
CDR shares rose $0.04 during trading hours on Friday to hit $26.71. The company’s shares had a trading volume of 110,132 shares compared to an average volume of 234,047. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt to equity ratio of 1.87. The company has a market cap of $364.32 million, a P/E of -5.92 and a beta of 1.30. Cedar Realty Trust has a 12-month low of $14.15 and a 12-month high of $28.68. The stock has a 50-day moving average price of $27.65 and a 200-day moving average price of $25.23.
In related news, insider Bruce J. Schanzer sold 25,000 shares of the stock in a transaction on Tuesday, April 5. The shares sold at an average price of $28.00 for a total transaction of $700,000.00. Following the closing of the sale, the insider now owns 378,187 shares of the company’s stock, valued at approximately $10,589,236. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Company insiders own 7.10% of the company’s shares.
A number of hedge funds have recently changed their positions in CDR. Wolverine Asset Management LLC acquired a new interest in Cedar Realty Trust valued at approximately $44,000 during the first quarter. Morgan Stanley increased its stake in Cedar Realty Trust shares by 134.2% in the third quarter. Morgan Stanley now owns 2,344 shares of the real estate investment trust, valued at $51,000, after buying another 1,343 shares last quarter. UBS Group AG increased its holding of shares in Cedar Realty Trust by 35.0% in the first quarter. UBS Group AG now owns 4,512 shares of the real estate investment trust, valued at $125,000, after buying another 1,169 shares last quarter. The Public Employees Retirement System of Ohio acquired a new interest in Cedar Realty Trust stock valued at approximately $132,000 during the fourth quarter. Finally, in the fourth quarter, KBC Group NV increased its stake in Cedar Realty Trust by 70.4%. KBC Group NV now owns 5,639 shares in the Real Estate Investment Trust, valued at $142,000, after purchasing a further 2,330 shares last quarter. Hedge funds and other institutional investors own 50.80% of the company’s shares.
Cedar Realty Trust Company Profile (get rating)
Cedar Realty Trust, Inc is a fully integrated real estate investment trust focused on owning, operating and redeveloping grocery shopping malls in high-density urban markets from Washington, DC to Boston. The Company’s portfolio (excluding properties treated as held for sale) consists of 54 properties with approximately 8.1 million square feet of GLA.
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