Oppenheimer Asset Management Inc. reduced its position in shares of DDR Corp. (NYSE:DDR) by 10.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 38,125 shares of the real estate investment trust’s stock after selling 4,235 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in DDR Corp. were worth $345,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of DDR. BlackRock Inc. raised its stake in DDR Corp. by 4,057.9% during the 1st quarter. BlackRock Inc. now owns 20,681,069 shares of the real estate investment trust’s stock worth $259,135,000 after buying an additional 20,183,679 shares during the period. Principal Financial Group Inc. raised its stake in DDR Corp. by 13,961.6% during the 1st quarter. Principal Financial Group Inc. now owns 5,743,758 shares of the real estate investment trust’s stock worth $71,970,000 after buying an additional 5,702,911 shares during the period. Goldman Sachs Group Inc. raised its stake in DDR Corp. by 23.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 23,170,463 shares of the real estate investment trust’s stock worth $290,325,000 after buying an additional 4,348,169 shares during the period. Morgan Stanley raised its stake in DDR Corp. by 189.5% during the 1st quarter. Morgan Stanley now owns 3,763,059 shares of the real estate investment trust’s stock worth $47,151,000 after buying an additional 2,463,134 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in DDR Corp. by 18.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,664,559 shares of the real estate investment trust’s stock worth $87,658,000 after buying an additional 1,521,023 shares during the period. 80.24% of the stock is currently owned by institutional investors and hedge funds.
Shares of DDR Corp. (NYSE DDR) opened at 10.14 on Monday. The firm’s 50-day moving average price is $9.92 and its 200-day moving average price is $10.52. The company’s market capitalization is $3.72 billion. DDR Corp. has a one year low of $8.11 and a one year high of $17.96.
DDR Corp. (NYSE:DDR) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $227.40 million for the quarter, compared to analysts’ expectations of $222.90 million. During the same quarter in the previous year, the business posted $0.33 earnings per share. DDR Corp.’s revenue for the quarter was down 7.5% on a year-over-year basis. Analysts anticipate that DDR Corp. will post ($0.08) earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 26th will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Monday, September 25th. This represents a $0.76 annualized dividend and a dividend yield of 7.50%. DDR Corp.’s payout ratio is -379.98%.
DDR has been the topic of a number of research reports. Deutsche Bank AG raised DDR Corp. from a “hold” rating to a “buy” rating and upped their price target for the stock from $12.00 to $13.00 in a research note on Thursday, July 27th. KeyCorp reaffirmed a “buy” rating and set a $13.00 price target on shares of DDR Corp. in a research note on Friday, September 1st. ValuEngine downgraded DDR Corp. from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research raised DDR Corp. from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of DDR Corp. in a research note on Thursday, July 27th. Twelve analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $14.00.
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In other DDR Corp. news, CEO David R. Lukes bought 60,000 shares of the stock in a transaction dated Wednesday, June 21st. The stock was purchased at an average cost of $8.37 per share, for a total transaction of $502,200.00. Following the completion of the acquisition, the chief executive officer now owns 432,948 shares of the company’s stock, valued at $3,623,774.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Terrance R. Ahern bought 59,000 shares of the stock in a transaction dated Thursday, June 22nd. The shares were acquired at an average price of $8.47 per share, with a total value of $499,730.00. Following the completion of the acquisition, the director now directly owns 323,060 shares of the company’s stock, valued at approximately $2,736,318.20. The disclosure for this purchase can be found here. 16.10% of the stock is currently owned by company insiders.
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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