Zacks Investment Research upgraded shares of DDR Corp. (NYSE:DDR) from a hold rating to a buy rating in a research note released on Wednesday. The brokerage currently has $10.00 target price on the real estate investment trust’s stock.
According to Zacks, “Shares of DDR have outperformed the industry it belongs to over the past three months. Encouragingly, the stock has seen the Zacks Consensus Estimate for 2017 and 2018 funds from operations (FFO) per share being revised upward in a month's time. The company recently completed its strategic planning and portfolio review process. With proceeds generated from disposition of assets and capital market access, it made progress on leverage reduction and lengthening of average debt maturity. Moreover, the company is focused on streamlining its organizational structure to enhance cost efficiency, centralize key operational decision making and improve bottom-line growth. However, the lackluster retail real estate market and the near-term earnings dilutive effects of divestitures remain concerns.”
Other research analysts have also issued reports about the stock. Deutsche Bank AG raised shares of DDR Corp. from a hold rating to a buy rating and boosted their target price for the company from $12.00 to $13.00 in a research note on Thursday, July 27th. KeyCorp reissued a buy rating and set a $13.00 target price on shares of DDR Corp. in a research note on Friday, September 1st. ValuEngine raised shares of DDR Corp. from a hold rating to a buy rating in a research note on Monday, October 2nd. Jefferies Group LLC reissued a hold rating and set a $9.00 target price on shares of DDR Corp. in a research note on Tuesday, June 20th. Finally, Boenning Scattergood reissued a hold rating on shares of DDR Corp. in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $13.23.
DDR Corp. (NYSE DDR) traded down 3.28% on Wednesday, reaching $8.85. 8,366,150 shares of the company traded hands. The company’s market capitalization is $3.25 billion. DDR Corp. has a 12 month low of $8.11 and a 12 month high of $16.63. The company has a 50-day moving average price of $9.60 and a 200-day moving average price of $10.06.
DDR Corp. (NYSE:DDR) last posted its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.22). The firm had revenue of $227.40 million for the quarter, compared to analyst estimates of $222.90 million. DDR Corp. had a negative net margin of 5.48% and a positive return on equity of 1.24%. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 earnings per share. Equities research analysts expect that DDR Corp. will post ($0.12) EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 26th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 8.59%. The ex-dividend date of this dividend is Monday, September 25th. DDR Corp.’s dividend payout ratio is currently -379.98%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. bought a new stake in shares of DDR Corp. in the 1st quarter worth approximately $326,000. Janney Montgomery Scott LLC bought a new stake in shares of DDR Corp. in the 2nd quarter worth approximately $121,000. Principal Financial Group Inc. raised its holdings in shares of DDR Corp. by 18.0% in the 2nd quarter. Principal Financial Group Inc. now owns 6,777,400 shares of the real estate investment trust’s stock worth $61,471,000 after purchasing an additional 1,033,642 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of DDR Corp. by 23.1% in 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 purchasing an additional 4,348,169 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of DDR Corp. by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,221,527 shares of the real estate investment trust’s stock worth $52,895,000 after purchasing an additional 50,804 shares in the last quarter. Institutional investors and hedge funds own 80.24% of the company’s stock.
DDR Corp. Company 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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