Stocks: Citigroup Inc Trims DDR Corp (DDR) Target Price to $13.00

Stocks: Citigroup Inc Trims DDR Corp (DDR) Target Price to $13.00

DDR Corp (NYSE:DDR) had its price target cut by Citigroup Inc from $16.50 to $13.00 in a research report sent to investors on Tuesday. They currently have a buy rating on the real estate investment trust’s stock.

Several other brokerages have also commented on DDR. Royal Bank of Canada reissued a hold rating and set a $14.00 price objective on shares of DDR Corp in a research report on Thursday, April 27th. Sandler O’Neill lowered DDR Corp from a buy rating to a hold rating and lowered their price objective for the company from $16.00 to $14.00 in a research report on Monday, March 13th. Morgan Stanley raised DDR Corp from an underweight rating to an equal weight rating and set a $14.00 price objective for the company in a research report on Monday, March 6th. Zacks Investment Research lowered DDR Corp from a hold rating to a sell rating in a research report on Monday, March 6th. Finally, Jefferies Group LLC reissued a hold rating and set a $13.00 price objective on shares of DDR Corp in a research report on Monday, April 24th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $16.21.

DDR Corp (NYSE:DDR) opened at 9.53 on Tuesday. DDR Corp has a 52-week low of $9.27 and a 52-week high of $19.92. The company’s 50 day moving average is $11.85 and its 200-day moving average is $14.10. The firm’s market cap is $3.49 billion.

DDR Corp (NYSE:DDR) last announced its quarterly earnings data on Tuesday, April 25th. The real estate investment trust reported $0.30 EPS for the quarter, beating the consensus estimate of $0.29 by $0.01. The business had revenue of $230.98 million during the quarter, compared to analyst estimates of $230.91 million. DDR Corp had a return on equity of 1.98% and a net margin of 6.19%. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 earnings per share. On average, equities analysts predict that DDR Corp will post ($0.02) EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Stockholders of record on Thursday, June 15th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 7.97%. The ex-dividend date of this dividend is Tuesday, June 13th. DDR Corp’s dividend payout ratio is presently 690.97%.

In related news, Director Robert H. Gidel purchased 4,000 shares of the stock in a transaction dated Thursday, March 23rd. The stock was purchased at an average price of $12.80 per share, with a total value of $51,200.00. Following the transaction, the director now directly owns 54,153 shares in the company, valued at $693,158.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexander Otto purchased 500,000 shares of the stock in a transaction dated Tuesday, May 9th. The stock was bought at an average cost of $9.52 per share, with a total value of $4,760,000.00. Following the transaction, the director now owns 44,509,893 shares in the company, valued at $423,734,181.36. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 584,000 shares of company stock valued at $5,854,560. 16.20% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its position in DDR Corp by 49.6% in the third quarter. PNC Financial Services Group Inc. now owns 9,181 shares of the real estate investment trust’s stock valued at $161,000 after buying an additional 3,044 shares in the last quarter. Oxford Asset Management bought a new position in DDR Corp during the first quarter valued at about $163,000. CrestPoint Capital Management LLC bought a new position in DDR Corp during the first quarter valued at about $165,000. United Capital Financial Advisers LLC bought a new position in DDR Corp during the fourth quarter valued at about $181,000. Finally, World Asset Management Inc raised its position in DDR Corp by 2.0% in the first quarter. World Asset Management Inc now owns 15,650 shares of the real estate investment trust’s stock valued at $196,000 after buying an additional 311 shares in the last quarter. 89.32% of the stock is owned by hedge funds and other institutional investors.

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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