Alliancebernstein L.P. decreased its stake in DDR Corp. (NYSE:DDR) by 2.3% during the first quarter, Holdings Channel reports. The institutional investor owned 415,865 shares of the real estate investment trust’s stock after selling 9,670 shares during the period. Alliancebernstein L.P.’s holdings in DDR Corp. were worth $5,211,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Manning & Napier Advisors LLC boosted its position in shares of DDR Corp. by 57.6% in the first quarter. Manning & Napier Advisors LLC now owns 451,625 shares of the real estate investment trust’s stock valued at $5,657,000 after buying an additional 165,105 shares in the last quarter. Pensionfund Sabic boosted its position in shares of DDR Corp. by 9.3% in the first quarter. Pensionfund Sabic now owns 59,000 shares of the real estate investment trust’s stock valued at $739,000 after buying an additional 5,000 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in shares of DDR Corp. during the fourth quarter valued at $4,097,000. Brookfield Asset Management Inc. boosted its position in shares of DDR Corp. by 83.6% in the fourth quarter. Brookfield Asset Management Inc. now owns 1,622,500 shares of the real estate investment trust’s stock valued at $24,776,000 after buying an additional 739,000 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of DDR Corp. during the fourth quarter valued at $34,076,000. 82.40% of the stock is owned by institutional investors.
Shares of DDR Corp. (NYSE DDR) opened at 8.91 on Wednesday. The firm’s 50-day moving average price is $9.22 and its 200 day moving average price is $12.82. DDR Corp. has a one year low of $8.28 and a one year high of $19.92. The firm’s market cap is $3.26 billion.
DDR Corp. (NYSE:DDR) last announced its quarterly earnings data on Tuesday, April 25th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. The firm had revenue of $230.98 million during the quarter, compared to the consensus estimate of $230.91 million. DDR Corp. had a positive return on equity of 1.60% and a negative net margin of 4.17%. The business’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 EPS. Analysts predict that DDR Corp. will post ($0.15) EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 6th. Shareholders of record on Thursday, June 15th will be paid a $0.19 dividend. The ex-dividend date is Tuesday, June 13th. This represents a $0.76 dividend on an annualized basis and a yield of 8.53%. DDR Corp.’s dividend payout ratio (DPR) is presently -475.00%.
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Several equities analysts have recently weighed in on the stock. Zacks Investment Research cut shares of DDR Corp. from a “hold” rating to a “sell” rating in a research note on Monday, March 6th. Mizuho raised their price target on shares of DDR Corp. to $15.00 and gave the stock a “neutral” rating in a research note on Monday, March 6th. Morgan Stanley raised shares of DDR Corp. from an “underweight” rating to an “equal weight” rating and set a $14.00 price target for the company in a research note on Monday, March 6th. Evercore ISI raised shares of DDR Corp. from a “hold” rating to an “outperform” rating in a research note on Friday, March 3rd. Finally, Sandler O’Neill cut shares of DDR Corp. from a “buy” rating to a “hold” rating and decreased their price target for the stock from $16.00 to $14.00 in a research note on Monday, March 13th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. DDR Corp. presently has an average rating of “Hold” and a consensus target price of $15.93.
In other DDR Corp. news, CEO David R. Lukes acquired 170,000 shares of DDR Corp. stock in a transaction on Friday, May 12th. The stock was purchased at an average price of $9.48 per share, for a total transaction of $1,611,600.00. Following the purchase, the chief executive officer now directly owns 372,948 shares of the company’s stock, valued at $3,535,547.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Terrance R. Ahern acquired 59,000 shares of DDR Corp. stock in a transaction on Thursday, June 22nd. The stock was acquired at an average price of $8.47 per share, with a total value of $499,730.00. Following the purchase, the director now directly owns 323,060 shares in the company, valued at $2,736,318.20. The disclosure for this purchase can be found here. Insiders acquired a total of 1,357,325 shares of company stock valued at $12,714,410 in the last 90 days. Corporate insiders own 16.20% of the company’s stock.
About DDR Corp.
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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