Westpac Banking Corp raised its holdings in shares of DDR Corp. (NYSE:DDR) by 30.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,132,633 shares of the real estate investment trust’s stock after acquiring an additional 262,389 shares during the quarter. Westpac Banking Corp owned about 0.31% of DDR Corp. worth $10,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also modified their holdings of the business. Sigma Planning Corp bought a new position in shares of DDR Corp. in the second quarter worth $100,000. Cutter & CO Brokerage Inc. bought a new position in shares of DDR Corp. in the second quarter worth $104,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of DDR Corp. in the second quarter worth $111,000. Janney Montgomery Scott LLC bought a new position in shares of DDR Corp. in the second quarter worth $121,000. Finally, Greenleaf Trust bought a new position in shares of DDR Corp. in the second quarter worth $123,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.
DDR has been the topic of several research analyst reports. Jefferies Group LLC reaffirmed a “hold” rating and issued a $13.00 price target on shares of DDR Corp. in a report on Friday, May 26th. BidaskClub raised DDR Corp. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Boenning Scattergood reissued a “hold” rating on shares of DDR Corp. in a research note on Thursday, July 27th. Zacks Investment Research cut DDR Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Finally, ValuEngine cut DDR Corp. from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Twelve research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $14.00.
Shares of DDR Corp. (NYSE:DDR) opened at 10.14 on Friday. The firm has a 50-day moving average of $9.92 and a 200 day moving average of $10.52. The stock’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 quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, missing the 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 company had revenue of $227.40 million during the quarter, compared to analysts’ expectations of $222.90 million. During the same period last year, the firm earned $0.33 earnings per share. DDR Corp.’s quarterly revenue was down 7.5% on a year-over-year basis. On average, equities research analysts predict that DDR Corp. will post ($0.08) EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 26th will be given a $0.19 dividend. The ex-dividend date is Monday, September 25th. This represents a $0.76 annualized dividend and a dividend yield of 7.50%. DDR Corp.’s payout ratio is presently -379.98%.
In other DDR Corp. news, CEO David R. Lukes purchased 60,000 shares of the stock in a transaction dated Wednesday, June 21st. The stock was purchased at an average price of $8.37 per share, with a total value of $502,200.00. Following the transaction, the chief executive officer now owns 432,948 shares of the company’s stock, valued at $3,623,774.76. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Terrance R. Ahern purchased 59,000 shares of the stock in a transaction dated Thursday, June 22nd. The stock was acquired at an average cost of $8.47 per share, with a total value of $499,730.00. Following the transaction, the director now directly owns 323,060 shares in the company, 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 corporate insiders.
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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