Clipper Realty (NYSE:CLPR) Stock Rating Lowered by Zacks Research

Key Points

• Clipper Realty has been downgraded by Zacks Research from a "strong-buy" to a "hold" rating, reflecting concerns about its stock performance.
• The stock price of Clipper Realty decreased by 2.6% to $4.34, with a reported market cap of $70.01 million and a PE ratio of -4.21.
• CEO David Bistricer acquired 8,174 shares of Clipper Realty at an average price of $4.01, representing a significant increase in his ownership of the company's stock.

Zacks Research cut shares of Clipper Realty (NYSE:CLPR - Free Report) from a strong-buy rating to a hold rating in a report issued on Tuesday, September 9th,Zacks.com reports.

Separately, Wall Street Zen cut Clipper Realty from a "hold" rating to a "sell" rating in a research report on Monday, August 18th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold".

Clipper Realty Trading Down 1.8%

Shares of CLPR traded down $0.08 during mid-day trading on Tuesday, reaching $4.21. The company's stock had a trading volume of 34,780 shares, compared to its average volume of 107,905. Clipper Realty has a 1-year low of $3.39 and a 1-year high of $7.12. The stock has a market cap of $67.90 million, a P/E ratio of -4.08 and a beta of 1.10. The business has a 50-day simple moving average of $4.00 and a two-hundred day simple moving average of $3.93.

Clipper Realty (NYSE:CLPR - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.13 by $0.07. The business had revenue of $39.04 million during the quarter, compared to analyst estimates of $39.10 million. Research analysts anticipate that Clipper Realty will post 0.39 EPS for the current year.

Clipper Realty Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Thursday, August 21st were issued a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a yield of 9.0%. The ex-dividend date of this dividend was Thursday, August 21st. Clipper Realty's dividend payout ratio (DPR) is presently -36.89%.

Insiders Place Their Bets

In related news, CEO David Bistricer acquired 8,174 shares of the stock in a transaction on Thursday, August 21st. The shares were purchased at an average price of $4.01 per share, for a total transaction of $32,777.74. Following the purchase, the chief executive officer directly owned 8,174 shares in the company, valued at approximately $32,777.74. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 53.01% of the company's stock.

Hedge Funds Weigh In On Clipper Realty

A number of hedge funds have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. bought a new position in Clipper Realty during the 2nd quarter worth $70,000. Geode Capital Management LLC increased its stake in shares of Clipper Realty by 9.3% in the 2nd quarter. Geode Capital Management LLC now owns 333,970 shares of the company's stock valued at $1,226,000 after purchasing an additional 28,385 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Clipper Realty by 28.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,137 shares of the company's stock valued at $467,000 after purchasing an additional 27,908 shares during the last quarter. Penserra Capital Management LLC bought a new position in shares of Clipper Realty in the 2nd quarter valued at $955,000. Finally, Brookwood Investment Group LLC increased its stake in shares of Clipper Realty by 38.6% in the 2nd quarter. Brookwood Investment Group LLC now owns 74,582 shares of the company's stock valued at $274,000 after purchasing an additional 20,762 shares during the last quarter. Institutional investors own 37.57% of the company's stock.

About Clipper Realty

Clipper Realty Inc NYSE: CLPR is a self-administered and self-managed real estate company that acquires, owns, manages, operates, and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn.