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Franklin Michael Andrew, the CEO of Cedar Realty Trust , Inc. (NYSE:CDR), sold 850 shares of the company’s 6.50% Series C Cumulative Redeemable Preferred Stock on January 29, 2025. The shares were sold at a price of $15.75 each, totaling approximately $13,387. Following this transaction, Franklin holds 1,050 shares of the same stock. The company, currently valued at $1.77 million, has seen its common stock decline 67% over the past year. InvestingPro analysis indicates the stock is currently fairly valued.
This sale was part of a modified "Dutch auction" tender offer announced by Cedar Realty Trust, which aimed to repurchase up to $12.5 million of its Series C Preferred Stock. The tender offer, which concluded on January 28, 2025, resulted in the company purchasing 645,276 shares at the maximum offer price of $15.75 per share. The company maintains a strong liquidity position with a current ratio of 7.2 and low leverage with total debt to capital of just 0.04. InvestingPro data shows an overall Financial Health score of "FAIR," with detailed metrics available to subscribers.
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