Zacks Investment Research downgraded shares of Cousins Properties (NYSE:CUZ) from a hold rating to a sell rating in a research report report published on Tuesday.
According to Zacks, “Cousin Properties recently signed a lease with WeWork for office space at Terminus 100. However, shares of the company have underperformed the industry it belongs to, in the past three months. Further, the stock has seen the Zacks Consensus Estimate for fourth-quarter 2017 funds from operations (FFO) per share being revised downward in a month’s time. Notably, the company faces stiff competition from other market players. This impacts the company’s ability to retain and attract tenants at higher rents. Moreover, despite the improvement in the job market, going forward fundamentals of the office real estate market is anticipated to be adversely affected because of the rise in new deliveries of office space. Nonetheless, the company’s Class A office assets located in the Sun Belt region has the capacity to drive long-term growth.”
Several other equities analysts have also recently weighed in on CUZ. SunTrust Banks reissued a buy rating and issued a $10.00 target price on shares of Cousins Properties in a research note on Monday, October 2nd. ValuEngine raised shares of Cousins Properties from a hold rating to a buy rating in a research note on Tuesday, October 10th. Bank of America raised their target price on shares of Cousins Properties from $9.50 to $10.00 and gave the company a neutral rating in a research note on Tuesday, October 3rd. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $10.50 price objective on shares of Cousins Properties in a research report on Thursday, September 21st. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. Cousins Properties presently has a consensus rating of Buy and an average target price of $10.10.
Cousins Properties (NYSE:CUZ) last released its earnings results on Wednesday, October 25th. The real estate investment trust reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.12). Cousins Properties had a net margin of 48.08% and a return on equity of 8.39%. The firm had revenue of $113.20 million during the quarter, compared to the consensus estimate of $113.51 million. During the same period in the prior year, the business posted $0.22 earnings per share. Cousins Properties’s quarterly revenue was up 132.4% compared to the same quarter last year. research analysts predict that Cousins Properties will post 0.61 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Shareholders of record on Tuesday, January 2nd will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, December 29th. This represents a $0.24 dividend on an annualized basis and a yield of 2.65%. Cousins Properties’s dividend payout ratio (DPR) is 44.44%.
In other Cousins Properties news, insider S Taylor Glover sold 74,351 shares of Cousins Properties stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $9.41, for a total transaction of $699,642.91. Following the completion of the transaction, the insider now directly owns 485,284 shares of the company’s stock, valued at $4,566,522.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.14% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of CUZ. BlackRock Inc. lifted its holdings in shares of Cousins Properties by 7.1% during the second quarter. BlackRock Inc. now owns 54,000,967 shares of the real estate investment trust’s stock worth $474,666,000 after buying an additional 3,602,825 shares in the last quarter. Voya Investment Management LLC lifted its holdings in shares of Cousins Properties by 1,941.7% during the second quarter. Voya Investment Management LLC now owns 2,838,658 shares of the real estate investment trust’s stock worth $24,951,000 after buying an additional 2,699,627 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Cousins Properties by 124.7% during the second quarter. Goldman Sachs Group Inc. now owns 2,878,281 shares of the real estate investment trust’s stock worth $25,301,000 after buying an additional 1,597,562 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Cousins Properties by 15.7% during the second quarter. Northern Trust Corp now owns 10,382,467 shares of the real estate investment trust’s stock worth $91,262,000 after buying an additional 1,411,479 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Cousins Properties by 7.2% during the second quarter. State Street Corp now owns 18,932,900 shares of the real estate investment trust’s stock worth $166,419,000 after buying an additional 1,271,330 shares in the last quarter.
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About Cousins Properties
Cousins Properties Incorporated is a self-administered and self-managed real estate investment trust. The Company’s segments include Office, Mixed-Use, Other, Atlanta, Austin, Charlotte, Orlando, Tampa, Phoenix and Other. It develops, acquires, leases, manages and owns primarily Class A office properties and opportunistic mixed-use developments in Sunbelt markets with a focus on Georgia, Texas and North Carolina.
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