Zacks Investment Research lowered shares of Cousins Properties Incorporated (NYSE:CUZ) from a buy rating to a hold rating in a research report released on Monday.
According to Zacks, “Shares of Cousin Properties have outperformed the industry it belongs to, year to date. Nonetheless, the stock has seen the Zacks Consensus Estimate for third-quarter and current-year funds from operations (FFO) per share being unchanged in a month’s time. The company’s unmatched portfolio of Class A office assets located in the Sun Belt markets auger well for long term growth. Moreover, in August, Cousins Properties and Hines announced signing a lease with software giant SAP at 8000 Avalon in Atlanta, GA. This contract brings a high-quality tenant to the company’s roster. Further, in a bid to optimize its portfolio, the company closed the merger with Parkway Properties and spun-off the Houston-based assets. This move also enabled the company to exit the challenging Houston office market. However, stiff competition and hike in interest rates remain concerns.”
CUZ has been the subject of several other research reports. BidaskClub cut shares of Cousins Properties from a buy rating to a hold rating in a research report on Tuesday, July 11th. SunTrust Banks, Inc. restated a buy rating and issued a $10.00 target price on shares of Cousins Properties in a research report on Monday, October 2nd. Stifel Nicolaus restated a buy rating and issued a $10.50 target price on shares of Cousins Properties in a research report on Thursday, September 21st. Finally, Bank of America Corporation upped their target price on shares of Cousins Properties from $9.50 to $10.00 and gave the stock a neutral rating in a research report on Tuesday, October 3rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $10.10.
Cousins Properties (NYSE:CUZ) last posted its earnings results on Thursday, July 27th. The real estate investment trust reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01. Cousins Properties had a net margin of 49.99% and a return on equity of 9.37%. The firm had revenue of $119.00 million during the quarter, compared to analysts’ expectations of $114.68 million. During the same quarter in the prior year, the firm earned $0.21 EPS. Cousins Properties’s quarterly revenue was up 146.4% on a year-over-year basis. Analysts anticipate that Cousins Properties will post $0.45 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 12th. Stockholders of record on Monday, October 2nd were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 2.55%. The ex-dividend date was Friday, September 29th. Cousins Properties’s dividend payout ratio (DPR) is presently 42.11%.
Several institutional investors have recently bought and sold shares of the company. Oakbrook Investments LLC boosted its holdings in shares of Cousins Properties by 2.0% in the second quarter. Oakbrook Investments LLC now owns 15,500 shares of the real estate investment trust’s stock valued at $136,000 after acquiring an additional 300 shares in the last quarter. Amalgamated Bank boosted its holdings in shares of Cousins Properties by 2.4% in the first quarter. Amalgamated Bank now owns 48,695 shares of the real estate investment trust’s stock valued at $403,000 after acquiring an additional 1,134 shares in the last quarter. World Asset Management Inc boosted its holdings in shares of Cousins Properties by 5.0% in the second quarter. World Asset Management Inc now owns 26,474 shares of the real estate investment trust’s stock valued at $233,000 after acquiring an additional 1,265 shares in the last quarter. First Midwest Bank Trust Division boosted its holdings in shares of Cousins Properties by 3.7% in the second quarter. First Midwest Bank Trust Division now owns 55,333 shares of the real estate investment trust’s stock valued at $486,000 after acquiring an additional 1,969 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of Cousins Properties by 0.5% in the second quarter. Great West Life Assurance Co. Can now owns 452,565 shares of the real estate investment trust’s stock valued at $3,973,000 after acquiring an additional 2,260 shares in the last quarter.
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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