Corporate Office Properties Trust (OFC) Downgraded to Neutral at Bank of America

Bank of America lowered shares of Corporate Office Properties Trust (NYSE:OFC) from a buy rating to a neutral rating in a report issued on Friday morning, Marketbeat reports. Bank of America currently has $27.00 price target on the real estate investment trust’s stock, down from their prior price target of $31.00.

OFC has been the subject of several other reports. Wells Fargo & Co restated a hold rating on shares of Corporate Office Properties Trust in a research report on Wednesday, August 15th. ValuEngine downgraded Corporate Office Properties Trust from a hold rating to a sell rating in a research report on Friday, November 16th. Mizuho restated a hold rating and set a $31.00 price objective on shares of Corporate Office Properties Trust in a research report on Monday, August 6th. Finally, Robert W. Baird restated a hold rating and set a $29.00 price objective on shares of Corporate Office Properties Trust in a research report on Wednesday, August 8th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $29.50.

OFC stock opened at $24.47 on Friday. Corporate Office Properties Trust has a 12-month low of $24.14 and a 12-month high of $31.01. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.92 and a quick ratio of 1.92. The company has a market cap of $2.67 billion, a PE ratio of 12.05, a P/E/G ratio of 2.72 and a beta of 0.75.

Corporate Office Properties Trust (NYSE:OFC) last posted its quarterly earnings results on Thursday, October 25th. The real estate investment trust reported $0.18 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.18. Corporate Office Properties Trust had a net margin of 10.78% and a return on equity of 4.30%. The company had revenue of $137.41 million during the quarter, compared to the consensus estimate of $129.45 million. On average, analysts forecast that Corporate Office Properties Trust will post 2.01 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $1.10 annualized dividend and a yield of 4.50%. Corporate Office Properties Trust’s payout ratio is currently 54.19%.

In other news, CEO Stephen E. Budorick bought 4,023 shares of the stock in a transaction on Monday, November 19th. The stock was purchased at an average cost of $24.90 per share, with a total value of $100,172.70. Following the purchase, the chief executive officer now owns 110,528 shares of the company’s stock, valued at $2,752,147.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 5,160 shares of company stock valued at $131,367 over the last ninety days. 0.60% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Corporate Office Properties Trust by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 14,929,426 shares of the real estate investment trust’s stock worth $445,345,000 after acquiring an additional 236,834 shares during the period. FMR LLC grew its stake in Corporate Office Properties Trust by 5.7% in the 3rd quarter. FMR LLC now owns 13,096,843 shares of the real estate investment trust’s stock worth $390,678,000 after acquiring an additional 709,197 shares during the period. BlackRock Inc. grew its stake in Corporate Office Properties Trust by 3.4% in the 3rd quarter. BlackRock Inc. now owns 11,932,173 shares of the real estate investment trust’s stock worth $355,938,000 after acquiring an additional 388,713 shares during the period. Frontier Capital Management Co. LLC grew its stake in Corporate Office Properties Trust by 17.0% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 3,145,367 shares of the real estate investment trust’s stock worth $93,826,000 after acquiring an additional 457,705 shares during the period. Finally, Northern Trust Corp grew its stake in Corporate Office Properties Trust by 7.4% in the 2nd quarter. Northern Trust Corp now owns 1,816,875 shares of the real estate investment trust’s stock worth $52,671,000 after acquiring an additional 124,452 shares during the period. 97.20% of the stock is owned by hedge funds and other institutional investors.

Corporate Office Properties Trust Company Profile

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing what it believes are growing, durable, priority missions (“Defense/IT Locations”).

Further Reading: Return on Investment (ROI) Defined, Explained

Analyst Recommendations for Corporate Office Properties Trust (NYSE:OFC)

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