Columbia Property Trust (CXP) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Columbia Property Trust (NYSE:CXP) from a hold rating to a buy rating in a report issued on Thursday morning. The firm currently has $23.00 price objective on the real estate investment trust’s stock.
According to Zacks, “Columbia Property Trust, Inc. operates as a real estate investment trust. It focuses on the acquisition, development, ownership, leasing and operation of office properties in primary U.S. markets. Columbia Property Trust, Inc. is headquartered in Atlanta, GA. “
A number of other analysts have also recently commented on CXP. Morgan Stanley restated an equal weight rating and issued a $22.00 price target on shares of Columbia Property Trust in a research report on Thursday, December 14th. BMO Capital Markets restated a buy rating and issued a $25.00 price target on shares of Columbia Property Trust in a research report on Tuesday, January 9th. Finally, SunTrust Banks set a $22.00 price target on Columbia Property Trust and gave the stock a hold rating in a research report on Monday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $23.43.
Columbia Property Trust (NYSE:CXP) last issued its quarterly earnings results on Thursday, February 15th. The real estate investment trust reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $71.63 million during the quarter, compared to analysts’ expectations of $64.63 million. Columbia Property Trust had a return on equity of 6.94% and a net margin of 60.91%. The business’s quarterly revenue was down 32.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.37 earnings per share. equities research analysts forecast that Columbia Property Trust will post 1.44 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Thursday, March 1st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.01%. The ex-dividend date was Wednesday, February 28th. Columbia Property Trust’s dividend payout ratio is currently 55.17%.
Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in shares of Columbia Property Trust by 2.3% during the fourth quarter. BlackRock Inc. now owns 8,685,141 shares of the real estate investment trust’s stock worth $199,324,000 after purchasing an additional 198,426 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Columbia Property Trust by 18.3% during the third quarter. Bank of New York Mellon Corp now owns 4,110,187 shares of the real estate investment trust’s stock worth $89,479,000 after purchasing an additional 634,874 shares in the last quarter. Cbre Clarion Securities LLC purchased a new stake in shares of Columbia Property Trust during the fourth quarter worth about $90,575,000. Glenmede Trust Co. NA grew its position in shares of Columbia Property Trust by 15.6% during the fourth quarter. Glenmede Trust Co. NA now owns 1,935,160 shares of the real estate investment trust’s stock worth $44,411,000 after purchasing an additional 260,467 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Columbia Property Trust by 2.7% during the third quarter. Dimensional Fund Advisors LP now owns 1,746,661 shares of the real estate investment trust’s stock worth $38,023,000 after purchasing an additional 45,696 shares in the last quarter. Hedge funds and other institutional investors own 70.19% of the company’s stock.
About Columbia Property Trust
Columbia Property Trust, Inc operates as a real estate investment trust (REIT), which owns and operates commercial real estate properties. The Company’s primary objective is to generate long-term shareholder returns from a combination of steadily growing cash flows and appreciation in its net asset values, through the acquisition and ownership of office buildings located principally in high-barrier-to-entry markets.
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