Columbia Property Trust Inc. (CXP) Downgraded by Zacks Investment Research to “Hold”
Columbia Property Trust Inc. (NYSE:CXP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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 equities research analysts have also recently commented on the company. BMO Capital Markets raised Columbia Property Trust from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $23.00 to $25.00 in a research note on Thursday, June 2nd. TheStreet raised Columbia Property Trust from a “sell” rating to a “hold” rating in a research note on Friday, June 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Columbia Property Trust currently has a consensus rating of “Hold” and a consensus target price of $22.75.
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Columbia Property Trust (NYSE:CXP) traded down 0.79% during midday trading on Tuesday, reaching $22.49. The company had a trading volume of 502,218 shares. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 55.67 and a beta of 1.15. The stock’s 50 day moving average is $23.74 and its 200 day moving average is $22.30. Columbia Property Trust has a 12-month low of $19.34 and a 12-month high of $26.24.
Columbia Property Trust (NYSE:CXP) last issued its earnings results on Thursday, July 28th. The real estate investment trust reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.35. The business earned $127.93 million during the quarter, compared to the consensus estimate of $127.96 million. Columbia Property Trust had a return on equity of 1.95% and a net margin of 9.58%. The firm’s revenue for the quarter was down 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 earnings per share. Equities research analysts expect that Columbia Property Trust will post $0.19 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were given a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 30th. This represents a $1.20 annualized dividend and a dividend yield of 5.34%. Columbia Property Trust’s payout ratio is 300.01%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in shares of Columbia Property Trust by 167.2% in the second quarter. Bank of New York Mellon Corp now owns 1,935,863 shares of the real estate investment trust’s stock valued at $41,428,000 after buying an additional 1,211,389 shares during the last quarter. Glenmede Trust Co. NA bought a new position in shares of Columbia Property Trust during the first quarter valued at about $23,880,000. Shinko Asset Management Co. Ltd. boosted its position in shares of Columbia Property Trust by 19.0% in the second quarter. Shinko Asset Management Co. Ltd. now owns 5,417,226 shares of the real estate investment trust’s stock valued at $115,929,000 after buying an additional 864,971 shares during the last quarter. Lasalle Investment Management Securities LLC boosted its position in shares of Columbia Property Trust by 22.0% in the second quarter. Lasalle Investment Management Securities LLC now owns 3,394,491 shares of the real estate investment trust’s stock valued at $72,642,000 after buying an additional 610,996 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Columbia Property Trust by 2.6% in the second quarter. Vanguard Group Inc. now owns 17,984,102 shares of the real estate investment trust’s stock valued at $384,861,000 after buying an additional 456,958 shares during the last quarter. 60.62% of the stock is currently owned by institutional investors.
About Columbia Property Trust
Columbia Property Trust, Inc operates as a real estate investment trust (REIT) for federal income tax purposes. The Company conducts business through Columbia Property Trust Operating Partnership, L.P. (Columbia Property Trust OP), which acquires, develops, owns, leases and operates real properties through subsidiaries or through joint ventures.
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