Zacks Investment Research Upgrades Corporate Office Properties Trust (OFC) to Hold
Corporate Office Properties Trust (NYSE:OFC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Corporate Office Properties Trust is a fully-integrated and self-managed real estate investment trust that focuses principally on the ownership, management, leasing, acquisition and development of suburban office buildings located in select submarkets in the Mid-Atlantic region of the United States. Corporate Office Properties operates three real estate service companies: Corporate Development Services, Corporate Office Services and Corporate Management Services. “
A number of other brokerages have also issued reports on OFC. Jefferies Group LLC reissued a “neutral” rating and issued a $36.00 price target (up from $32.00) on shares of Corporate Office Properties Trust in a research note on Tuesday, May 30th. BidaskClub lowered Corporate Office Properties Trust from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 3rd. ValuEngine raised Corporate Office Properties Trust from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Capital One Financial Corporation lowered Corporate Office Properties Trust from an “overweight” rating to an “equal weight” rating in a research note on Monday, July 31st. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $33.00 price target on shares of Corporate Office Properties Trust in a research note on Friday, July 14th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $33.33.
Shares of Corporate Office Properties Trust (NYSE OFC) traded up 0.09% during mid-day trading on Thursday, reaching $33.00. 417,056 shares of the company traded hands. The company’s 50 day moving average is $33.09 and its 200 day moving average is $33.76. Corporate Office Properties Trust has a 52-week low of $24.92 and a 52-week high of $36.03. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 45.27 and a beta of 0.84.
Corporate Office Properties Trust (NYSE:OFC) last issued its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. Corporate Office Properties Trust had a return on equity of 6.55% and a net margin of 15.86%. The firm had revenue of $151.44 million for the quarter, compared to analyst estimates of $138.04 million. During the same period last year, the company earned $0.52 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts forecast that Corporate Office Properties Trust will post $0.79 earnings per share for the current year.
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In other news, Director Steven D. Kesler sold 3,637 shares of the firm’s stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $35.40, for a total value of $128,749.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Cadence Capital Management LLC purchased a new position in shares of Corporate Office Properties Trust in the 2nd quarter worth about $204,000. World Asset Management Inc purchased a new position in shares of Corporate Office Properties Trust in the 1st quarter worth about $201,000. Bailard Inc. purchased a new position in shares of Corporate Office Properties Trust in the 1st quarter worth about $202,000. LS Investment Advisors LLC raised its holdings in shares of Corporate Office Properties Trust by 1.5% in the 1st quarter. LS Investment Advisors LLC now owns 6,552 shares of the real estate investment trust’s stock worth $217,000 after purchasing an additional 97 shares during the period. Finally, Garner Asset Management Corp purchased a new position in shares of Corporate Office Properties Trust in the 2nd quarter worth about $246,000.
About Corporate Office Properties Trust
Corporate Office Properties Trust is a fully-integrated and self-managed real estate investment trust (REIT). The Company owns, manages, leases, develops and acquires office and data center properties. The Company’s segments are Defense/IT Locations; Regional Office; operating wholesale data center, and other.
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