Bank of New York Mellon Corp boosted its stake in shares of Cousins Properties Inc (NYSE:CUZ) by 28.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,341,948 shares of the real estate investment trust’s stock after buying an additional 2,077,127 shares during the period. Bank of New York Mellon Corp owned 2.22% of Cousins Properties worth $90,522,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CUZ. First Republic Investment Management Inc. acquired a new position in Cousins Properties during the second quarter worth $125,000. Dynamic Technology Lab Private Ltd acquired a new position in Cousins Properties during the second quarter worth $198,000. Hartford Investment Management Co. acquired a new position in Cousins Properties during the second quarter worth $203,000. CIBC Private Wealth Group LLC raised its position in Cousins Properties by 15,919.3% in the second quarter. CIBC Private Wealth Group LLC now owns 21,626 shares of the real estate investment trust’s stock valued at $209,000 after purchasing an additional 21,491 shares during the period. Finally, Virtu Financial LLC raised its position in Cousins Properties by 84.6% in the second quarter. Virtu Financial LLC now owns 23,807 shares of the real estate investment trust’s stock valued at $231,000 after purchasing an additional 10,911 shares during the period.
NYSE:CUZ opened at $8.58 on Friday. Cousins Properties Inc has a 52 week low of $8.17 and a 52 week high of $9.88. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 4.45 and a beta of 0.86.
Cousins Properties (NYSE:CUZ) last posted its earnings results on Wednesday, October 24th. The real estate investment trust reported $0.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.04. Cousins Properties had a return on equity of 3.12% and a net margin of 19.01%. The company had revenue of $116.60 million for the quarter, compared to the consensus estimate of $115.91 million. During the same quarter in the previous year, the business earned $0.15 earnings per share. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, research analysts predict that Cousins Properties Inc will post 0.62 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Wednesday, October 3rd were given a $0.065 dividend. The ex-dividend date of this dividend was Tuesday, October 2nd. This represents a $0.26 dividend on an annualized basis and a yield of 3.03%. Cousins Properties’s dividend payout ratio is currently 42.62%.
CUZ has been the topic of a number of research analyst reports. SunTrust Banks restated a “buy” rating and issued a $10.00 target price on shares of Cousins Properties in a research report on Thursday, July 26th. TheStreet downgraded Cousins Properties from a “b-” rating to a “c+” rating in a research report on Friday, October 5th. Bank of America reduced their target price on Cousins Properties from $10.50 to $10.25 and set a “buy” rating on the stock in a research report on Monday, September 10th. Zacks Investment Research downgraded Cousins Properties from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Finally, ValuEngine downgraded Cousins Properties from a “hold” rating to a “sell” rating in a research report on Wednesday, September 19th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Cousins Properties presently has a consensus rating of “Hold” and an average target price of $9.92.
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Cousins Properties Company Profile
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office towers located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets.
Further Reading: Cost of Capital
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