Corporate Office Properties Trust (NYSE:OFC) declared a quarterly dividend on Friday, May 22nd, Wall Street Journal reports. Shareholders of record on Tuesday, June 30th will be given a dividend of 0.275 per share by the real estate investment trust on Wednesday, July 15th. This represents a $1.10 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date is Monday, June 29th.
Corporate Office Properties Trust has a payout ratio of 125.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Corporate Office Properties Trust to earn $2.15 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 51.2%.
OFC stock traded down $0.10 during mid-day trading on Friday, reaching $23.34. The company had a trading volume of 397,644 shares, compared to its average volume of 850,614. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.73 and a quick ratio of 2.73. The stock has a 50 day simple moving average of $24.36 and a two-hundred day simple moving average of $27.13. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 2.59 and a beta of 1.07. Corporate Office Properties Trust has a 52 week low of $15.23 and a 52 week high of $30.57.
Corporate Office Properties Trust (NYSE:OFC) last posted its quarterly earnings results on Thursday, April 30th. The real estate investment trust reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.02. Corporate Office Properties Trust had a return on equity of 11.62% and a net margin of 30.96%. The firm had revenue of $145.80 million during the quarter, compared to the consensus estimate of $151.88 million. During the same period last year, the company earned $0.50 earnings per share. The business’s revenue was down 2.1% compared to the same quarter last year. On average, equities analysts predict that Corporate Office Properties Trust will post 2.06 EPS for the current year.
In related news, CEO Stephen E. Budorick acquired 2,530 shares of the company’s stock in a transaction on Tuesday, March 17th. The stock was purchased at an average cost of $19.58 per share, with a total value of $49,537.40. Following the acquisition, the chief executive officer now directly owns 146,045 shares of the company’s stock, valued at $2,859,561.10. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.60% of the stock is owned by insiders.
Several research analysts have recently commented on OFC shares. JPMorgan Chase & Co. reduced their target price on Corporate Office Properties Trust from $30.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, April 15th. Evercore ISI started coverage on Corporate Office Properties Trust in a research note on Friday, February 7th. They set a “buy” rating and a $32.00 target price for the company. Smith Barney Citigroup upgraded Corporate Office Properties Trust from a “neutral” rating to an “outperform” rating and set a $29.00 target price for the company in a research note on Monday, May 4th. Jefferies Financial Group reduced their target price on Corporate Office Properties Trust from $32.00 to $29.00 and set a “buy” rating for the company in a research note on Thursday, April 16th. Finally, Bank of America upgraded Corporate Office Properties Trust from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $23.00 to $29.00 in a research note on Monday, April 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $28.23.
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).
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