Cousins Properties Inc. (CUZ) Upgraded to Hold by Zacks Investment Research
According to Zacks, “Cousins Properties’s current quarter funds from operations (FFO) per share estimate remained stable over the past seven days. Earlier, the company reported third-quarter 2016 FFO per share of $0.22, in line with the Zacks Consensus Estimate. Further, in October, the company completed the merger with Parkway Properties Inc. It also spun off the Houston-based assets of the combined company into a publicly-traded REIT. This move is a strategic fit as it allowed the company to not only boost its portfolio with premium properties, but also exit the Houston office market, which is crippled by the decline in oil prices. Going forward, Cousins is expected to benefit from its diverse portfolio, presence of high-end tenants in its roster, keen eye for trophy assets and opportunistic investments. However, pressure on top line and any rise in interest rate are concerns before the company.”
CUZ has been the subject of several other reports. Stifel Nicolaus raised Cousins Properties from a sell rating to a hold rating and lowered their target price for the stock from $9.50 to $8.00 in a research report on Monday, October 17th. They noted that the move was a valuation call. Robert W. Baird downgraded Cousins Properties from an outperform rating to a neutral rating and set a $11.00 price target for the company. in a report on Wednesday, August 17th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Cousins Properties has an average rating of Hold and a consensus target price of $10.50.
Shares of Cousins Properties (NYSE:CUZ) traded up 0.26% during mid-day trading on Friday, hitting $7.86. The stock had a trading volume of 806,203 shares. The company has a market cap of $3.09 billion, a P/E ratio of 16.94 and a beta of 1.15. The firm’s 50 day moving average price is $8.06 and its 200 day moving average price is $10.01. Cousins Properties has a 1-year low of $7.09 and a 1-year high of $11.40.
Hedge funds have recently modified their holdings of the stock. Palisade Capital Management LLC NJ increased its stake in shares of Cousins Properties by 16.9% in the second quarter. Palisade Capital Management LLC NJ now owns 1,556,063 shares of the real estate investment trust’s stock valued at $16,183,000 after buying an additional 224,880 shares in the last quarter. Real Estate Management Services LLC increased its position in Cousins Properties by 9.1% in the second quarter. Real Estate Management Services LLC now owns 1,373,200 shares of the real estate investment trust’s stock worth $14,281,000 after buying an additional 115,100 shares during the period. Daiwa Securities Group Inc. increased its position in Cousins Properties by 70.3% in the second quarter. Daiwa Securities Group Inc. now owns 1,557,237 shares of the real estate investment trust’s stock worth $16,195,000 after buying an additional 642,990 shares during the period. HBK Investments L P bought a new position in Cousins Properties during the first quarter worth about $151,000. Finally, Deprince Race & Zollo Inc. bought a new position in Cousins Properties during the second quarter worth about $30,117,000. Institutional investors own 99.99% of the company’s stock.
Cousins Properties Company Profile
Cousins Properties Incorporated (Cousins) is a self-administered and self-managed real estate investment trust (REIT). The Company focuses on development, acquisition, leasing and property management. The Company’s investment strategy is to purchase Class A office assets or locate opportunistic development or redevelopment projects in its core markets to which it can add value through relationships, capital, or market expertise.
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