Columbia Property Trust, Inc. (CXP) Receives $23.80 Average Price Target from Brokerages
Shares of Columbia Property Trust, Inc. (NYSE:CXP) have been given a consensus rating of “Hold” by the nine brokerages that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $23.80.
A number of research analysts have issued reports on CXP shares. BidaskClub upgraded Columbia Property Trust from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 22nd. Zacks Investment Research downgraded Columbia Property Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, June 6th. Finally, Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $21.00 price objective on shares of Columbia Property Trust in a research note on Thursday, June 22nd.
Columbia Property Trust (NYSE:CXP) traded up 0.76% during trading on Tuesday, hitting $21.16. 399,197 shares of the company traded hands. The firm has a market capitalization of $2.57 billion, a P/E ratio of 18.56 and a beta of 1.16. Columbia Property Trust has a 12-month low of $20.27 and a 12-month high of $24.63. The stock has a 50-day moving average price of $21.56 and a 200-day moving average price of $22.12.
Columbia Property Trust (NYSE:CXP) last announced its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by $0.01. The business had revenue of $74.86 million during the quarter, compared to the consensus estimate of $79.51 million. Columbia Property Trust had a net margin of 37.27% and a return on equity of 5.55%. The firm’s revenue for the quarter was down 41.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.48 EPS.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.78%. Columbia Property Trust’s payout ratio is 70.18%.
Columbia Property Trust declared that its board has authorized a stock repurchase program on Tuesday, August 8th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the real estate investment trust to reacquire up to 7.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, Director Thomas G. Wattles purchased 4,700 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was bought at an average price of $21.27 per share, for a total transaction of $99,969.00. Following the purchase, the director now owns 21,166 shares of the company’s stock, valued at $450,200.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cetera Investment Advisers bought a new position in shares of Columbia Property Trust during the second quarter valued at approximately $438,000. BlueCrest Capital Management Ltd bought a new position in shares of Columbia Property Trust during the second quarter valued at approximately $605,000. Macquarie Group Ltd. increased its position in shares of Columbia Property Trust by 16.8% in the second quarter. Macquarie Group Ltd. now owns 690,282 shares of the real estate investment trust’s stock valued at $15,449,000 after buying an additional 99,532 shares in the last quarter. Royal Bank of Canada increased its position in shares of Columbia Property Trust by 1,083.4% in the second quarter. Royal Bank of Canada now owns 907,981 shares of the real estate investment trust’s stock valued at $20,322,000 after buying an additional 831,255 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Columbia Property Trust by 13.6% in the second quarter. Goldman Sachs Group Inc. now owns 6,867,465 shares of the real estate investment trust’s stock valued at $153,694,000 after buying an additional 822,943 shares in the last quarter. Institutional investors and hedge funds own 64.81% of the company’s stock.
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Columbia Property Trust Company Profile
Columbia Property Trust, Inc operates as a real estate investment trust (REIT), which owns and operates commercial real estate properties. The Company’s primary objective is to generate long-term shareholder returns from a combination of steadily growing cash flows and appreciation in its net asset values, through the acquisition and ownership of office buildings located principally in high-barrier-to-entry markets.
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