Verition Fund Management LLC Invests $246,000 in Columbia Property Trust (NYSE:CXP)
Verition Fund Management LLC bought a new position in shares of Columbia Property Trust (NYSE:CXP) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 18,697 shares of the real estate investment trust’s stock, valued at approximately $246,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Infrastructure Capital Advisors LLC bought a new position in shares of Columbia Property Trust in the first quarter valued at $25,000. Marshall Wace North America L.P. purchased a new stake in shares of Columbia Property Trust in the first quarter valued at about $25,000. Hoover Financial Advisors Inc. purchased a new stake in shares of Columbia Property Trust in the second quarter valued at about $30,000. Allworth Financial LP purchased a new stake in shares of Columbia Property Trust in the second quarter valued at about $40,000. Finally, Verus Capital Partners LLC raised its holdings in shares of Columbia Property Trust by 289.2% in the first quarter. Verus Capital Partners LLC now owns 4,554 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 3,384 shares during the last quarter. 82.84% of the stock is currently owned by institutional investors and hedge funds.
CXP has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Columbia Property Trust from a “hold” rating to a “sell” rating in a report on Friday, August 21st. ValuEngine downgraded shares of Columbia Property Trust from a “sell” rating to a “strong sell” rating in a report on Monday, August 3rd. Finally, Morgan Stanley decreased their price objective on shares of Columbia Property Trust from $14.50 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, June 24th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Columbia Property Trust presently has an average rating of “Hold” and a consensus price target of $20.25.
Columbia Property Trust (NYSE:CXP) last posted its earnings results on Thursday, July 30th. The real estate investment trust reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. Columbia Property Trust had a negative net margin of 10.36% and a negative return on equity of 1.16%. The firm had revenue of $79.37 million during the quarter, compared to the consensus estimate of $72.09 million. On average, sell-side analysts expect that Columbia Property Trust will post 1.49 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a $0.21 dividend. The ex-dividend date was Monday, August 31st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 7.26%. Columbia Property Trust’s dividend payout ratio (DPR) is currently 56.00%.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings concentrated in New York, San Francisco, and Washington, DC Its portfolio includes 19 properties with approximately nine million square feet. Columbia carries an investment-grade rating from both Moody's and Standard & Poor's.
Read More: Intrinsic Value and Stock Selection
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