Cousins Properties Inc. (CUZ) Lowered to “Sell” at Zacks Investment Research
According to Zacks, “Cousins completed the previously announced 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 crippled by the decline in oil prices. But, the company faces intense competition from developers, owners and operators of office properties and other commercial real estate which affects its ability to attract and retain tenants at relatively higher rents than its competitors. Moreover, pressure on top line and any rise in interest rate are concerns before the company.”
Other equities research analysts also recently issued research reports about the stock. Robert W. Baird downgraded shares of Cousins Properties from an outperform rating to a neutral rating and set a $11.00 target price on the stock. in a research note on Wednesday, August 17th. Stifel Nicolaus downgraded shares of Cousins Properties from a hold rating to a sell rating and reduced their target price for the company from $11.50 to $9.50 in a research note on Thursday, September 29th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $10.88.
Cousins Properties (NYSE:CUZ) traded down 0.694% during midday trading on Wednesday, reaching $7.865. 1,056,831 shares of the company traded hands. The company has a 50 day moving average price of $10.40 and a 200-day moving average price of $10.51. Cousins Properties has a one year low of $7.19 and a one year high of $11.40. The stock has a market capitalization of $1.65 billion, a P/E ratio of 11.881 and a beta of 1.14.
Cousins Properties (NYSE:CUZ) last announced its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.01. Cousins Properties had a net margin of 37.51% and a return on equity of 8.41%. The firm earned $92.70 million during the quarter, compared to analysts’ expectations of $89.52 million. During the same period in the prior year, the company posted $0.21 EPS. The company’s revenue was down 5.3% compared to the same quarter last year. Analysts forecast that Cousins Properties will post $0.86 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Systematic Financial Management LP increased its position in Cousins Properties by 4,510.8% in the second quarter. Systematic Financial Management LP now owns 8,821,996 shares of the real estate investment trust’s stock valued at $91,748,000 after buying an additional 8,630,661 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in Cousins Properties during the second quarter valued at approximately $38,712,000. Deprince Race & Zollo Inc. bought a new position in Cousins Properties during the second quarter valued at approximately $30,117,000. Renaissance Technologies LLC increased its position in Cousins Properties by 1,076.4% in the first quarter. Renaissance Technologies LLC now owns 1,413,119 shares of the real estate investment trust’s stock valued at $14,668,000 after buying an additional 1,293,000 shares in the last quarter. Finally, 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 valued at $16,195,000 after buying an additional 642,990 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors.
About Cousins Properties
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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