Zacks Investment Research upgraded shares of Cousins Properties (NYSE:CUZ) from a hold rating to a buy rating in a report issued on Tuesday. The firm currently has $9.50 price target on the real estate investment trust’s stock.
According to Zacks, “Shares of Cousins Properties have underperformed its industry in the past six months. Nonetheless, the trend in estimate revisions of current-year funds from operations (FFO) per share indicates a favorable outlook for the company. The company’s unmatched portfolio of Class A office assets, located in the Sun Belt markets, augurs well for long-term growth. Particularly, robust fundamental of the office real estate market in the Sun Belt region has enabled the company to enjoy strong rent growth. Further, opportunistic developments in the best sub-markets keep us optimistic. Moreover, as the economy revives and job market improves, growth in demand for office space is likely to increase. This will likely result in higher net absorption for the company’s portfolio. However, stiff competition from other market players and rising supply of office space impacts its ability to attract and retain tenants at higher rents.”
A number of other brokerages have also recently commented on CUZ. TheStreet cut shares of Cousins Properties from a b- rating to a c+ rating in a research note on Friday, October 5th. Bank of America dropped their price target on shares of Cousins Properties from $10.50 to $10.25 and set a buy rating on the stock in a research note on Monday, September 10th. Finally, ValuEngine cut shares of Cousins Properties from a hold rating to a sell rating in a research note on Wednesday, September 19th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of Buy and an average target price of $9.81.
Shares of CUZ stock opened at $8.26 on Tuesday. The company has a market cap of $3.54 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 4.20 and a beta of 0.90. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.49 and a current ratio of 1.49. Cousins Properties has a 12 month low of $8.11 and a 12 month high of $9.88.
Cousins Properties (NYSE:CUZ) last announced its quarterly earnings results on Wednesday, October 24th. The real estate investment trust reported $0.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.04. The company had revenue of $116.60 million for the quarter, compared to analysts’ expectations of $115.91 million. Cousins Properties had a net margin of 19.01% and a return on equity of 3.12%. Cousins Properties’s revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.15 EPS. As a group, research analysts forecast that Cousins Properties will post 0.62 EPS for the current year.
Hedge funds have recently made changes to their positions in the stock. Vident Investment Advisory LLC lifted its stake in shares of Cousins Properties by 31.9% during the 2nd quarter. Vident Investment Advisory LLC now owns 49,610 shares of the real estate investment trust’s stock valued at $481,000 after buying an additional 11,986 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Cousins Properties by 28.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,341,948 shares of the real estate investment trust’s stock worth $90,522,000 after purchasing an additional 2,077,127 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cousins Properties by 175.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 107,760 shares of the real estate investment trust’s stock worth $1,044,000 after purchasing an additional 68,652 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in Cousins Properties by 15,919.3% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 21,626 shares of the real estate investment trust’s stock worth $209,000 after purchasing an additional 21,491 shares in the last quarter. Finally, Argent Capital Management LLC lifted its stake in Cousins Properties by 2.2% in the 2nd quarter. Argent Capital Management LLC now owns 317,450 shares of the real estate investment trust’s stock worth $3,076,000 after purchasing an additional 6,850 shares in the last quarter.
About Cousins Properties
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office towers located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets.
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