Columbia Property Trust (CXP) Rating Lowered to Hold at Zacks Investment Research

Columbia Property Trust (NYSE:CXP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

According to Zacks, “Columbia Property Trust, Inc. operates as a real estate investment trust. It focuses on the acquisition, development, ownership, leasing and operation of office properties in primary U.S. markets. Columbia Property Trust, Inc. is headquartered in Atlanta, GA. “

Separately, Morgan Stanley reduced their target price on Columbia Property Trust from $23.00 to $22.00 and set an “equal weight” rating for the company in a report on Thursday, June 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $23.67.

CXP stock opened at $21.36 on Thursday. The company has a market capitalization of $2.79 billion, a PE ratio of 18.84 and a beta of 1.04. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.81 and a quick ratio of 1.81. Columbia Property Trust has a 12-month low of $19.55 and a 12-month high of $25.07.

Columbia Property Trust (NYSE:CXP) last released its earnings results on Thursday, July 26th. The real estate investment trust reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. The company had revenue of $75.37 million during the quarter, compared to analyst estimates of $71.96 million. Columbia Property Trust had a return on equity of 3.66% and a net margin of 34.95%. Columbia Property Trust’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. Analysts anticipate that Columbia Property Trust will post 1.49 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. lifted its stake in Columbia Property Trust by 91.5% in the first quarter. Envestnet Asset Management Inc. now owns 10,126 shares of the real estate investment trust’s stock valued at $219,000 after purchasing an additional 4,839 shares during the last quarter. Northern Trust Corp lifted its stake in Columbia Property Trust by 3.7% in the first quarter. Northern Trust Corp now owns 1,373,070 shares of the real estate investment trust’s stock valued at $28,092,000 after purchasing an additional 49,256 shares during the last quarter. BlackRock Inc. lifted its stake in Columbia Property Trust by 0.5% in the first quarter. BlackRock Inc. now owns 8,728,247 shares of the real estate investment trust’s stock valued at $178,582,000 after purchasing an additional 43,106 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in Columbia Property Trust by 11.0% in the first quarter. Great West Life Assurance Co. Can now owns 84,219 shares of the real estate investment trust’s stock valued at $1,726,000 after purchasing an additional 8,371 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Columbia Property Trust by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,876,076 shares of the real estate investment trust’s stock valued at $38,385,000 after purchasing an additional 78,038 shares during the last quarter. 74.90% of the stock is owned by institutional investors.

Columbia Property Trust Company Profile

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.

See Also: Earnings Per Share

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