Zacks Investment Research lowered shares of Cousins Properties (NYSE:CUZ) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Cousins Properties’ 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 impacts its ability to attract and retain tenants at higher rents. Rising supply of office space is expected to further impact rent growth. Also, shares of Cousins Properties have underperformed its industry in the past three months.”
Several other analysts also recently issued reports on CUZ. SunTrust Banks reaffirmed a buy rating and set a $10.00 price objective on shares of Cousins Properties in a report on Thursday, July 26th. Bank of America decreased their price objective on shares of Cousins Properties from $10.50 to $10.25 and set a buy rating for the company in a report on Monday, September 10th. ValuEngine downgraded shares of Cousins Properties from a hold rating to a sell rating in a report on Wednesday, September 19th. Finally, TheStreet downgraded shares of Cousins Properties from a b- rating to a c+ rating in a report on Friday, October 5th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Cousins Properties presently has an average rating of Buy and an average price target of $9.75.
Cousins Properties (NYSE:CUZ) last posted its earnings results on Wednesday, October 24th. The real estate investment trust reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.04. The company had revenue of $116.60 million during the quarter, compared to the consensus estimate of $115.91 million. Cousins Properties had a net margin of 19.01% and a return on equity of 3.12%. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 earnings per share. On average, equities research analysts predict that Cousins Properties will post 0.62 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of CUZ. Principal Financial Group Inc. boosted its holdings in shares of Cousins Properties by 2.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,852,458 shares of the real estate investment trust’s stock worth $16,080,000 after buying an additional 52,157 shares during the period. Hartford Investment Management Co. acquired a new position in Cousins Properties during the 2nd quarter valued at $203,000. Dupont Capital Management Corp raised its stake in Cousins Properties by 18.8% during the 2nd quarter. Dupont Capital Management Corp now owns 117,307 shares of the real estate investment trust’s stock valued at $1,137,000 after purchasing an additional 18,551 shares during the last quarter. Virtu Financial LLC raised its stake in Cousins Properties by 84.6% during the 2nd quarter. Virtu Financial LLC now owns 23,807 shares of the real estate investment trust’s stock valued at $231,000 after purchasing an additional 10,911 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Cousins Properties by 8.3% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 434,288 shares of the real estate investment trust’s stock valued at $4,208,000 after purchasing an additional 33,212 shares during 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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