Zacks Investment Research Upgrades Columbia Property Trust (CXP) to “Hold”

Zacks Investment Research upgraded shares of Columbia Property Trust (NYSE:CXP) from a sell rating to a hold rating in a research report released on Tuesday, Zacks.com reports.

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. “

CXP opened at $22.15 on Tuesday. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 0.51. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 14.20 and a beta of 1.00. Columbia Property Trust has a one year low of $18.08 and a one year high of $25.07.

Columbia Property Trust (NYSE:CXP) last issued its quarterly earnings data on Thursday, April 25th. The real estate investment trust reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.35). Columbia Property Trust had a net margin of 3.84% and a return on equity of 0.42%. The company had revenue of $75.43 million during the quarter, compared to analysts’ expectations of $72.75 million. During the same quarter in the prior year, the company earned $0.38 earnings per share. The firm’s revenue was up 2.3% compared to the same quarter last year. On average, equities analysts anticipate that Columbia Property Trust will post 1.39 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Monday, June 3rd will be given a $0.20 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.80 annualized dividend and a dividend yield of 3.61%. Columbia Property Trust’s dividend payout ratio is currently 51.28%.

Several large investors have recently modified their holdings of CXP. BlackRock Inc. increased its stake in Columbia Property Trust by 3.0% in the fourth quarter. BlackRock Inc. now owns 9,224,417 shares of the real estate investment trust’s stock valued at $178,492,000 after purchasing an additional 271,712 shares during the last quarter. Deutsche Bank AG increased its stake in Columbia Property Trust by 15.8% in the fourth quarter. Deutsche Bank AG now owns 3,538,776 shares of the real estate investment trust’s stock valued at $68,472,000 after purchasing an additional 481,565 shares during the last quarter. Jennison Associates LLC increased its stake in Columbia Property Trust by 8.0% in the fourth quarter. Jennison Associates LLC now owns 3,093,290 shares of the real estate investment trust’s stock valued at $59,855,000 after purchasing an additional 230,291 shares during the last quarter. Centersquare Investment Management LLC acquired a new position in Columbia Property Trust in the first quarter valued at $61,100,000. Finally, Dimensional Fund Advisors LP increased its stake in Columbia Property Trust by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,907,926 shares of the real estate investment trust’s stock valued at $42,948,000 after purchasing an additional 12,418 shares during the last quarter. Institutional investors and hedge funds own 74.65% of the company’s stock.

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.

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