Columbia Property Trust (NYSE:CXP) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Columbia Property Trust (NYSE:CXP) from a buy rating to a hold rating in a report released on Monday, 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. “

Separately, BMO Capital Markets set a $23.00 price objective on Columbia Property Trust and gave the stock a buy rating in a report on Friday, July 26th.

NYSE:CXP opened at $21.54 on Monday. The stock’s 50 day moving average price is $21.28 and its 200 day moving average price is $21.97. Columbia Property Trust has a 52 week low of $18.08 and a 52 week high of $25.07. The company has a market capitalization of $2.53 billion, a P/E ratio of 13.87 and a beta of 0.92. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.35 and a current ratio of 2.35.

Columbia Property Trust (NYSE:CXP) last released its quarterly earnings data on Thursday, July 25th. The real estate investment trust reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. Columbia Property Trust had a return on equity of 2.28% and a net margin of 21.11%. The firm had revenue of $72.73 million for the quarter, compared to the consensus estimate of $70.73 million. During the same quarter in the prior year, the company posted $0.39 earnings per share. The firm’s revenue was down 3.5% on a year-over-year basis. As a group, sell-side analysts forecast that Columbia Property Trust will post 1.42 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.80 dividend on an annualized basis and a yield of 3.71%. Columbia Property Trust’s payout ratio is currently 51.28%.

A number of institutional investors have recently made changes to their positions in CXP. Marshall Wace North America L.P. bought a new stake in Columbia Property Trust during the first quarter worth approximately $25,000. Prestige Wealth Management Group LLC bought a new stake in Columbia Property Trust during the second quarter worth approximately $26,000. Certified Advisory Corp boosted its position in Columbia Property Trust by 30.3% during the second quarter. Certified Advisory Corp now owns 2,994 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 697 shares during the period. Covenant Multifamily Offices LLC bought a new stake in Columbia Property Trust during the first quarter worth approximately $85,000. Finally, Tower Research Capital LLC TRC boosted its position in Columbia Property Trust by 56.9% during the second quarter. Tower Research Capital LLC TRC now owns 5,254 shares of the real estate investment trust’s stock worth $109,000 after purchasing an additional 1,905 shares during the period. 74.19% of the stock is owned by hedge funds and other 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.

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