Investors Buy Columbia Property Trust, Inc. (CXP) on Weakness

Traders purchased shares of Columbia Property Trust, Inc. (NYSE:CXP) on weakness during trading hours on Tuesday. $24.97 million flowed into the stock on the tick-up and $2.12 million flowed out of the stock on the tick-down, for a money net flow of $22.85 million into the stock. Of all equities tracked, Columbia Property Trust had the 29th highest net in-flow for the day. Columbia Property Trust traded down ($0.12) for the day and closed at $21.10

Several research analysts have weighed in on the company. Zacks Investment Research raised Columbia Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, May 31st. BidaskClub raised Columbia Property Trust from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 22nd. Finally, Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $21.00 price objective on shares of Columbia Property Trust in a research report on Thursday, June 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $23.80.

The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 18.51 and a beta of 1.16. The firm has a 50-day moving average of $21.17 and a 200-day moving average of $21.95.

Columbia Property Trust (NYSE:CXP) last released its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.01). The firm had revenue of $74.86 million during the quarter, compared to analysts’ expectations of $79.51 million. Columbia Property Trust had a return on equity of 5.55% and a net margin of 37.27%. The business’s quarterly revenue was down 41.5% on a year-over-year basis. During the same quarter last year, the business earned $0.48 earnings per share. Equities analysts expect that Columbia Property Trust, Inc. will post $0.07 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were paid a $0.20 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.79%. Columbia Property Trust’s dividend payout ratio (DPR) is currently 70.18%.

Columbia Property Trust declared that its board has initiated a share buyback program on Tuesday, August 8th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

In other news, Director Thomas G. Wattles purchased 4,700 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were purchased at an average cost of $21.27 per share, for a total transaction of $99,969.00. Following the purchase, the director now directly owns 21,166 shares in the company, valued at approximately $450,200.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CXP. BlackRock Inc. boosted its stake in shares of Columbia Property Trust by 3,883.4% in the 1st quarter. BlackRock Inc. now owns 8,072,968 shares of the real estate investment trust’s stock worth $179,623,000 after buying an additional 7,870,304 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Columbia Property Trust by 704.9% in the 1st quarter. Prudential Financial Inc. now owns 1,344,846 shares of the real estate investment trust’s stock worth $29,923,000 after buying an additional 1,177,771 shares during the last quarter. Citadel Advisors LLC boosted its stake in shares of Columbia Property Trust by 2,648.3% in the 1st quarter. Citadel Advisors LLC now owns 906,907 shares of the real estate investment trust’s stock worth $20,179,000 after buying an additional 873,908 shares during the last quarter. Westfield Capital Management Co. LP purchased a new position in shares of Columbia Property Trust in the 1st quarter worth $18,822,000. Finally, Royal Bank of Canada boosted its stake in shares of Columbia Property Trust by 1,083.4% in the 2nd quarter. Royal Bank of Canada now owns 907,981 shares of the real estate investment trust’s stock worth $20,322,000 after buying an additional 831,255 shares during the last quarter. Hedge funds and other institutional investors own 64.81% of the company’s stock.

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About Columbia Property Trust

Columbia Property Trust, Inc operates as a real estate investment trust (REIT), which owns and operates commercial real estate properties. The Company’s primary objective is to generate long-term shareholder returns from a combination of steadily growing cash flows and appreciation in its net asset values, through the acquisition and ownership of office buildings located principally in high-barrier-to-entry markets.

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