In yesterday’s Wall Street session, Corporate Office Properties Trust (NYSE:OFC) shares traded at $24.46, down -4.15% from the previous session.
9 analysts cover Corporate Office Properties Trust (NYSE:OFC), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $35.00 and a low of $23.00, we find $29.00. Given the previous closing price of $25.52, this indicates a potential upside of 13.64 percent. OFC stock price is now -3.74% away from the 50-day moving average and -2.25% away from the 200-day moving average. The market capitalization of the company currently stands at $2.73B.
The stock has received a hold rating from 3 analysts and a buy rating from 5. Brokers who have rated the stock have averaged $29.33 as their price target over the next twelve months.
With the price target reduced from $30 to $28, Truist Downgraded its rating from Buy to Hold for Corporate Office Properties Trust (NYSE: OFC).
In other news, DENTON ROBERT L, Director sold 3,941 shares of the company’s stock on May 17. The stock was sold for $90,440 at an average price of $22.95. Upon completion of the transaction, the Director now directly owns 4,523 shares in the company, valued at $0.11 million. Insiders disposed of 3,941 shares of company stock worth roughly $96396.86 over the past 1 year. A total of 0.35% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in OFC stock. A new stake in Corporate Office Properties Trust shares was purchased by WATERFRONT CAPITAL PARTNERS, LLC during the first quarter worth $28,229,000. ALLIANZ ASSET MANAGEMENT GMBH invested $10,373,000 in shares of OFC during the first quarter. In the first quarter, HGI CAPITAL MANAGEMENT, LLC acquired a new stake in Corporate Office Properties Trust valued at approximately $4,095,000. ALGERT GLOBAL LLC acquired a new stake in OFC for approximately $2,518,000. EMPLOYEES RETIREMENT SYSTEM OF TEXAS purchased a new stake in OFC valued at around $1,590,000 in the second quarter. In total, there are 383 active investors with 107.69% ownership of the company’s stock.
On Thursday morning Corporate Office Properties Trust (NYSE: OFC) stock kicked off with the opening price of $25.30. During the past 12 months, Corporate Office Properties Trust has had a low of $21.59 and a high of $28.69. According to the stock market information, the enterprise value for the company is $5.07B, which is based on a 14.52 price-to-earnings ratio, a 1.77 price-to-earnings-growth ratio, and a beta of 1.04. The fifty day moving average price for OFC is $25.42 and a two-hundred day moving average price translates $25.01 for the stock.
The latest earnings results from Corporate Office Properties Trust (NYSE: OFC) was released for Jun, 2023. The net profit margin was 27.30% and return on equity was 11.20% for OFC. The company reported revenue of $169.2 million for the quarter, compared to $185.8 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -8.94 percent.
Moreover, the firm recently paid out its quarterly dividend on 10/16/2023. Investors who held shares on 09/29/2023 were paid a $0.285 dividend. On an annualized basis, this represents a $1.14 dividend and a 4.66% percent yield. There was an ex-dividend date of 09/28/2023 for this dividend. In terms of dividend payout ratio, OFC is presently at 65.60%.
Corporate Office Properties Trust(OFC) Company Profile
COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (IT) related activities servicing what the Company believes are growing, durable, priority missions (Defense/IT Locations). The Company also owns a portfolio of office properties located in select urban submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (Regional Office Properties). As of June 30, 2023, the Company derived 90% of its core portfolio annualized rental revenue from Defense/IT Locations and 10% from its Regional Office Properties. As of the same date and including 24 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 192 properties encompassed 22.9 million square feet and was 95% leased.
