Cousins Properties Inc. (NYSE:CUZ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.
According to Zacks, “Cousins Properties is facing a pressure on top line growth. In fact, during the third quarter, rental property revenues were down 3.5% year over year. Although funds from operations (FFO) per share was in line with expectations in the quarter, the figure was 8.3% below the year ago period tally. Notably, in October, the company closed the merger with Parkway Properties and spun-off the Houston-based assets of the combined company into a publicly-traded REIT. This move is a strategic fit as it allowed the company to not only boost its portfolio with premium properties, but also exit the Houston office market crippled by the decline in oil prices. But, in addition to the top line pressure, hike in interest rate remain its concern. Also, tough competition in the industry affects its ability to attract and retain tenants at relatively higher rents than its competitors.”
A number of other analysts have also recently issued reports on the company. Robert W. Baird cut Cousins Properties from an “outperform” rating to a “neutral” rating and set a $11.00 price objective on the stock. in a research report on Wednesday, August 17th. Stifel Nicolaus cut Cousins Properties from a “hold” rating to a “sell” rating and lowered their price objective for the company from $11.50 to $9.50 in a research report on Thursday, September 29th. They noted that the move was a valuation call.
Shares of Cousins Properties (NYSE:CUZ) traded up 1.52% during midday trading on Friday, hitting $8.04. 1,137,768 shares of the company were exchanged. The firm has a market cap of $3.16 billion, a P/E ratio of 17.33 and a beta of 1.15. The company’s 50 day moving average price is $7.85 and its 200 day moving average price is $9.93. Cousins Properties has a one year low of $7.09 and a one year high of $11.40.
A number of hedge funds have recently made changes to their positions in CUZ. Societe Generale bought a new stake in shares of Cousins Properties during the second quarter worth $102,000. Tower Research Capital LLC TRC boosted its stake in shares of Cousins Properties by 16,922.4% in the second quarter. Tower Research Capital LLC TRC now owns 9,873 shares of the real estate investment trust’s stock worth $103,000 after buying an additional 9,815 shares during the period. World Asset Management Inc bought a new stake in shares of Cousins Properties during the second quarter worth $105,000. Paragon Capital Management Ltd bought a new stake in shares of Cousins Properties during the third quarter worth $108,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Cousins Properties by 10.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,653 shares of the real estate investment trust’s stock worth $111,000 after buying an additional 966 shares during the period. Hedge funds and other institutional investors own 99.99% of the company’s stock.
Cousins Properties Company Profile
Cousins Properties Incorporated (Cousins) is a self-administered and self-managed real estate investment trust (REIT). The Company focuses on development, acquisition, leasing and property management. The Company’s investment strategy is to purchase Class A office assets or locate opportunistic development or redevelopment projects in its core markets to which it can add value through relationships, capital, or market expertise.