Todays Report: The Corporate Office Properties Trust (OFC) Updates Q4 Earnings Guidance

The Corporate Office Properties Trust (OFC) Updates Q4 Earnings Guidance

Corporate Office Properties Trust (NYSE:OFC) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.50-0.52 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.51.

Corporate Office Properties Trust (NYSE:OFC) opened at 26.33 on Monday. Corporate Office Properties Trust has a 12-month low of $19.52 and a 12-month high of $30.55. The company has a market cap of $2.48 billion, a PE ratio of 26.49 and a beta of 0.89. The company’s 50-day moving average price is $27.74 and its 200-day moving average price is $27.92.

Corporate Office Properties Trust (NYSE:OFC) last posted its quarterly earnings data on Thursday, October 27th. The real estate investment trust reported $0.51 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. The firm earned $142.10 million during the quarter, compared to analyst estimates of $125.03 million. Corporate Office Properties Trust had a net margin of 8.00% and a return on equity of 3.41%. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. Equities analysts anticipate that Corporate Office Properties Trust will post $2.00 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Shareholders of record on Friday, September 30th were paid a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $1.10 annualized dividend and a yield of 4.18%. Corporate Office Properties Trust’s dividend payout ratio (DPR) is 333.34%.

Several research firms have commented on OFC. Mizuho increased their price objective on shares of Corporate Office Properties Trust from $30.00 to $34.00 and gave the company a buy rating in a research note on Tuesday, August 2nd. JPMorgan Chase & Co. raised their price target on shares of Corporate Office Properties Trust from $26.00 to $29.00 and gave the stock a neutral rating in a research note on Monday, August 15th. Jefferies Group restated a hold rating and set a $27.00 price target on shares of Corporate Office Properties Trust in a research note on Friday, July 29th. KeyCorp lowered shares of Corporate Office Properties Trust to a hold rating in a research note on Friday, July 15th. Finally, BTIG Research began coverage on shares of Corporate Office Properties Trust in a research note on Thursday, August 25th. They set a buy rating and a $33.00 price target for the company. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $28.14.

In related news, Director David M. Jacobstein sold 1,924 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $28.36, for a total value of $54,564.64. Following the completion of the transaction, the director now directly owns 9,243 shares of the company’s stock, valued at approximately $262,131.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert L. Denton sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $29.49, for a total transaction of $58,980.00. Following the completion of the transaction, the director now directly owns 306,500 shares of the company’s stock, valued at $9,038,685. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Institutional Trust Company N.A. increased its position in Corporate Office Properties Trust by 1.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,990,638 shares of the real estate investment trust’s stock valued at $118,003,000 after buying an additional 43,945 shares during the period. State Street Corp increased its position in Corporate Office Properties Trust by 3.0% in the second quarter. State Street Corp now owns 3,845,814 shares of the real estate investment trust’s stock valued at $113,723,000 after buying an additional 112,947 shares during the period. Massachusetts Financial Services Co. MA increased its position in Corporate Office Properties Trust by 3.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,838,332 shares of the real estate investment trust’s stock valued at $113,499,000 after buying an additional 123,070 shares during the period. BlackRock Fund Advisors increased its position in Corporate Office Properties Trust by 4.4% in the second quarter. BlackRock Fund Advisors now owns 3,757,949 shares of the real estate investment trust’s stock valued at $111,123,000 after buying an additional 158,513 shares during the period. Finally, United Services Automobile Association increased its position in Corporate Office Properties Trust by 9.9% in the second quarter. United Services Automobile Association now owns 442,050 shares of the real estate investment trust’s stock valued at $13,071,000 after buying an additional 39,780 shares during the period. 98.55% of the stock is owned by institutional investors.

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