Bank of America Corp DE cut its position in shares of Columbia Property Trust, Inc. (NYSE:CXP) by 12.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 219,161 shares of the real estate investment trust’s stock after selling 31,702 shares during the period. Bank of America Corp DE owned about 0.18% of Columbia Property Trust worth $4,876,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of CXP. BlackRock Inc. boosted its stake in shares of Columbia Property Trust by 3,883.4% in the first 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 in the last quarter. Norges Bank purchased a new stake in shares of Columbia Property Trust during the fourth quarter worth $27,971,000. Prudential Financial Inc. boosted its stake in shares of Columbia Property Trust by 704.9% in the first 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 in the last quarter. Citadel Advisors LLC boosted its stake in shares of Columbia Property Trust by 2,648.3% in the first 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 in the last quarter. Finally, Waterfront Capital Partners LLC purchased a new stake in shares of Columbia Property Trust during the first quarter worth $19,219,000. Institutional investors own 64.65% of the company’s stock.
Shares of Columbia Property Trust, Inc. (NYSE CXP) opened at 20.97 on Friday. The firm has a 50-day moving average price of $21.89 and a 200 day moving average price of $22.25. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 18.39 and a beta of 1.16. Columbia Property Trust, Inc. has a 12-month low of $20.27 and a 12-month high of $24.63.
Columbia Property Trust (NYSE:CXP) last posted its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.26 EPS for the quarter, missing the Zacks’ consensus estimate of $0.27 by $0.01. Columbia Property Trust had a return on equity of 5.55% and a net margin of 37.27%. The firm had revenue of $74.86 million during the quarter, compared to the consensus estimate of $79.51 million. During the same period in the prior year, the firm posted $0.48 EPS. The firm’s quarterly revenue was down 41.5% on a year-over-year basis.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date of this dividend is Wednesday, August 30th. Columbia Property Trust’s dividend payout ratio is presently 70.18%.
Columbia Property Trust announced that its Board of Directors has initiated a share repurchase program on Tuesday, August 8th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Several equities research analysts have recently commented on the company. BidaskClub upgraded Columbia Property Trust from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 22nd. Zacks Investment Research cut Columbia Property Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, June 6th. BMO Capital Markets restated a “buy” rating and set a $26.00 price target on shares of Columbia Property Trust in a research note on Friday, April 28th. Finally, Goldman Sachs Group, Inc. (The) reiterated 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 research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $24.33.
In other news, Director Thomas G. Wattles acquired 4,700 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were bought at an average price of $21.27 per share, with a total value of $99,969.00. Following the purchase, the director now owns 21,166 shares of the company’s stock, valued at $450,200.82. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.46% of the stock is currently owned by insiders.
Columbia Property Trust Company Profile
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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