Columbia Property Trust, Inc. (NYSE:CXP) released its quarterly earnings results on Thursday, October 26th. The real estate investment trust reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.26, Bloomberg Earnings reports. The business had revenue of $60.36 million during the quarter, compared to the consensus estimate of $75.43 million. Columbia Property Trust had a net margin of 63.37% and a return on equity of 8.10%. During the same quarter last year, the company earned $0.37 earnings per share. Columbia Property Trust updated its FY17 guidance to $1.11-$1.14 EPS.
Columbia Property Trust (NYSE CXP) opened at $22.49 on Friday. The firm has a market capitalization of $2,694.39, a PE ratio of 18.90 and a beta of 1.17. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.59 and a current ratio of 3.59. Columbia Property Trust has a 12 month low of $20.27 and a 12 month high of $23.48.
Columbia Property Trust declared that its board has authorized a stock buyback plan on Tuesday, August 8th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire up to 7.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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In related news, Director Thomas G. Wattles bought 4,700 shares of Columbia Property Trust stock in a transaction that occurred on Tuesday, August 15th. The stock was purchased at an average cost of $21.27 per share, for a total transaction of $99,969.00. Following the acquisition, the director now owns 21,166 shares in the company, valued at $450,200.82. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.46% of the stock is owned by insiders.
A number of equities research analysts have issued reports on CXP shares. BidaskClub cut Columbia Property Trust from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Zacks Investment Research upgraded Columbia Property Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Finally, JMP Securities upgraded shares of Columbia Property Trust from a “market perform” rating to an “outperform” rating and set a $26.00 price objective on the stock in a research note on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $24.17.
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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