Bank of America Lowers Corporate Office Properties Trust (OFC) Price Target to $31.00

Corporate Office Properties Trust (NYSE:OFC) had its price objective reduced by Bank of America from $34.00 to $31.00 in a research note released on Monday morning, MarketBeat Ratings reports. They currently have a buy rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on OFC. ValuEngine raised shares of Corporate Office Properties Trust from a sell rating to a hold rating in a research report on Thursday, July 5th. Zacks Investment Research cut shares of Corporate Office Properties Trust from a hold rating to a sell rating in a research report on Wednesday, July 11th. Stifel Nicolaus reissued a sell rating and issued a $25.00 target price on shares of Corporate Office Properties Trust in a research report on Friday, July 27th. Mizuho reissued a hold rating and issued a $31.00 target price on shares of Corporate Office Properties Trust in a research report on Monday, August 6th. Finally, Jefferies Financial Group reissued a $28.83 rating on shares of Corporate Office Properties Trust in a research report on Wednesday, July 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $30.00.

Shares of NYSE OFC opened at $25.66 on Monday. The stock has a market cap of $2.68 billion, a PE ratio of 12.64, a PEG ratio of 2.87 and a beta of 0.63. Corporate Office Properties Trust has a 12 month low of $24.55 and a 12 month high of $32.82. The company has a quick ratio of 1.98, a current ratio of 1.92 and a debt-to-equity ratio of 1.12.

Corporate Office Properties Trust (NYSE:OFC) last issued its quarterly earnings results on Thursday, October 25th. The real estate investment trust reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. Corporate Office Properties Trust had a net margin of 10.78% and a return on equity of 4.30%. The business had revenue of $137.41 million during the quarter, compared to the consensus estimate of $129.45 million. On average, research analysts predict that Corporate Office Properties Trust will post 2.01 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were given a dividend of $0.275 per share. The ex-dividend date was Thursday, September 27th. This represents a $1.10 dividend on an annualized basis and a yield of 4.29%. Corporate Office Properties Trust’s dividend payout ratio (DPR) is 54.19%.

In other Corporate Office Properties Trust news, Director David M. Jacobstein sold 2,500 shares of Corporate Office Properties Trust stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $30.64, for a total transaction of $76,600.00. Following the transaction, the director now directly owns 9,591 shares of the company’s stock, valued at $293,868.24. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert L. Denton sold 3,000 shares of Corporate Office Properties Trust stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $29.97, for a total transaction of $89,910.00. Following the transaction, the director now directly owns 3,458 shares in the company, valued at $103,636.26. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in OFC. FMR LLC lifted its position in Corporate Office Properties Trust by 37.5% during the second quarter. FMR LLC now owns 12,387,646 shares of the real estate investment trust’s stock valued at $359,119,000 after buying an additional 3,378,017 shares in the last quarter. Morgan Stanley lifted its position in Corporate Office Properties Trust by 188.8% during the second quarter. Morgan Stanley now owns 1,227,663 shares of the real estate investment trust’s stock valued at $35,590,000 after buying an additional 802,614 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in Corporate Office Properties Trust during the second quarter valued at approximately $23,004,000. Frontier Capital Management Co. LLC lifted its position in Corporate Office Properties Trust by 41.4% during the second quarter. Frontier Capital Management Co. LLC now owns 2,687,662 shares of the real estate investment trust’s stock valued at $77,915,000 after buying an additional 786,333 shares in the last quarter. Finally, Strs Ohio lifted its position in Corporate Office Properties Trust by 86.8% during the second quarter. Strs Ohio now owns 1,018,418 shares of the real estate investment trust’s stock valued at $29,523,000 after buying an additional 473,338 shares in the last quarter.

About Corporate Office Properties Trust

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties 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 it believes are growing, durable, priority missions (“Defense/IT Locations”).

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