Corporate Office Properties Trust (NYSE:OFC) Sees Significant Growth in Short Interest

Corporate Office Properties Trust (NYSE:OFC) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 3,230,000 shares, a growth of 14.1% from the August 30th total of 2,830,000 shares. Approximately 2.9% of the company’s shares are short sold. Based on an average daily volume of 679,800 shares, the short-interest ratio is currently 4.8 days.

Shares of OFC stock traded down $0.16 during mid-day trading on Monday, reaching $28.94. 12,250 shares of the company’s stock traded hands, compared to its average volume of 538,117. Corporate Office Properties Trust has a 12 month low of $20.03 and a 12 month high of $30.12. The company has a market cap of $3.24 billion, a P/E ratio of 14.38, a P/E/G ratio of 3.13 and a beta of 0.86. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 1.05. The company’s 50-day moving average price is $29.16 and its 200-day moving average price is $28.14.

Corporate Office Properties Trust (NYSE:OFC) last announced its earnings results on Monday, July 29th. The real estate investment trust reported $0.95 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.44. Corporate Office Properties Trust had a net margin of 27.67% and a return on equity of 10.04%. The firm had revenue of $175.07 million for the quarter, compared to analysts’ expectations of $151.18 million. During the same quarter in the previous year, the business posted $0.51 EPS. The company’s quarterly revenue was up 19.3% on a year-over-year basis. Equities analysts predict that Corporate Office Properties Trust will post 2.03 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend is Friday, September 27th. Corporate Office Properties Trust’s dividend payout ratio (DPR) is presently 54.73%.

In related news, CAO Greg J. Thor sold 2,507 shares of Corporate Office Properties Trust stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $29.11, for a total value of $72,978.77. Following the sale, the chief accounting officer now owns 22,558 shares in the company, valued at $656,663.38. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert L. Denton sold 4,000 shares of Corporate Office Properties Trust stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $27.73, for a total transaction of $110,920.00. Following the completion of the sale, the director now owns 272,000 shares in the company, valued at approximately $7,542,560. The disclosure for this sale can be found here. Insiders sold 8,939 shares of company stock worth $255,959 in the last 90 days. Company insiders own 0.60% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Macquarie Group Ltd. raised its position in shares of Corporate Office Properties Trust by 12.1% in the 2nd quarter. Macquarie Group Ltd. now owns 44,600 shares of the real estate investment trust’s stock worth $1,176,000 after purchasing an additional 4,800 shares during the last quarter. Treasurer of the State of North Carolina raised its position in shares of Corporate Office Properties Trust by 8.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 55,106 shares of the real estate investment trust’s stock worth $1,453,000 after purchasing an additional 4,180 shares during the last quarter. BlackRock Inc. raised its position in shares of Corporate Office Properties Trust by 1.2% in the 2nd quarter. BlackRock Inc. now owns 12,752,454 shares of the real estate investment trust’s stock worth $336,282,000 after purchasing an additional 155,808 shares during the last quarter. Royal Bank of Canada raised its position in shares of Corporate Office Properties Trust by 1.8% in the 2nd quarter. Royal Bank of Canada now owns 748,065 shares of the real estate investment trust’s stock worth $19,726,000 after purchasing an additional 12,911 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new position in shares of Corporate Office Properties Trust in the 2nd quarter worth about $587,000. Hedge funds and other institutional investors own 97.24% of the company’s stock.

Several analysts recently weighed in on the stock. Robert W. Baird set a $31.00 price target on shares of Corporate Office Properties Trust and gave the company a “buy” rating in a report on Wednesday, August 21st. Citigroup lifted their price target on shares of Corporate Office Properties Trust from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Stifel Nicolaus set a $30.00 price target on shares of Corporate Office Properties Trust and gave the company a “hold” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. cut shares of Corporate Office Properties Trust from an “overweight” rating to a “neutral” rating and set a $30.00 price target on the stock. in a report on Tuesday, October 8th. Finally, Zacks Investment Research upgraded shares of Corporate Office Properties Trust from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $28.38.

Corporate Office Properties Trust Company Profile

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”).

Further Reading: Equity Income

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