Cousins Properties (NYSE:CUZ) Issues Earnings Results, Misses Expectations By $0.60 EPS

Cousins Properties (NYSE:CUZ - Get Free Report) released its quarterly earnings results on Thursday. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.60), Zacks reports. The company had revenue of $209.21 million for the quarter, compared to analysts' expectations of $212.54 million. Cousins Properties had a net margin of 7.25% and a return on equity of 1.31%. The business's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 EPS. Cousins Properties updated its FY24 guidance to $2.66-2.70 EPS and its FY 2024 guidance to 2.660-2.700 EPS.

Cousins Properties Stock Up 0.5 %

NYSE CUZ traded up $0.17 on Friday, reaching $31.54. 1,625,314 shares of the stock traded hands, compared to its average volume of 1,303,659. Cousins Properties has a 12 month low of $17.40 and a 12 month high of $32.17. The company has a market cap of $4.80 billion, a price-to-earnings ratio of 64.37, a PEG ratio of 4.41 and a beta of 1.30. The company has a fifty day moving average price of $29.24 and a 200-day moving average price of $25.79. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.03 and a current ratio of 1.03.

Cousins Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Thursday, October 3rd were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $1.28 annualized dividend and a yield of 4.06%. Cousins Properties's payout ratio is currently 261.22%.

Insider Transactions at Cousins Properties

In related news, CAO Jeffrey D. Symes sold 5,997 shares of Cousins Properties stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $28.13, for a total value of $168,695.61. Following the completion of the sale, the chief accounting officer now directly owns 12,529 shares in the company, valued at $352,440.77. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

CUZ has been the subject of several analyst reports. Robert W. Baird raised their target price on shares of Cousins Properties from $29.00 to $31.00 and gave the stock an "outperform" rating in a report on Wednesday, July 31st. Evercore ISI raised their price objective on shares of Cousins Properties from $29.00 to $30.00 and gave the stock an "in-line" rating in a research note on Monday, September 16th. Barclays upped their target price on Cousins Properties from $30.00 to $35.00 and gave the company an "overweight" rating in a research note on Thursday, October 10th. Wells Fargo & Company raised their price target on Cousins Properties from $26.00 to $31.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 11th. Finally, Truist Financial upped their price objective on Cousins Properties from $26.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.67.

About Cousins Properties

Cousins Properties Incorporated ("Cousins") is a fully integrated, self-administered, and self-managed real estate investment trust (REIT). The Company, based in Atlanta and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high-growth Sun Belt markets.