Cousins Properties (NYSE:CUZ) Sets New 12-Month High After Dividend Announcement

Cousins Properties Incorporated (NYSE:CUZ) hit a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $29.77 and last traded at $29.50, with a volume of 957940 shares changing hands. The stock had previously closed at $28.97.

The newly announced dividend which will be paid on Tuesday, October 15th. Shareholders of record on Thursday, October 3rd will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.28 dividend on an annualized basis and a yield of 4.36%. Cousins Properties’s payout ratio is presently 261.22%.

Analysts Set New Price Targets

Several analysts recently issued reports on CUZ shares. Wells Fargo & Company lifted their target price on Cousins Properties from $26.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. Barclays raised their target price on shares of Cousins Properties from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. StockNews.com raised shares of Cousins Properties from a “sell” rating to a “hold” rating in a research note on Thursday, May 23rd. Truist Financial lifted their price objective on shares of Cousins Properties from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Evercore ISI boosted their target price on shares of Cousins Properties from $29.00 to $30.00 and gave the stock an “in-line” rating in a report on Monday. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.29.

Cousins Properties Stock Performance

The stock has a market capitalization of $4.46 billion, a PE ratio of 59.78, a PEG ratio of 4.73 and a beta of 1.31. The business’s 50 day moving average is $27.22 and its 200 day moving average is $24.53. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.58.

Cousins Properties (NYSE:CUZ) last released its quarterly earnings data on Thursday, July 25th. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.61). Cousins Properties had a net margin of 7.25% and a return on equity of 1.31%. The company had revenue of $212.98 million during the quarter, compared to analysts’ expectations of $208.18 million. During the same period last year, the firm earned $2.75 earnings per share. Cousins Properties’s quarterly revenue was up 4.2% on a year-over-year basis. On average, equities research analysts predict that Cousins Properties Incorporated will post 2.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Jeffrey D. Symes sold 5,997 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were 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 owns 12,529 shares in the company, valued at approximately $352,440.77. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Cousins Properties by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 23,353,228 shares of the real estate investment trust’s stock valued at $561,412,000 after purchasing an additional 456,251 shares in the last quarter. Centersquare Investment Management LLC increased its stake in shares of Cousins Properties by 8.9% in the 1st quarter. Centersquare Investment Management LLC now owns 4,898,757 shares of the real estate investment trust’s stock worth $112,377,000 after acquiring an additional 399,468 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in shares of Cousins Properties by 49.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,781,184 shares of the real estate investment trust’s stock valued at $67,722,000 after acquiring an additional 916,508 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Cousins Properties by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 2,214,595 shares of the real estate investment trust’s stock worth $51,266,000 after purchasing an additional 98,222 shares during the last quarter. Finally, Jennison Associates LLC boosted its holdings in Cousins Properties by 75.6% in the 1st quarter. Jennison Associates LLC now owns 1,917,908 shares of the real estate investment trust’s stock valued at $46,107,000 after purchasing an additional 825,547 shares during the last quarter. Hedge funds and other institutional investors own 94.38% of the company’s stock.

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.