Corporate Office Properties Trust (OFC) Posts Earnings Results, Beats Expectations By $0.01 EPS

Corporate Office Properties Trust (NYSE:OFC) issued its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.01, Bloomberg Earnings reports. Corporate Office Properties Trust had a net margin of 15.86% and a return on equity of 6.55%. The business had revenue of $151.44 million for the quarter, compared to analysts’ expectations of $138.04 million. During the same period last year, the business earned $0.52 earnings per share. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Corporate Office Properties Trust updated its Q3 guidance to $0.51-0.53 EPS and its FY17 guidance to $2.02-2.06 EPS.

Shares of Corporate Office Properties Trust (OFC) traded up 0.55% during trading on Wednesday, reaching $32.88. The company’s stock had a trading volume of 146,232 shares. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 45.10 and a beta of 0.83. Corporate Office Properties Trust has a one year low of $24.92 and a one year high of $36.03. The company has a 50-day moving average price of $33.96 and a 200-day moving average price of $33.70.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Saturday, September 30th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend is Thursday, September 28th. Corporate Office Properties Trust’s dividend payout ratio is currently 150.68%.

OFC has been the topic of a number of recent research reports. Mizuho cut shares of Corporate Office Properties Trust from a “buy” rating to a “neutral” rating and set a $38.00 price target on the stock. in a research report on Monday, July 10th. Zacks Investment Research upgraded shares of Corporate Office Properties Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, May 9th. Stifel Nicolaus cut shares of Corporate Office Properties Trust from a “hold” rating to a “sell” rating and cut their target price for the stock from $33.00 to $29.00 in a report on Tuesday, August 1st. They noted that the move was a valuation call. Jefferies Group LLC restated a “hold” rating and issued a $36.00 target price on shares of Corporate Office Properties Trust in a report on Tuesday, July 4th. Finally, BidaskClub upgraded shares of Corporate Office Properties Trust from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. Corporate Office Properties Trust has a consensus rating of “Hold” and an average target price of $33.29.

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In other news, Director Steven D. Kesler sold 3,637 shares of the stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $35.40, for a total transaction of $128,749.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert L. Denton sold 3,118 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $32.73, for a total value of $102,052.14. Following the transaction, the director now directly owns 2,508 shares in the company, valued at approximately $82,086.84. The disclosure for this sale can be found here. Insiders have sold a total of 11,873 shares of company stock worth $404,400 in the last three months. Corporate insiders own 0.60% of the company’s stock.

Several institutional investors have recently bought and sold shares of OFC. BlackRock Inc. increased its position in Corporate Office Properties Trust by 5,196.2% in the first quarter. BlackRock Inc. now owns 10,192,603 shares of the real estate investment trust’s stock worth $337,374,000 after buying an additional 10,000,151 shares during the last quarter. FMR LLC increased its position in Corporate Office Properties Trust by 372.8% in the first quarter. FMR LLC now owns 5,720,769 shares of the real estate investment trust’s stock worth $189,357,000 after buying an additional 4,510,869 shares during the last quarter. Wells Fargo & Company MN increased its position in Corporate Office Properties Trust by 674.8% in the first quarter. Wells Fargo & Company MN now owns 1,985,453 shares of the real estate investment trust’s stock worth $65,719,000 after buying an additional 1,729,196 shares during the last quarter. JPMorgan Chase & Co. increased its position in Corporate Office Properties Trust by 64.0% in the first quarter. JPMorgan Chase & Co. now owns 3,786,671 shares of the real estate investment trust’s stock worth $125,340,000 after buying an additional 1,477,416 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Corporate Office Properties Trust during the fourth quarter worth $30,131,000.

About Corporate Office Properties Trust

Corporate Office Properties Trust is a fully-integrated and self-managed real estate investment trust (REIT). The Company owns, manages, leases, develops and acquires office and data center properties. The Company’s segments are Defense/IT Locations; Regional Office; operating wholesale data center, and other.

Earnings History for Corporate Office Properties Trust (NYSE:OFC)

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