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

Corporate Office Properties Trust (NYSE:OFC) was the recipient of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totalling 1,920,000 shares, a decrease of 21.3% from the June 15th total of 2,440,000 shares. Currently, 1.7% of the company’s stock are sold short. Based on an average daily trading volume, of 988,800 shares, the days-to-cover ratio is currently 1.9 days.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP lifted its stake in Corporate Office Properties Trust by 68.1% during the first quarter. First Trust Advisors LP now owns 79,957 shares of the real estate investment trust’s stock worth $2,183,000 after purchasing an additional 32,402 shares during the period. Victory Capital Management Inc. lifted its stake in Corporate Office Properties Trust by 4.4% during the fourth quarter. Victory Capital Management Inc. now owns 21,035 shares of the real estate investment trust’s stock worth $618,000 after purchasing an additional 883 shares during the period. Envestnet Asset Management Inc. lifted its stake in Corporate Office Properties Trust by 3.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 35,533 shares of the real estate investment trust’s stock worth $1,044,000 after purchasing an additional 1,201 shares during the period. Great West Life Assurance Co. Can lifted its stake in Corporate Office Properties Trust by 14.2% during the fourth quarter. Great West Life Assurance Co. Can now owns 147,345 shares of the real estate investment trust’s stock worth $4,294,000 after purchasing an additional 18,335 shares during the period. Finally, Pictet Asset Management Ltd. bought a new position in Corporate Office Properties Trust during the fourth quarter worth about $699,000. Institutional investors and hedge funds own 98.06% of the company’s stock.

Shares of NYSE OFC traded down $1.16 during mid-day trading on Wednesday, hitting $24.89. The company had a trading volume of 530,300 shares, compared to its average volume of 848,705. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.73 and a quick ratio of 2.73. The business’s 50-day simple moving average is $25.30 and its 200-day simple moving average is $26.27. Corporate Office Properties Trust has a 12 month low of $15.23 and a 12 month high of $30.57. The firm has a market cap of $2.92 billion, a P/E ratio of 14.39, a PEG ratio of 2.88 and a beta of 1.03.

Corporate Office Properties Trust (NYSE:OFC) last released its earnings results on Thursday, April 30th. The real estate investment trust reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.02. Corporate Office Properties Trust had a net margin of 30.96% and a return on equity of 11.62%. The business had revenue of $145.80 million during the quarter, compared to analysts’ expectations of $151.88 million. During the same quarter last year, the company earned $0.50 earnings per share. The firm’s revenue was down 2.1% on a year-over-year basis. As a group, sell-side analysts predict that Corporate Office Properties Trust will post 2.05 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend is Monday, June 29th. Corporate Office Properties Trust’s payout ratio is presently 54.19%.

Several equities analysts have commented on OFC shares. Citigroup increased their target price on shares of Corporate Office Properties Trust from $23.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, May 28th. ValuEngine downgraded Corporate Office Properties Trust from a “hold” rating to a “sell” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. raised Corporate Office Properties Trust from a “neutral” rating to an “overweight” rating and raised their price target for the company from $26.00 to $29.00 in a research report on Thursday, July 2nd. SunTrust Banks raised their price target on Corporate Office Properties Trust from $26.00 to $28.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Finally, Bank of America raised Corporate Office Properties Trust from a “neutral” rating to a “buy” rating and raised their price target for the company from $23.00 to $29.00 in a research report on Monday, April 6th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $28.23.

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”).

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