Cousins Properties (NYSE:CUZ) Updates FY24 Earnings Guidance

Cousins Properties (NYSE:CUZ) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.66-2.70 for the period, compared to the consensus estimate of $2.67. Cousins Properties also updated its FY 2024 guidance to 2.660-2.700 EPS.

Cousins Properties Price Performance

NYSE:CUZ traded up $0.12 during mid-day trading on Thursday, reaching $31.37. 1,053,276 shares of the company were exchanged, compared to its average volume of 1,301,937. Cousins Properties has a 12 month low of $17.40 and a 12 month high of $31.98. The company has a fifty day moving average of $29.07 and a 200 day moving average of $25.65. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.58. The stock has a market cap of $4.77 billion, a PE ratio of 63.76, a PEG ratio of 4.41 and a beta of 1.30.

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 for the quarter, missing the consensus estimate of $0.66 by ($0.61). The firm had revenue of $212.98 million for the quarter, compared to the consensus estimate of $208.18 million. Cousins Properties had a return on equity of 1.31% and a net margin of 7.25%. The firm’s revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.75 EPS. On average, research analysts anticipate that Cousins Properties will post 2.67 EPS for the current fiscal year.

Cousins Properties Dividend Announcement

The business also recently announced 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 was Thursday, October 3rd. This represents a $1.28 annualized dividend and a yield of 4.08%. Cousins Properties’s dividend payout ratio (DPR) is currently 261.22%.

Wall Street Analyst Weigh In

Several analysts have commented on CUZ shares. Wells Fargo & Company raised their target price on shares of Cousins Properties from $26.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. Barclays boosted their target price on shares of Cousins Properties from $30.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. 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 report on Friday, August 30th. Evercore ISI lifted 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 report on Monday, September 16th. Finally, Robert W. Baird boosted their target price on shares of Cousins Properties from $29.00 to $31.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.67.

Insider Activity at Cousins Properties

In other news, CAO Jeffrey D. Symes sold 5,997 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $28.13, for a total transaction of $168,695.61. Following the completion of the transaction, the chief accounting officer now owns 12,529 shares in the company, valued at approximately $352,440.77. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is currently owned by insiders.

Cousins Properties Company Profile

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.