Wells Fargo & Company Cuts COPT Defense Properties (NYSE:CDP) Price Target to $32.00

COPT Defense Properties (NYSE:CDP) had its price target reduced by Wells Fargo & Company from $33.00 to $32.00 in a research note published on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities research analysts have also issued research reports about the stock. Wedbush increased their price objective on shares of COPT Defense Properties from $28.00 to $33.00 and gave the stock an outperform rating in a report on Monday, August 5th. JPMorgan Chase & Co. upped their target price on shares of COPT Defense Properties from $26.00 to $31.00 and gave the stock a neutral rating in a research report on Wednesday, September 4th. Truist Financial upped their target price on shares of COPT Defense Properties from $27.00 to $31.00 and gave the stock a hold rating in a research report on Thursday, August 29th. Finally, Evercore ISI upped their target price on shares of COPT Defense Properties from $28.00 to $33.00 and gave the company an outperform rating in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $30.00.

COPT Defense Properties Stock Up 1.9 %

Shares of NYSE CDP opened at $30.10 on Wednesday. The stock has a market cap of $3.39 billion, a PE ratio of -27.87, a PEG ratio of 2.79 and a beta of 0.99. The business has a fifty day moving average of $28.34 and a two-hundred day moving average of $25.62. COPT Defense Properties has a 52-week low of $22.20 and a 52-week high of $30.15. The company has a debt-to-equity ratio of 1.56, a quick ratio of 3.17 and a current ratio of 3.17.

COPT Defense Properties (NYSE:CDP) last issued its quarterly earnings data on Monday, July 29th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.33). The company had revenue of $187.34 million for the quarter, compared to the consensus estimate of $166.11 million. COPT Defense Properties had a negative net margin of 15.75% and a negative return on equity of 7.52%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.60 earnings per share. As a group, equities research analysts expect that COPT Defense Properties will post 2.57 earnings per share for the current fiscal year.

COPT Defense Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 17th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date is Monday, September 30th. COPT Defense Properties’s dividend payout ratio is currently -109.26%.

Insider Transactions at COPT Defense Properties

In other news, COO Britt A. Snider bought 1,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was bought at an average price of $29.41 per share, with a total value of $29,410.00. Following the completion of the acquisition, the chief operating officer now owns 2,000 shares of the company’s stock, valued at $58,820. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.06% of the company’s stock.

Institutional Investors Weigh In On COPT Defense Properties

Hedge funds and other institutional investors have recently modified their holdings of the company. Global Retirement Partners LLC acquired a new position in COPT Defense Properties in the first quarter valued at about $36,000. Heritage Wealth Advisors acquired a new position in COPT Defense Properties in the first quarter valued at about $39,000. Spirit of America Management Corp NY acquired a new position in COPT Defense Properties in the second quarter valued at about $50,000. Quarry LP raised its stake in COPT Defense Properties by 711.4% in the second quarter. Quarry LP now owns 3,481 shares of the company’s stock valued at $87,000 after purchasing an additional 3,052 shares in the last quarter. Finally, Bessemer Group Inc. acquired a new position in COPT Defense Properties in the first quarter valued at about $100,000.

About COPT Defense Properties

COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (USG) defense installations and missions (referred to as its Defense/IT Portfolio). The Company's tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements.