Cousins Properties (NYSE:CUZ) Updates FY24 Earnings Guidance

Cousins Properties (NYSE:CUZ) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $2.63-2.68 for the period, compared to the consensus earnings per share estimate of $2.65. Cousins Properties also updated its FY 2024 guidance to 2.630-2.680 EPS.

Analyst Ratings Changes

CUZ has been the topic of a number of recent research reports. StockNews.com upgraded Cousins Properties from a sell rating to a hold rating in a research note on Thursday, May 23rd. Barclays lowered their target price on Cousins Properties from $29.00 to $25.00 and set an overweight rating on the stock in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $23.67.

Cousins Properties Price Performance

NYSE:CUZ traded up $0.30 during trading hours on Thursday, reaching $25.18. 1,899,705 shares of the company were exchanged, compared to its average volume of 1,400,920. The company has a market capitalization of $3.83 billion, a P/E ratio of 51.37, a P/E/G ratio of 4.11 and a beta of 1.30. Cousins Properties has a 1-year low of $17.40 and a 1-year high of $25.50. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50 day moving average of $23.31 and a 200 day moving average of $23.23.

Cousins Properties (NYSE:CUZ) last issued its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.54). The company had revenue of $209.20 million for the quarter, compared to analyst estimates of $199.35 million. Cousins Properties had a return on equity of 1.62% and a net margin of 9.15%. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.65 EPS. Research analysts forecast that Cousins Properties will post 2.65 EPS for the current year.

Cousins Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Wednesday, July 3rd were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 5.08%. The ex-dividend date was Wednesday, July 3rd. Cousins Properties’s dividend payout ratio is currently 261.22%.

Insider Buying and Selling

In related news, CFO Gregg D. Adzema sold 71,097 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $23.31, for a total transaction of $1,657,271.07. Following the sale, the chief financial officer now owns 85,872 shares of the company’s stock, valued at $2,001,676.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is currently owned by company insiders.

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.