Point72 Asia Singapore Pte. Ltd. Decreases Stock Position in COPT Defense Properties (NYSE:CDP)

Point72 Asia Singapore Pte. Ltd. decreased its position in shares of COPT Defense Properties (NYSE:CDP) by 59.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,797 shares of the company’s stock after selling 5,606 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in COPT Defense Properties were worth $95,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. bought a new stake in COPT Defense Properties in the first quarter worth $407,496,000. Earnest Partners LLC purchased a new position in shares of COPT Defense Properties in the 1st quarter worth $129,344,000. Westwood Holdings Group Inc. bought a new stake in shares of COPT Defense Properties in the 1st quarter worth about $90,045,000. Millennium Management LLC raised its position in shares of COPT Defense Properties by 65.3% during the 2nd quarter. Millennium Management LLC now owns 3,274,008 shares of the company’s stock valued at $81,948,000 after buying an additional 1,293,761 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of COPT Defense Properties by 9.6% during the 2nd quarter. Sei Investments Co. now owns 1,983,526 shares of the company’s stock valued at $49,648,000 after buying an additional 174,206 shares in the last quarter.

COPT Defense Properties Price Performance

CDP opened at $31.05 on Friday. The business has a fifty day moving average of $29.49 and a 200 day moving average of $26.26. The stock has a market cap of $3.50 billion, a P/E ratio of -28.75, a PEG ratio of 2.66 and a beta of 0.99. The company has a quick ratio of 3.17, a current ratio of 3.17 and a debt-to-equity ratio of 1.56. COPT Defense Properties has a 52-week low of $22.20 and a 52-week high of $31.50.

COPT Defense Properties (NYSE:CDP) last issued its earnings results 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 analysts’ expectations 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 for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 earnings per share. As a group, sell-side analysts anticipate that COPT Defense Properties will post 2.56 EPS for the current year.

COPT Defense Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 17th. Stockholders of record on Monday, September 30th will be given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend is Monday, September 30th. COPT Defense Properties’s dividend payout ratio (DPR) is presently -109.26%.

Insider Activity

In other news, COO Britt A. Snider acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were bought at an average price of $29.41 per share, with a total value of $29,410.00. Following the completion of the purchase, the chief operating officer now directly owns 2,000 shares in the company, valued at $58,820. This trade represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CDP. Truist Financial lifted their price target on COPT Defense Properties from $27.00 to $31.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Wells Fargo & Company cut their target price on COPT Defense Properties from $33.00 to $32.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 11th. JPMorgan Chase & Co. increased their price target on COPT Defense Properties from $26.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Evercore ISI lifted their price objective on shares of COPT Defense Properties from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Finally, Wedbush increased 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 Monday, August 5th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

COPT Defense Properties Company Profile

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.