PNC Financial Services Group Inc. Sells 2,659 Shares of COPT Defense Properties (NYSE:CDP)

PNC Financial Services Group Inc. trimmed its position in COPT Defense Properties (NYSE:CDP) by 43.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,407 shares of the company’s stock after selling 2,659 shares during the period. PNC Financial Services Group Inc.’s holdings in COPT Defense Properties were worth $105,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in shares of COPT Defense Properties by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,927,208 shares of the company’s stock worth $88,797,000 after buying an additional 21,388 shares during the last quarter. FMR LLC boosted its position in COPT Defense Properties by 1.8% during the third quarter. FMR LLC now owns 2,763,277 shares of the company’s stock valued at $83,810,000 after purchasing an additional 49,300 shares during the last quarter. JPMorgan Chase & Co. grew its stake in COPT Defense Properties by 35.8% in the third quarter. JPMorgan Chase & Co. now owns 2,693,332 shares of the company’s stock valued at $81,689,000 after purchasing an additional 710,491 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of COPT Defense Properties by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,522,955 shares of the company’s stock worth $76,521,000 after purchasing an additional 18,770 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of COPT Defense Properties by 61.2% during the 4th quarter. Principal Financial Group Inc. now owns 1,906,341 shares of the company’s stock worth $59,001,000 after purchasing an additional 723,486 shares during the last quarter.

COPT Defense Properties Stock Performance

Shares of CDP stock opened at $27.07 on Wednesday. COPT Defense Properties has a 52 week low of $22.20 and a 52 week high of $34.22. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 22.01 and a beta of 0.96. The company has a 50-day simple moving average of $27.99 and a 200 day simple moving average of $30.13. The company has a debt-to-equity ratio of 1.56, a quick ratio of 2.38 and a current ratio of 2.47.

COPT Defense Properties (NYSE:CDP) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.33. COPT Defense Properties had a return on equity of 9.07% and a net margin of 18.44%. On average, sell-side analysts predict that COPT Defense Properties will post 2.67 earnings per share for the current year.

COPT Defense Properties Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 16th. Investors of record on Monday, March 31st will be paid a $0.305 dividend. The ex-dividend date is Monday, March 31st. This is an increase from COPT Defense Properties’s previous quarterly dividend of $0.30. This represents a $1.22 annualized dividend and a dividend yield of 4.51%. COPT Defense Properties’s dividend payout ratio is 99.19%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CDP. BTIG Research raised their target price on shares of COPT Defense Properties from $33.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Truist Financial upped their target price on shares of COPT Defense Properties from $31.00 to $33.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Finally, Jefferies Financial Group began coverage on COPT Defense Properties in a report on Monday, March 17th. They set a “buy” rating and a $31.00 price target for the company. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, COPT Defense Properties currently has a consensus rating of “Moderate Buy” and an average target price of $33.43.

COPT Defense Properties Company Profile

COPT Defense Properties is a real estate investment trust. It acquires, develops, manages, sells, and leases out office properties and data centers. The firm operates through the following segments: Defense/Information Technology Locations, Regional Office, Wholesale Data Center, and Other. The company was founded on January 22,1988 and is headquartered in Columbia, MD.