COPT Defense Properties (NYSE:CDP) Issues FY24 Earnings Guidance

COPT Defense Properties (NYSE:CDP) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $2.54-2.58 for the period, compared to the consensus earnings per share estimate of $2.54. COPT Defense Properties also updated its FY 2024 guidance to 2.540-2.580 EPS.

Wall Street Analysts Forecast Growth

Separately, Wedbush reissued an outperform rating and set a $28.00 target price (up previously from $27.00) on shares of COPT Defense Properties in a research note on Monday, April 29th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, COPT Defense Properties has an average rating of Moderate Buy and a consensus target price of $27.00.

COPT Defense Properties Price Performance

CDP traded up $0.05 during mid-day trading on Wednesday, hitting $29.13. 67,886 shares of the stock were exchanged, compared to its average volume of 841,793. The company has a debt-to-equity ratio of 1.58, a current ratio of 3.66 and a quick ratio of 3.66. The firm’s fifty day moving average is $25.35 and its two-hundred day moving average is $24.48. COPT Defense Properties has a 1-year low of $22.20 and a 1-year high of $29.22.

COPT Defense Properties (NYSE:CDP) last posted its quarterly 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 during the quarter, compared to analyst estimates of $166.11 million. COPT Defense Properties had a negative net margin of 15.75% and a negative return on equity of 7.53%. COPT Defense Properties’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 EPS. As a group, sell-side analysts expect that COPT Defense Properties will post 2.55 earnings per share for the current fiscal year.

COPT Defense Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 17th. Shareholders of record on Friday, June 28th were given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date was Friday, June 28th. COPT Defense Properties’s dividend payout ratio is currently -109.26%.

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.