COPT Defense Properties (NYSE:CDP) Releases FY 2024 Earnings Guidance

COPT Defense Properties (NYSE:CDP) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 2.560-2.580 for the period, compared to the consensus estimate of 2.560. The company issued revenue guidance of -. COPT Defense Properties also updated its FY24 guidance to $2.56-$2.58 EPS.

COPT Defense Properties Stock Performance

NYSE CDP traded up $0.24 on Wednesday, hitting $32.74. The stock had a trading volume of 136,491 shares, compared to its average volume of 834,289. COPT Defense Properties has a one year low of $22.20 and a one year high of $33.05. The company has a quick ratio of 3.17, a current ratio of 3.17 and a debt-to-equity ratio of 1.56. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 26.86 and a beta of 0.99. The company’s 50-day moving average is $30.54 and its two-hundred day moving average is $27.25.

COPT Defense Properties (NYSE:CDP) last posted its earnings results on Monday, October 28th. The company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.32). COPT Defense Properties had a negative return on equity of 7.52% and a negative net margin of 15.75%. The firm had revenue of $189.23 million during the quarter, compared to the consensus estimate of $167.37 million. During the same quarter last year, the company posted $0.60 EPS. COPT Defense Properties’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, analysts expect that COPT Defense Properties will post 2.57 earnings per share for the current year.

COPT Defense Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 17th. Shareholders of record on Monday, September 30th were given a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 3.60%. The ex-dividend date was Monday, September 30th. COPT Defense Properties’s dividend payout ratio (DPR) is 96.72%.

Analyst Ratings Changes

CDP has been the subject of several recent analyst reports. Wells Fargo & Company decreased their target price on shares of COPT Defense Properties from $33.00 to $32.00 and set an “overweight” rating for the company in a research report on Wednesday, September 11th. JPMorgan Chase & Co. upped their price target on shares of COPT Defense Properties from $26.00 to $31.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Truist Financial upped their price target on shares of COPT Defense Properties from $27.00 to $31.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Wedbush upped their price target on shares of COPT Defense Properties from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Finally, Evercore ISI upped their price target on shares of COPT Defense Properties from $33.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.38.

Insider Activity at COPT Defense Properties

In other news, COO Britt A. Snider purchased 1,000 shares of COPT Defense Properties stock in a transaction that occurred on Tuesday, September 10th. The stock was acquired at an average price of $29.41 per share, for a total transaction of $29,410.00. Following the transaction, the chief operating officer now owns 2,000 shares in the company, valued at $58,820. The trade was a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.06% of the company’s stock.

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.