Bank of New York Mellon Corp Cuts Stake in COPT Defense Properties (NYSE:CDP)

Bank of New York Mellon Corp decreased its stake in shares of COPT Defense Properties (NYSE:CDP) by 0.4% during the first quarter, HoldingsChannel.com reports. The firm owned 1,137,012 shares of the company’s stock after selling 4,658 shares during the period. Bank of New York Mellon Corp’s holdings in COPT Defense Properties were worth $31,006,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. UMB Bank n.a. boosted its position in shares of COPT Defense Properties by 321.7% during the first quarter. UMB Bank n.a. now owns 1,071 shares of the company’s stock valued at $29,000 after buying an additional 817 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of COPT Defense Properties during the 4th quarter worth $63,000. FIL Ltd grew its stake in COPT Defense Properties by 17.8% during the 4th quarter. FIL Ltd now owns 2,591 shares of the company’s stock worth $80,000 after buying an additional 391 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in COPT Defense Properties in the fourth quarter valued at $110,000. Finally, Central Pacific Bank Trust Division lifted its holdings in COPT Defense Properties by 10.7% during the first quarter. Central Pacific Bank Trust Division now owns 6,854 shares of the company’s stock valued at $187,000 after purchasing an additional 660 shares in the last quarter.

COPT Defense Properties Stock Performance

CDP opened at $27.80 on Wednesday. The company has a debt-to-equity ratio of 1.57, a quick ratio of 3.21 and a current ratio of 3.21. COPT Defense Properties has a 52-week low of $23.92 and a 52-week high of $34.22. The firm has a market cap of $3.14 billion, a P/E ratio of 22.24 and a beta of 0.87. The business’s fifty day moving average is $27.81 and its 200-day moving average is $27.73.

COPT Defense Properties (NYSE:CDP) last issued its earnings results on Monday, April 28th. The company reported $0.65 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.65. The firm had revenue of $187.86 million during the quarter, compared to analyst estimates of $186.37 million. COPT Defense Properties had a net margin of 18.86% and a return on equity of 9.19%. The company’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the business earned $0.62 earnings per share. Sell-side analysts expect that COPT Defense Properties will post 2.67 EPS for the current fiscal year.

COPT Defense Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 16th. Shareholders of record on Monday, June 30th will be paid a $0.305 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.22 annualized dividend and a yield of 4.39%. COPT Defense Properties’s payout ratio is 97.60%.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company decreased their price target on COPT Defense Properties from $36.00 to $30.00 and set an “overweight” rating for the company in a report on Monday, May 19th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, COPT Defense Properties currently has a consensus rating of “Moderate Buy” and an average price target of $33.14.

Insider Transactions at COPT Defense Properties

In other news, Director Robert L. Denton sold 4,398 shares of COPT Defense Properties stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $26.70, for a total transaction of $117,426.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.42% of the stock is currently owned by insiders.

About COPT Defense Properties

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.