Corporate Office Properties Trust (NYSE: OFC) stock fell -0.85% on Thursday to $22.06 against a previous-day closing price of $22.25. With 0.5 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.81 million shares. During the session, the REIT – Office company that operates in wider Real Estate sector, reached to the highest price of $22.19 whereas the lowest price it dropped to was $21.76. The 52-week range on OFC shows that it touched its highest point at $28.69 and its lowest point at $21.59 during that stretch. It currently has a 1-year price target of $28.67. With its current market cap of 2.51 billion, OFC has annualized dividend of $1.14 while the current yield stands at 5.17%. Beta for the stock currently stands at 1.04.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of OFC was down-trending over the past week, with a drop of -4.58%, but this was up by 0.96% over a month. Three-month performance dropped to -13.25% while six-month performance fell -19.72%. The stock lost -19.78% in the past year, while it has lost -14.96% so far this year. A look at the trailing 12-month EPS for OFC yields 1.70 with Next year EPS estimates of 1.21. For the next quarter, that number is 0.28. This implies an EPS growth rate of 96.20% for this year and -9.70% for next year. EPS is expected to grow by 8.20% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 17.90%.
Float and Shares Shorts:
At present, 112.13 million OFC shares are outstanding with a float of 112.03 million shares on hand for trading. On Apr 27, 2023, short shares totaled 3.27 million, which was 2.91% higher than short shares on Mar 30, 2023. In addition to Mr. Stephen E. Budorick as the firm’s Pres, CEO & Trustee, Mr. Anthony Mifsud serves as its Exec. VP & CFO.
Through their ownership of 108.43% of OFC’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 58.54% of OFC, in contrast to 48.57% held by mutual funds. Shares owned by individuals account for 1.59%. As the largest shareholder in OFC with 14.87% of the stake, The Vanguard Group, Inc. holds 16,716,345 shares worth 16,716,345. A second-largest stockholder of OFC, BlackRock Fund Advisors, holds 13,863,389 shares, controlling over 12.33% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in OFC, holding 6,827,999 shares or 6.07% stake. With a 4.39% stake in OFC, the Vanguard Real Estate Index Fund is the largest stakeholder. A total of 4,938,725 shares are owned by the mutual fund manager. The iShares Core S&P Mid Cap ETF, which owns about 3.12% of OFC stock, is the second-largest Mutual Fund holder. It holds 3,508,186 shares valued at 80.3 million. Vanguard Total Stock Market ETF holds 3.10% of the stake in OFC, owning 3,487,484 shares worth 79.83 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, OFC reported revenue of $185.80M and operating income of $46.29M. The EBITDA in the recently reported quarter was $48.43M and diluted EPS was $0.29.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for OFC since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With OFC analysts setting a high price target of $35.00 and a low target of $24.00, the average target price over the next 12 months is $28.38. Based on these targets, OFC could surge 58.66% to reach the target high and rise by 8.79% to reach the target low. Reaching the average price target will result in a growth of 28.65% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded OFC stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 1 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 2,830 while 0 shares were sold.