Renaissance Technologies LLC Has $2.46 Million Stake in COPT Defense Properties (NYSE:CDP)

Renaissance Technologies LLC decreased its holdings in COPT Defense Properties (NYSE:CDP) by 58.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 98,300 shares of the company’s stock after selling 136,300 shares during the quarter. Renaissance Technologies LLC owned approximately 0.09% of COPT Defense Properties worth $2,460,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDP. Vanguard Group Inc. acquired a new position in shares of COPT Defense Properties during the first quarter worth approximately $407,496,000. Earnest Partners LLC acquired a new position in COPT Defense Properties during the 1st quarter worth $129,344,000. Westwood Holdings Group Inc. bought a new stake in shares of COPT Defense Properties during the first quarter worth $90,045,000. Sei Investments Co. acquired a new position in shares of COPT Defense Properties during the first quarter valued at $43,731,000. Finally, Deroy & Devereaux Private Investment Counsel Inc. bought a new position in COPT Defense Properties in the first quarter valued at about $21,211,000.

Insider Activity

In related news, COO Britt A. Snider acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were acquired at an average cost of $29.41 per share, for a total transaction of $29,410.00. Following the completion of the acquisition, the chief operating officer now directly owns 2,000 shares in the company, valued at approximately $58,820. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.06% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CDP. JPMorgan Chase & Co. boosted their price objective on COPT Defense Properties from $26.00 to $31.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Wells Fargo & Company cut their price objective on shares of COPT Defense Properties from $33.00 to $32.00 and set an “overweight” rating on the stock in a report on Wednesday, September 11th. Evercore ISI lifted their target price on shares of COPT Defense Properties from $28.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Wedbush increased their price target on COPT Defense Properties from $28.00 to $33.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Finally, Truist Financial lifted their price objective on COPT Defense Properties from $27.00 to $31.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

COPT Defense Properties Price Performance

Shares of NYSE CDP opened at $30.64 on Wednesday. The company has a debt-to-equity ratio of 1.56, a current ratio of 3.17 and a quick ratio of 3.17. COPT Defense Properties has a twelve month low of $22.20 and a twelve month high of $30.99. The company’s fifty day moving average is $29.29 and its 200-day moving average is $26.14.

COPT Defense Properties (NYSE:CDP) last posted its 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). COPT Defense Properties had a negative net margin of 15.75% and a negative return on equity of 7.52%. The business had revenue of $187.34 million during the quarter, compared to analyst estimates of $166.11 million. During the same period in the previous year, the firm posted $0.60 earnings per share. The firm’s revenue was up 10.7% on a year-over-year basis. On average, equities analysts predict that COPT Defense Properties will post 2.56 earnings per share for the current year.

COPT Defense Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 17th. Shareholders of record on Monday, September 30th will be paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Monday, September 30th. COPT Defense Properties’s 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.