NYSE:CUZ

Stock Analysis Report

Executive Summary

Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT).


Snowflake Analysis

Proven track record and fair value.


Similar Companies

Share Price & News

How has Cousins Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CUZ's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

14.9%

CUZ

15.8%

US REITs

7.2%

US Market


1 Year Return

-25.2%

CUZ

-20.1%

US REITs

-10.4%

US Market

Return vs Industry: CUZ underperformed the US REITs industry which returned -20.1% over the past year.

Return vs Market: CUZ underperformed the US Market which returned -10.4% over the past year.


Shareholder returns

CUZIndustryMarket
7 Day14.9%15.8%7.2%
30 Day-19.2%-19.2%-12.6%
90 Day-30.0%-24.6%-19.4%
1 Year-23.5%-25.2%-16.8%-20.1%-8.5%-10.4%
3 Year-6.3%-13.5%-0.7%-13.1%15.8%8.3%
5 Year13.6%-30.6%13.3%-10.2%35.8%21.0%

Price Volatility Vs. Market

How volatile is Cousins Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Cousins Properties undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CUZ ($28.83) is trading below our estimate of fair value ($63.54)

Significantly Below Fair Value: CUZ is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CUZ is poor value based on its PE Ratio (24.5x) compared to the REITs industry average (24.3x).

PE vs Market: CUZ is poor value based on its PE Ratio (24.5x) compared to the US market (13.1x).


Price to Earnings Growth Ratio

PEG Ratio: CUZ's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: CUZ is good value based on its PB Ratio (1x) compared to the US REITs industry average (1.3x).


Next Steps

Future Growth

How is Cousins Properties forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-6.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CUZ's earnings are forecast to decline over the next 3 years (-6.3% per year).

Earnings vs Market: CUZ's earnings are forecast to decline over the next 3 years (-6.3% per year).

High Growth Earnings: CUZ's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CUZ's revenue (6.1% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: CUZ's revenue (6.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CUZ's Return on Equity is forecast to be low in 3 years time (1.9%).


Next Steps

Past Performance

How has Cousins Properties performed over the past 5 years?

13.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CUZ has a large one-off gain of $57.9M impacting its December 31 2019 financial results.

Growing Profit Margin: CUZ's current net profit margins (22.4%) are higher than last year (16.2%).


Past Earnings Growth Analysis

Earnings Trend: CUZ's earnings have grown by 13.4% per year over the past 5 years.

Accelerating Growth: CUZ's earnings growth over the past year (90%) exceeds its 5-year average (13.4% per year).

Earnings vs Industry: CUZ earnings growth over the past year (90%) exceeded the REITs industry 5%.


Return on Equity

High ROE: CUZ's Return on Equity (3.4%) is considered low.


Next Steps

Financial Health

How is Cousins Properties's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CUZ has a high level of physical assets or inventory.

Debt Coverage by Assets: CUZ's debt is not covered by short term assets (assets are 0.2x debt).


Financial Institutions Analysis

Asset Level: CUZ's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if CUZ has a sufficient allowance for bad loans.

Low Risk Liabilities: CUZ reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if CUZ has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CUZ has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if CUZ has an appropriate level of bad loans.


Next Steps

Dividend

What is Cousins Properties's current dividend yield, its reliability and sustainability?

4.16%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: CUZ's dividend (4.16%) is higher than the bottom 25% of dividend payers in the US market (1.95%).

High Dividend: CUZ's dividend (4.16%) is low compared to the top 25% of dividend payers in the US market (5.4%).


Stability and Growth of Payments

Stable Dividend: CUZ's dividend payments have been volatile in the past 10 years.

Growing Dividend: CUZ's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (43.5%), CUZ's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CUZ's dividends in 3 years are forecast to be thoroughly covered by earnings (0.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.3yrs

Average management tenure


CEO

Michael Connolly (42yo)

1.17s

Tenure

US$3,360,339

Compensation

Mr. Michael Colin Connolly has been the Chief Executive Officer at Cousins Properties Incorporated since January 1, 2019 as serves as its President since July 28, 2017. He is Director of Cousins Properties ...


CEO Compensation Analysis

Compensation vs Market: Michael's total compensation ($USD3.36M) is below average for companies of similar size in the US market ($USD5.48M).

Compensation vs Earnings: Michael's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Lawrence Gellerstedt
Executive Chairman2.67yrsUS$1.47m0.099% $4.2m
Michael Connolly
President1.17yrsUS$3.36m0.046% $1.9m
Gregg Adzema
Executive VP & CFO9.25yrsUS$2.54m0.043% $1.8m
Richard Hickson
Executive Vice President of Operations1.42yrsUS$1.60m0.0083% $349.6k
Pamela Roper
Executive VP16.58yrsUS$1.71m0.011% $464.3k
Kennedy Hicks
Senior Vice President of Investments1.25yrsno datano data
Jeffrey Symes
Senior VPno datano data0.0012% $51.6k
Roni Imbeaux
Vice President of Finance & Investor Relationsno datano datano data
John McColl
Executive Vice President22.83yrsUS$1.05m0.030% $1.3m
James Ellis
Senior VP & MD of Atlanta13.58yrsUS$660.96kno data

5.3yrs

Average Tenure

54yo

Average Age

Experienced Management: CUZ's management team is seasoned and experienced (5.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Lawrence Gellerstedt
Executive Chairman2.67yrsUS$1.47m0.099% $4.2m
Michael Connolly
President1.17yrsUS$3.36m0.046% $1.9m
Thomas Cousins
Chairman Emeritus13.25yrsUS$106.58kno data
Charles Cannada
Independent Director3.42yrsUS$151.19k0.021% $893.1k
Lillian Giornelli
Independent Director21.17yrsUS$149.62k0.025% $1.1m
Richard Stone
Independent Director1.83yrsUS$151.19k0.029% $1.2m
S. Glover
Lead Independent Director2.67yrsUS$203.80k0.093% $4.0m
Robert Chapman
Former Non Executive Chairman4.83yrsUS$163.82k0.014% $579.5k
Scott Fordham
Director0.67yrUS$154.13k0.16% $6.8m
Donna Hyland
Independent Director5.83yrsUS$169.60k0.016% $661.6k

3.0yrs

Average Tenure

61.5yo

Average Age

Experienced Board: CUZ's board of directors are considered experienced (3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 21.9%.


Top Shareholders

Company Information

Cousins Properties Incorporated's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cousins Properties Incorporated
  • Ticker: CUZ
  • Exchange: NYSE
  • Founded: 1958
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: US$4.233b
  • Shares outstanding: 146.82m
  • Website: https://www.cousins.com

Number of Employees


Location

  • Cousins Properties Incorporated
  • 3344 Peachtree Road NE
  • Suite 1800
  • Atlanta
  • Georgia
  • 30326
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CUZNYSE (New York Stock Exchange)YesCommon StockUSUSDDec 1972
CPZ1DB (Deutsche Boerse AG)YesCommon StockDEEURDec 1972

Biography

Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office towers located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/31 00:33
End of Day Share Price2020/03/30 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.