The simplest way to benefit from a rising market is to buy an index fund. Active investors aim to buy stocks that vastly outperform the market - but in the process, they risk under-performance. That downside risk was realized by Cousins Properties Incorporated (NYSE:CUZ) shareholders over the last year, as the share price declined 28%. That's disappointing when you consider the market declined 17%. Looking at the longer term, the stock is down 28% over three years. More recently, the share price has dropped a further 13% in a month. However, we note the price may have been impacted by the broader market, which is down 9.1% in the same time period.
After losing 3.8% this past week, it's worth investigating the company's fundamentals to see what we can infer from past performance.
View our latest analysis for Cousins Properties
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
During the unfortunate twelve months during which the Cousins Properties share price fell, it actually saw its earnings per share (EPS) improve by 193%. It could be that the share price was previously over-hyped.
It's fair to say that the share price does not seem to be reflecting the EPS growth. So it's well worth checking out some other metrics, too.
We don't see any weakness in the Cousins Properties' dividend so the steady payout can't really explain the share price drop. The revenue trend doesn't seem to explain why the share price is down. Unless, of course, the market was expecting a revenue uptick.
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
NYSE:CUZ Earnings and Revenue Growth September 16th 2022
We know that Cousins Properties has improved its bottom line over the last three years, but what does the future have in store? It might be well worthwhile taking a look at our free report on how its financial position has changed over time.
What About Dividends?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Cousins Properties' TSR for the last 1 year was -26%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
A Different Perspective
We regret to report that Cousins Properties shareholders are down 26% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 17%. Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 3% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. For example, we've discovered 3 warning signs for Cousins Properties (1 can't be ignored!) that you should be aware of before investing here.
Of course Cousins Properties may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
从上涨的市场中获益的最简单方式是购买指数基金。积极投资者的目标是买入表现远远好于大盘的股票--但在这个过程中,他们面临表现不佳的风险。这种下行风险通过以下方式实现堂兄弟置业有限公司纽约证券交易所股票代码:CUZ)去年的股价下跌了28%。当你考虑到市场下跌了17%时,这是令人失望的。从长期来看,该股在三年内下跌了28%。最近,该公司股价在一个月内进一步下跌了13%。然而,我们注意到价格可能受到了大盘的影响,大盘在同一时期下跌了9.1%。
在过去一周下跌3.8%后,有必要调查一下该公司的基本面,看看我们可以从过去的表现中推断出什么。
查看我们对Cousins Properties的最新分析
本杰明·格雷厄姆(Benjamin Graham)的原话是:短期内,市场是一台投票机,但从长远来看,它是一台称重机。评估围绕一家公司的情绪变化的一个有缺陷但合理的方法是将每股收益(EPS)与股价进行比较。
不幸的是,在考辛斯地产股价下跌的12个月里,它的每股收益(EPS)实际上提高了193%。可能是股价之前被过度炒作了。
公平地说,股价似乎并没有反映出每股收益的增长。因此,也有必要检查一下其他一些指标。
我们没有看到考辛斯地产的股息有任何疲软,所以稳定的派息并不能真正解释股价下跌的原因。营收趋势似乎无法解释股价下跌的原因。当然,除非市场预期收入会上升。
下图描述了收益和收入随时间的变化(通过单击图像来揭示确切的价值)。
纽约证券交易所:CUZ收益和收入增长2022年9月16日
我们知道考辛斯地产在过去三年里提高了利润,但未来会是什么样子呢?也许很值得一看我们的免费报告其财务状况如何随着时间的推移而发生变化。
那股息呢?
除了衡量股价回报外,投资者还应考虑总股东回报(TSR)。TSR是一种回报计算,计入了现金股息的价值(假设收到的任何股息都进行了再投资),以及任何贴现融资和剥离的计算价值。公平地说,TSR为支付股息的股票提供了更完整的图景。碰巧的是,考辛斯地产最近一年的TSR为-26%,超过了前面提到的股价回报。该公司支付的股息因此提振了总计股东回报。
不同的视角
我们遗憾地报告,考辛斯地产的股东今年以来下降了26%(甚至包括股息)。不幸的是,这比大盘17%的跌幅还要糟糕。话虽如此,在下跌的市场中,一些股票不可避免地会被超卖。关键是要密切关注基本面的发展。不幸的是,去年的表现可能预示着尚未解决的挑战,因为它比过去五年3%的年化损失更糟糕。一般来说,股价长期疲软可能是一个坏信号,尽管反向投资者可能会希望研究这只股票,希望它能好转。我发现,把股价作为衡量企业业绩的长期指标是非常有趣的。但为了真正获得洞察力,我们还需要考虑其他信息。例如,我们发现考辛斯酒店的3个警告标志(1不容忽视!)在这里投资之前你应该意识到这一点。
当然了Cousins Properties可能不是最值得购买的股票。所以你可能想看看这个免费成长型股票的集合。
请注意,本文引用的市场回报反映了目前在美国交易所交易的股票的市场加权平均回报。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。