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.
從上漲的市場中獲益的最簡單方式是購買指數基金。積極投資者的目標是買入表現遠遠好於大盤的股票--但在這個過程中,他們面臨表現不佳的風險。這種下行風險通過以下方式實現堂兄弟置業有限公司紐約證券交易所股票代碼:CUZ)去年的股價下跌了28%。當你考慮到市場下跌了17%時,這是令人失望的。從長期來看,該股在三年內下跌了28%。最近,該公司股價在一個月內進一步下跌了13%。然而,我們注意到價格可能受到了大盤的影響,大盤在同一時期下跌了9.1%。
在過去一週下跌3.8%後,有必要調查一下該公司的基本面,看看我們可以從過去的表現中推斷出什麼。
查看我們對Cousins Properties的最新分析
本傑明·格雷厄姆(Benjamin Graham)的原話是:短期內,市場是一臺投票機,但從長遠來看,它是一臺稱重機。評估圍繞一家公司的情緒變化的一個有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。
不幸的是,在考辛斯地產股價下跌的12個月裏,它的每股收益(EPS)實際上提高了193%。可能是股價之前被過度炒作了。
公平地説,股價似乎並沒有反映出每股收益的增長。因此,也有必要檢查一下其他一些指標。
我們沒有看到考辛斯地產的股息有任何疲軟,所以穩定的派息並不能真正解釋股價下跌的原因。營收趨勢似乎無法解釋股價下跌的原因。當然,除非市場預期收入會上升。
下圖描述了收益和收入隨時間的變化(通過單擊圖像來揭示確切的價值)。
紐約證券交易所:CUZ收益和收入增長2022年9月16日
我們知道考辛斯地產在過去三年裏提高了利潤,但未來會是什麼樣子呢?也許很值得一看我們的免費報告其財務狀況如何隨着時間的推移而發生變化。
那股息呢?
除了衡量股價回報外,投資者還應考慮總股東回報(TSR)。TSR是一種回報計算,計入了現金股息的價值(假設收到的任何股息都進行了再投資),以及任何貼現融資和剝離的計算價值。公平地説,TSR為支付股息的股票提供了更完整的圖景。碰巧的是,考辛斯地產最近一年的TSR為-26%,超過了前面提到的股價回報。該公司支付的股息因此提振了總計股東回報。
不同的視角
我們遺憾地報告,考辛斯地產的股東今年以來下降了26%(甚至包括股息)。不幸的是,這比大盤17%的跌幅還要糟糕。話雖如此,在下跌的市場中,一些股票不可避免地會被超賣。關鍵是要密切關注基本面的發展。不幸的是,去年的表現可能預示着尚未解決的挑戰,因為它比過去五年3%的年化損失更糟糕。一般來説,股價長期疲軟可能是一個壞信號,儘管反向投資者可能會希望研究這隻股票,希望它能好轉。我發現,把股價作為衡量企業業績的長期指標是非常有趣的。但為了真正獲得洞察力,我們還需要考慮其他信息。例如,我們發現考辛斯酒店的3個警告標誌(1不容忽視!)在這裏投資之前你應該意識到這一點。
當然了Cousins Properties可能不是最值得購買的股票。所以你可能想看看這個免費成長型股票的集合。
請注意,本文引用的市場回報反映了目前在美國交易所交易的股票的市場加權平均回報。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。