NEW YORK (TheStreet) -- Cousins Properties (CUZ) shares are down -2.4% to $12.42 on Wednesday after it priced its public offering of 18 million shares for expected gross proceeds of $224.1 million.
The company intends to use the proceeds from the offering, which is expected to close August 4, to help fund its purchase of the Fifth Third Center, a Class-A office building in Charlotte, NC.
JPMorgan (JPM) is serving as the only book-runner for the offering.
TheStreet Ratings team rates COUSINS PROPERTIES INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate COUSINS PROPERTIES INC (CUZ) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
CUZ data by YCharts
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