City Office REIT Inc. (NYSE:CIO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “City Office REIT, Inc. is a real estate investment trust. It focuses on acquiring, owning, and operating office properties in the United States. The Company invests in properties located in metropolitan areas in the Southern and Western United States. City Office REIT, Inc. is based in Vancouver, Canada. “
A number of other equities research analysts have also recently issued reports on CIO. Compass Point boosted their target price on shares of City Office REIT from $13.00 to $14.50 and gave the company a “buy” rating in a report on Friday, August 5th. Wunderlich boosted their target price on shares of City Office REIT from $14.00 to $15.00 and gave the company a “buy” rating in a report on Friday, August 5th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $15.00 target price (up previously from $14.50) on shares of City Office REIT in a report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. City Office REIT currently has a consensus rating of “Buy” and an average price target of $14.90.
Shares of City Office REIT (NYSE:CIO) opened at 12.02 on Wednesday. City Office REIT has a 12-month low of $10.61 and a 12-month high of $13.93. The company’s 50 day moving average price is $12.88 and its 200 day moving average price is $12.37.
City Office REIT (NYSE:CIO) last issued its earnings results on Thursday, August 4th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.33. City Office REIT had a net margin of 0.55% and a return on equity of 0.37%. The business had revenue of $16.10 million for the quarter, compared to analysts’ expectations of $16.16 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The business’s revenue for the quarter was up 38.3% compared to the same quarter last year. Equities research analysts anticipate that City Office REIT will post $1.07 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be issued a $0.235 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $0.94 annualized dividend and a dividend yield of 7.82%. City Office REIT’s payout ratio is currently -234.99%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D boosted its position in City Office REIT by 13.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 288,000 shares of the company’s stock valued at $3,738,000 after buying an additional 35,000 shares during the last quarter. California State Teachers Retirement System purchased a new position in City Office REIT during the second quarter valued at $512,000. Bank of New York Mellon Corp boosted its position in City Office REIT by 56.2% in the second quarter. Bank of New York Mellon Corp now owns 83,065 shares of the company’s stock valued at $1,078,000 after buying an additional 29,897 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in City Office REIT by 4.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,966 shares of the company’s stock valued at $155,000 after buying an additional 552 shares during the last quarter. Finally, Bank of Montreal Can purchased a new position in City Office REIT during the second quarter valued at $6,505,000. 41.13% of the stock is currently owned by hedge funds and other institutional investors.
City Office REIT Company Profile
City Office REIT, Inc is focused on acquiring, owning and operating Class A and B office properties located within its target markets in the United States. The Company operates in the office properties segment. The Company has over 10 primary target markets, which are located in metropolitan areas in the Southern and Western United States.
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