City Office REIT (CIO) – Analysts’ Recent Ratings Updates

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Several analysts have recently updated their ratings and price targets for City Office REIT (NYSE: CIO):

  • 3/12/2019 – City Office REIT was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 3/5/2019 – City Office REIT was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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. “
  • 2/28/2019 – City Office REIT had its “buy” rating reaffirmed by analysts at Boenning Scattergood. They wrote, “We remain positive about the prospect of CIO shares to outperform those of peers, and we believe the dividend is stable. Importantly, we observe that CIO has amassed a portfolio of over 5.7 million square feet of Class A office space in markets that are of interest to larger players. The seven cities where CIO owns properties have had approximately 7 million square feet of positive absorption of office space and new construction is limited. These fundamentals give us confidence that CIO’s investment strategy will result in value creation and dividend coverage in 2019. We maintain our Outperform rating and raise our price target to $14.50, which is based on a discount to estimated forward NAV of $15.25.””
  • 2/27/2019 – City Office REIT was upgraded by analysts at TheStreet from a “c” rating to a “b-” rating.
  • 2/13/2019 – City Office REIT was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “

Shares of CIO stock traded down $0.05 on Friday, hitting $11.03. 801 shares of the company’s stock were exchanged, compared to its average volume of 219,335. The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 2.25. City Office REIT Inc has a 12 month low of $9.73 and a 12 month high of $13.20. The company has a market cap of $439.84 million, a P/E ratio of 9.98, a P/E/G ratio of 1.26 and a beta of 0.50.

In other news, COO Gregory Tylee bought 5,000 shares of the company’s stock in a transaction on Thursday, December 27th. The stock was purchased at an average cost of $9.83 per share, for a total transaction of $49,150.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Thomas Farrar bought 8,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was purchased at an average price of $11.39 per share, with a total value of $91,120.00. Following the completion of the transaction, the chief executive officer now directly owns 232,497 shares of the company’s stock, valued at approximately $2,648,140.83. The disclosure for this purchase can be found here. 2.70% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Cutler Group LP raised its position in City Office REIT by 346.7% in the fourth quarter. Cutler Group LP now owns 2,640 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 2,049 shares during the last quarter. State of Alaska Department of Revenue raised its position in City Office REIT by 11.5% in the fourth quarter. State of Alaska Department of Revenue now owns 12,663 shares of the real estate investment trust’s stock valued at $129,000 after purchasing an additional 1,305 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in City Office REIT by 246.6% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 14,758 shares of the real estate investment trust’s stock valued at $151,000 after purchasing an additional 10,500 shares during the last quarter. Nisa Investment Advisors LLC raised its position in City Office REIT by 640.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 14,800 shares of the real estate investment trust’s stock valued at $152,000 after purchasing an additional 12,800 shares during the last quarter. Finally, Boston Advisors LLC raised its position in City Office REIT by 25.9% in the fourth quarter. Boston Advisors LLC now owns 18,475 shares of the real estate investment trust’s stock valued at $189,000 after purchasing an additional 3,795 shares during the last quarter. Hedge funds and other institutional investors own 75.21% of the company’s stock.

City Office REIT, Inc is a real estate investment trust. It focuses on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. The company was founded on November 26, 2013 and is headquartered in Vancouver, Canada.

Further Reading: Stock Selection – What is cash flow?

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