City Office REIT Inc. (CIO) Rating Increased to Hold at Zacks Investment Research
City Office REIT Inc. (NYSE:CIO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
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. “
Several other analysts also recently weighed in on the stock. Compass Point lifted 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 lifted 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 reaffirmed a “buy” rating and issued a $15.00 target price (up previously from $14.50) on shares of City Office REIT in a report on Monday, July 18th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $14.90.
City Office REIT (NYSE:CIO) traded up 0.08% during mid-day trading on Tuesday, reaching $12.39. 74,285 shares of the company’s stock were exchanged. City Office REIT has a 1-year low of $10.61 and a 1-year high of $13.93. The firm’s 50-day moving average is $12.67 and its 200 day moving average 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 for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.33. The business had revenue of $16.10 million for the quarter, compared to the consensus estimate of $16.16 million. City Office REIT had a net margin of 0.55% and a return on equity of 0.37%. The business’s quarterly revenue was up 38.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 earnings per share. On average, equities analysts predict that City Office REIT will post $1.07 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Tuesday, October 11th will be issued a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 7.59%. The ex-dividend date of this dividend is Thursday, October 6th. City Office REIT’s dividend payout ratio is currently -234.99%.
Hedge funds have recently added to or reduced their stakes in the company. Wedbush Securities Inc. increased its stake in City Office REIT by 0.9% in the second quarter. Wedbush Securities Inc. now owns 29,488 shares of the company’s stock worth $383,000 after buying an additional 261 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of 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 worth $3,738,000 after buying an additional 35,000 shares during the last quarter. California State Teachers Retirement System acquired a new position in shares of City Office REIT during the second quarter worth about $512,000. Bank of New York Mellon Corp boosted its position in shares of 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 worth $1,078,000 after buying an additional 29,897 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of 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 worth $155,000 after buying an additional 552 shares during the last quarter. 41.13% of the stock is currently owned by hedge funds and other institutional investors.
About City Office REIT
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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