City Office REIT’s (CIO) “Buy” Rating Reiterated at FBR & Co
A number of other analysts also recently weighed in on CIO. Zacks Investment Research downgraded shares of City Office REIT from a buy rating to a hold rating in a report on Tuesday, August 1st. BidaskClub downgraded shares of City Office REIT from a hold rating to a sell rating in a report on Thursday, July 13th. Finally, ValuEngine upgraded shares of City Office REIT from a hold rating to a buy rating in a report on Wednesday, September 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. City Office REIT presently has an average rating of Hold and an average target price of $14.63.
City Office REIT (NYSE CIO) opened at 13.61 on Friday. The company’s market capitalization is $411.87 million. The stock’s 50 day moving average price is $13.05 and its 200-day moving average price is $12.61. City Office REIT has a 52 week low of $11.43 and a 52 week high of $13.93.
City Office REIT (NYSE:CIO) last posted its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. City Office REIT had a net margin of 3.70% and a return on equity of 1.91%. The firm had revenue of $25.16 million for the quarter, compared to the consensus estimate of $26.18 million. During the same period in the previous year, the firm posted $0.22 EPS. On average, equities research analysts predict that City Office REIT will post ($0.21) earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th will be issued a dividend of $0.235 per share. The ex-dividend date of this dividend is Tuesday, October 10th. This represents a $0.94 annualized dividend and a yield of 6.91%. City Office REIT’s payout ratio is -723.08%.
In other news, CEO James Thomas Farrar purchased 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were bought at an average cost of $12.52 per share, for a total transaction of $75,120.00. Following the acquisition, the chief executive officer now owns 184,789 shares of the company’s stock, valued at approximately $2,313,558.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.20% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Mesirow Financial Investment Management Inc. bought a new position in City Office REIT during the 2nd quarter valued at about $331,000. The Manufacturers Life Insurance Company grew its holdings in City Office REIT by 51.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,160 shares of the real estate investment trust’s stock valued at $357,000 after purchasing an additional 9,579 shares during the last quarter. State Street Corp grew its holdings in City Office REIT by 10.0% during the 2nd quarter. State Street Corp now owns 545,357 shares of the real estate investment trust’s stock valued at $6,930,000 after purchasing an additional 49,731 shares during the last quarter. Royal Bank of Canada grew its holdings in City Office REIT by 11.4% during the 2nd quarter. Royal Bank of Canada now owns 30,859 shares of the real estate investment trust’s stock valued at $392,000 after purchasing an additional 3,167 shares during the last quarter. Finally, Voya Investment Management LLC grew its holdings in City Office REIT by 18.8% during the 2nd quarter. Voya Investment Management LLC now owns 15,262 shares of the real estate investment trust’s stock valued at $194,000 after purchasing an additional 2,420 shares during the last quarter. Institutional investors own 55.42% of the company’s stock.
City Office REIT Company Profile
City Office REIT, Inc is a real estate investment trust. The Company is focused on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. It conducts its operations primarily through City Office REIT Operating Partnership, L.P.
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