JPMorgan Chase & Co. Has $15.35 Million Stake in TIER REIT Inc (TIER)
JPMorgan Chase & Co. grew its stake in TIER REIT Inc (NYSE:TIER) by 121.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 637,044 shares of the real estate investment trust’s stock after purchasing an additional 349,711 shares during the period. JPMorgan Chase & Co. owned approximately 1.25% of TIER REIT worth $15,353,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of TIER. Cbre Clarion Securities LLC lifted its stake in shares of TIER REIT by 1,432.8% in the 2nd quarter. Cbre Clarion Securities LLC now owns 1,545,102 shares of the real estate investment trust’s stock valued at $36,743,000 after purchasing an additional 1,444,302 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of TIER REIT by 961.4% during the 2nd quarter. Victory Capital Management Inc. now owns 678,761 shares of the real estate investment trust’s stock worth $16,140,000 after acquiring an additional 614,811 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of TIER REIT by 66.6% during the 2nd quarter. Renaissance Technologies LLC now owns 925,887 shares of the real estate investment trust’s stock worth $22,018,000 after acquiring an additional 370,087 shares during the last quarter. Northern Trust Corp lifted its stake in shares of TIER REIT by 40.3% during the 2nd quarter. Northern Trust Corp now owns 1,188,157 shares of the real estate investment trust’s stock worth $28,254,000 after acquiring an additional 341,182 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its stake in shares of TIER REIT by 260,068.3% during the 2nd quarter. Federated Investors Inc. PA now owns 262,770 shares of the real estate investment trust’s stock worth $6,249,000 after acquiring an additional 262,669 shares during the last quarter. 70.46% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on the company. Robert W. Baird raised their price target on TIER REIT from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 9th. Zacks Investment Research lowered TIER REIT from a “hold” rating to a “sell” rating in a research note on Tuesday, November 20th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $24.60.
TIER REIT (NYSE:TIER) last issued its quarterly earnings results on Monday, November 5th. The real estate investment trust reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.06. TIER REIT had a return on equity of 1.79% and a net margin of 5.92%. The firm had revenue of $54.83 million during the quarter, compared to analyst estimates of $53.90 million. On average, analysts anticipate that TIER REIT Inc will post 1.56 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 27th. Shareholders of record on Friday, December 14th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.72 annualized dividend and a yield of 3.08%. TIER REIT’s payout ratio is currently 45.86%.
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About TIER REIT
TIER REIT, Inc is a publicly traded (NYSE: TIER), self-managed, Dallas-based real estate investment trust focused on owning quality, well-managed commercial office properties in dynamic markets throughout the U.S. Our vision is to be the premier owner and operator of best-in-class office properties in TIER1 submarkets, which are primarily higher density and amenity-rich locations within select, high-growth metropolitan areas that offer a walkable experience to various amenities.
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