City Office REIT Inc. (CIO) Lifted 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 equities research analysts also recently commented on the stock. Deutsche Bank AG reaffirmed a “buy” rating and set a $15.00 price objective (up from $14.50) on shares of City Office REIT in a report on Monday, July 18th. Wunderlich upped their price objective 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, Compass Point upped their price objective 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. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. City Office REIT currently has an average rating of “Buy” and an average target price of $14.90.
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Shares of City Office REIT (NYSE:CIO) traded up 0.08% during midday trading on Tuesday, hitting $12.39. 74,285 shares of the company traded hands. City Office REIT has a 52 week low of $10.61 and a 52 week high of $13.93. The stock has a 50 day moving average of $12.67 and a 200-day moving average of $12.37.
City Office REIT (NYSE:CIO) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.22 EPS 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 company’s revenue was up 38.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 earnings per share. On average, equities analysts expect that City Office REIT will post $1.07 EPS for the current fiscal 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. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.59%. The ex-dividend date is Thursday, October 6th. City Office REIT’s payout ratio is -234.99%.
Large investors have recently made changes to their positions in the company. Schnieders Capital Management LLC bought a new position in City Office REIT during the second quarter valued at $133,000. American International Group Inc. bought a new position in City Office REIT during the second quarter valued at $140,000. Nationwide Fund Advisors bought a new position in City Office REIT during the second quarter valued at $154,000. 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 period. Finally, Royal Bank of Canada boosted its position in City Office REIT by 163.8% in the second quarter. Royal Bank of Canada now owns 12,400 shares of the company’s stock valued at $161,000 after buying an additional 7,700 shares during the period. 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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