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 note 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. “
Other analysts have also recently issued reports about the stock. Deutsche Bank AG reissued a “buy” rating and set a $15.00 target price (up from $14.50) on shares of City Office REIT in a report on Monday, July 18th. Compass Point increased their target price on shares of City Office REIT from $13.00 to $14.50 and gave the stock a “buy” rating in a report on Friday, August 5th. Finally, Wunderlich increased their price objective on shares of City Office REIT from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, August 5th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus 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 trading on Tuesday, reaching $12.39. 74,285 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $12.67 and its 200 day moving average price is $12.37. City Office REIT has a 52 week low of $10.61 and a 52 week high of $13.93.
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, topping the Zacks’ consensus estimate of ($0.11) by $0.33. The company had revenue of $16.10 million for the quarter, compared to analysts’ expectations of $16.16 million. City Office REIT had a net margin of 0.55% and a return on equity of 0.37%. The firm’s revenue was up 38.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 earnings per share. Equities research analysts forecast that City Office REIT will post $1.07 EPS for the current year.
The company 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 $0.235 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.59%. City Office REIT’s dividend payout ratio (DPR) is presently -234.99%.
Institutional investors have recently made changes to their positions in the stock. Wedbush Securities Inc. raised its position in shares of 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. Sumitomo Mitsui Trust Holdings Inc. raised 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 in the last quarter. Spirit of America Management Corp NY raised its position in shares of City Office REIT by 1.0% in the third quarter. Spirit of America Management Corp NY now owns 205,728 shares of the company’s stock worth $2,619,000 after buying an additional 2,000 shares in the last quarter. Royal Bank of Canada raised its position in shares of City Office REIT by 163.8% in the second quarter. Royal Bank of Canada now owns 12,400 shares of the company’s stock worth $161,000 after buying an additional 7,700 shares in the last quarter. Finally, Schnieders Capital Management LLC bought a new position in shares of City Office REIT during the second quarter worth about $133,000. Hedge funds and other institutional investors own 41.13% of the company’s stock.
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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