Zacks Investment Research Upgrades TIER REIT Inc (TIER) to “Buy”
TIER REIT Inc (OTCMKTS:TIER) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $16.00 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 9.29% from the stock’s current price.
According to Zacks, “Tier REIT Inc. is a real estate investment trust which focused on commercial office real estate. It operates primarily in Atlanta, Georgia, Chicago, Illinois, Louisville and Kentucky. Tier REIT Inc. is based in Dallas, Texas. “
Separately, TheStreet lowered shares of TIER REIT from a “hold” rating to a “sell” rating in a research report on Tuesday, October 11th.
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Shares of TIER REIT (OTCMKTS:TIER) opened at 14.64 on Tuesday. TIER REIT has a 12-month low of $12.52 and a 12-month high of $17.81. The firm’s market capitalization is $699.00 million. The company has a 50-day moving average price of $15.49 and a 200 day moving average price of $15.56.
TIER REIT (OTCMKTS:TIER) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.04. The firm had revenue of $64.30 million for the quarter, compared to analysts’ expectations of $70 million. On average, equities analysts expect that TIER REIT will post $1.56 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 7th. Stockholders of record on Friday, September 30th were given a $0.18 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $0.72 annualized dividend and a dividend yield of 4.92%.
Several hedge funds have recently added to or reduced their stakes in TIER. Creative Planning raised its stake in shares of TIER REIT by 14.3% in the third quarter. Creative Planning now owns 14,730 shares of the company’s stock worth $227,000 after buying an additional 1,845 shares during the period. Stifel Financial Corp purchased a new stake in shares of TIER REIT during the second quarter worth about $287,000. Metropolitan Life Insurance Co. NY purchased a new stake in shares of TIER REIT during the second quarter worth about $625,000. Legal & General Group Plc raised its stake in shares of TIER REIT by 6.8% in the second quarter. Legal & General Group Plc now owns 82,290 shares of the company’s stock worth $1,258,000 after buying an additional 5,248 shares during the period. Finally, Koshinski Asset Management Inc. raised its stake in shares of TIER REIT by 4.3% in the third quarter. Koshinski Asset Management Inc. now owns 106,086 shares of the company’s stock worth $1,638,000 after buying an additional 4,377 shares during the period.
About TIER REIT
TIER REIT, Inc is a self-managed real estate investment trust. The Company is engaged in acquiring, developing and operating a portfolio of office properties in certain markets of the United States. The Company’s business is primarily conducted through Tier Operating Partnership LP. The Company holds interests in approximately 30 operating office properties, over two non-operating properties and a development property located in approximately 20 markets across the United States.
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