City Office REIT Inc (CIO) Price Target Cut to $14.00 by Analysts at Deutsche Bank AG
City Office REIT Inc (NYSE:CIO) had its price target decreased by investment analysts at Deutsche Bank AG from $15.50 to $14.00 in a report released on Monday. The firm currently has a “buy” rating on the stock. Deutsche Bank AG’s target price would indicate a potential upside of 16.96% from the company’s previous close.
Other equities analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of City Office REIT from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Tuesday, January 3rd. TheStreet upgraded shares of City Office REIT from a “d” rating to a “c-” rating in a research note on Thursday, March 2nd. Finally, Raymond James Financial, Inc. started coverage on shares of City Office REIT in a research note on Wednesday, March 1st. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $14.70.
Shares of City Office REIT (NYSE:CIO) traded down 0.17% during midday trading on Monday, hitting $11.97. 159,069 shares of the company traded hands. The company has a 50-day moving average price of $12.68 and a 200-day moving average price of $12.65. City Office REIT has a 52 week low of $11.01 and a 52 week high of $13.93. The stock’s market capitalization is $361.16 million.
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City Office REIT (NYSE:CIO) last issued its earnings results on Thursday, March 2nd. The company reported ($0.21) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.03. The business had revenue of $21.30 million for the quarter, compared to the consensus estimate of $20.99 million. City Office REIT had a net margin of 1.33% and a return on equity of 0.79%. The company’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.37 EPS. Analysts anticipate that City Office REIT will post ($0.61) earnings per share for the current fiscal year.
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In related news, CEO James Thomas Farrar bought 10,000 shares of the company’s stock in a transaction on Wednesday, March 15th. The shares were acquired at an average cost of $11.55 per share, for a total transaction of $115,500.00. Following the purchase, the chief executive officer now directly owns 184,789 shares of the company’s stock, valued at $2,134,312.95. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jeffrey David Kohn bought 20,161 shares of the company’s stock in a transaction on Friday, January 13th. The stock was bought at an average price of $12.40 per share, for a total transaction of $249,996.40. Following the completion of the purchase, the director now directly owns 223,861 shares in the company, valued at $2,775,876.40. The disclosure for this purchase can be found here. Insiders acquired a total of 37,161 shares of company stock worth $448,766 over the last 90 days. Insiders own 8.60% of the company’s stock.
Several large investors have recently made changes to their positions in CIO. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of City Office REIT by 887.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,655 shares of the company’s stock valued at $101,000 after buying an additional 6,880 shares during the last quarter. Royal Bank of Canada boosted its stake 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 valued at $161,000 after buying an additional 7,700 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of City Office REIT by 8.8% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 12,400 shares of the company’s stock valued at $163,000 after buying an additional 1,000 shares during the last quarter. Baird Financial Group Inc. acquired a new stake in shares of City Office REIT during the fourth quarter valued at $171,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of City Office REIT during the fourth quarter valued at $182,000. 36.86% of the stock is owned by hedge funds and other institutional investors.
About City Office REIT
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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