City Office REIT’s (CIO) “Buy” Rating Reaffirmed at Deutsche Bank AG
City Office REIT Inc (NYSE:CIO)‘s stock had its “buy” rating restated by investment analysts at Deutsche Bank AG in a report issued on Thursday. They presently have a $15.00 price target on the real estate investment trust’s stock, up from their prior price target of $14.00. Deutsche Bank AG’s price objective points to a potential upside of 20.48% from the stock’s current price.
Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of City Office REIT from a “hold” rating to a “sell” rating in a report on Thursday, March 9th. Raymond James Financial, Inc. assumed coverage on shares of City Office REIT in a report on Wednesday, March 1st. They issued a “market perform” rating on the stock. Finally, TheStreet raised shares of City Office REIT from a “d” rating to a “c” rating in a report on Thursday, May 18th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $14.70.
City Office REIT (NYSE:CIO) traded up 2.13% on Thursday, reaching $12.45. The company had a trading volume of 90,312 shares. The firm has a 50-day moving average of $12.34 and a 200-day moving average of $12.52. The stock has a market capitalization of $376.70 million, a P/E ratio of 259.38 and a beta of 0.18. City Office REIT has a 12 month low of $11.43 and a 12 month high of $13.93.
City Office REIT (NYSE:CIO) last announced its earnings results on Friday, May 5th. The real estate investment trust reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.22 by $0.33. The business had revenue of $25.40 million for the quarter, compared to analyst estimates of $24.54 million. City Office REIT had a net margin of 1.33% and a return on equity of 0.79%. The firm’s revenue was up 55.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.32 earnings per share. On average, equities research analysts expect that City Office REIT will post ($0.51) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 25th. Stockholders of record on Tuesday, April 11th were issued a dividend of $0.235 per share. The ex-dividend date of this dividend was Friday, April 7th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.55%. City Office REIT’s dividend payout ratio (DPR) is presently -335.70%.
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In other City Office REIT news, Director Mark Wilhelm Murski purchased 5,000 shares of the business’s stock in a transaction dated Thursday, March 16th. The shares were bought at an average price of $12.01 per share, with a total value of $60,050.00. Following the completion of the acquisition, the director now owns 9,000 shares in the company, valued at approximately $108,090. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO James Thomas Farrar purchased 10,000 shares of the business’s stock in a transaction dated 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 acquisition, the chief executive officer now owns 184,789 shares of the company’s stock, valued at approximately $2,134,312.95. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 20,000 shares of company stock worth $235,340. Corporate insiders own 8.60% of the company’s stock.
A number of large investors have recently made changes to their positions in CIO. Vanguard Group Inc. boosted its stake in shares of City Office REIT by 18.6% in the first quarter. Vanguard Group Inc. now owns 1,037,380 shares of the real estate investment trust’s stock valued at $12,605,000 after buying an additional 162,735 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of City Office REIT by 28.6% in the first quarter. Principal Financial Group Inc. now owns 987,936 shares of the real estate investment trust’s stock valued at $12,003,000 after buying an additional 220,000 shares during the last quarter. LSV Asset Management boosted its stake in shares of City Office REIT by 65.0% in the first quarter. LSV Asset Management now owns 670,665 shares of the real estate investment trust’s stock valued at $8,148,000 after buying an additional 264,263 shares during the last quarter. Orinda Asset Management LLC boosted its stake in shares of City Office REIT by 47.4% in the first quarter. Orinda Asset Management LLC now owns 613,653 shares of the real estate investment trust’s stock valued at $7,456,000 after buying an additional 197,271 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of City Office REIT by 21.8% in the first quarter. Renaissance Technologies LLC now owns 611,900 shares of the real estate investment trust’s stock valued at $7,435,000 after buying an additional 109,501 shares during the last quarter. 36.86% of the stock is currently owned by hedge funds and other institutional investors.
About City Office REIT
City Office REIT, Inc is a real estate investment trust. The Company is focused on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. It conducts its operations primarily through City Office REIT Operating Partnership, L.P.
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