City Office REIT, Inc. (NYSE:CIO) Receives Consensus Recommendation of “Hold” from Analysts
City Office REIT, Inc. (NYSE:CIO) has been given an average recommendation of “Hold” by the ten analysts that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $14.80.
CIO has been the topic of several recent analyst reports. Deutsche Bank AG raised their target price on shares of City Office REIT from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, May 25th. BidaskClub cut shares of City Office REIT from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. FBR & Co initiated coverage on shares of City Office REIT in a report on Tuesday, July 11th. They issued an “outperform” rating and a $14.50 target price on the stock. TheStreet cut shares of City Office REIT from a “c-” rating to a “d” rating in a report on Friday, April 7th. Finally, Zacks Investment Research upgraded shares of City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Monday, May 8th.
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City Office REIT (NYSE CIO) traded down 0.63% during midday trading on Monday, reaching $12.55. 27,139 shares of the company’s stock were exchanged. The stock has a market cap of $379.73 million, a PE ratio of 261.46 and a beta of 0.21. City Office REIT has a 12 month low of $11.43 and a 12 month high of $13.93. The firm has a 50 day moving average of $12.63 and a 200-day moving average of $12.52.
City Office REIT (NYSE:CIO) last issued its earnings results on Friday, May 5th. The real estate investment trust reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by $0.33. City Office REIT had a return on equity of 2.90% and a net margin of 5.90%. The firm had revenue of $25.40 million during the quarter, compared to the consensus estimate of $24.54 million. During the same quarter in the prior year, the business posted $0.32 EPS. The firm’s revenue for the quarter was up 55.8% on a year-over-year basis. On average, equities research analysts predict that City Office REIT will post ($0.51) earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 25th. Investors of record on Tuesday, July 11th will be issued a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 7.44%. The ex-dividend date of this dividend is Friday, July 7th. City Office REIT’s dividend payout ratio (DPR) is currently 1,175.00%.
Hedge funds have recently added to or reduced their stakes in the stock. Mesirow Financial Investment Management Equity Management boosted its stake in City Office REIT by 40.6% in the first quarter. Mesirow Financial Investment Management Equity Management now owns 20,929 shares of the real estate investment trust’s stock valued at $255,000 after buying an additional 6,045 shares during the period. Nationwide Fund Advisors boosted its stake in City Office REIT by 21.1% in the first quarter. Nationwide Fund Advisors now owns 15,489 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 2,699 shares during the period. Dalton Greiner Hartman Maher & Co. bought a new stake in City Office REIT during the first quarter valued at $164,000. Orinda Asset Management LLC boosted its stake in 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 period. Finally, Legato Capital Management LLC boosted its stake in City Office REIT by 1,115.0% in the first quarter. Legato Capital Management LLC now owns 36,754 shares of the real estate investment trust’s stock valued at $3,025,000 after buying an additional 33,729 shares during the period. Institutional investors and hedge funds own 51.28% of the company’s stock.
City Office REIT Company Profile
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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