City Office REIT, Inc. (CIO) Receives Consensus Recommendation of “Hold” from Analysts
City Office REIT, Inc. (NYSE:CIO) has received a consensus rating of “Hold” from the eight ratings firms that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $14.83.
Several research analysts have recently commented on the company. ValuEngine lowered City Office REIT from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. Zacks Investment Research lowered City Office REIT from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. TheStreet upgraded City Office REIT from a “d” rating to a “c” rating in a report on Thursday, May 18th. FBR & Co assumed coverage on City Office REIT in a report on Tuesday, July 11th. They set an “outperform” rating and a $14.50 price target on the stock. Finally, BidaskClub upgraded City Office REIT from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st.
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City Office REIT (NYSE:CIO) traded down 0.72% on Friday, reaching $12.35. 48,932 shares of the company’s stock were exchanged. City Office REIT has a one year low of $11.43 and a one year high of $13.55. The firm’s market cap is $373.74 million. The firm has a 50 day moving average price of $12.57 and a 200 day moving average price of $12.50.
City Office REIT (NYSE:CIO) last posted its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.27 EPS for the quarter, topping the consensus estimate of $0.24 by $0.03. City Office REIT had a return on equity of 1.91% and a net margin of 3.70%. The business had revenue of $25.16 million for the quarter, compared to analyst estimates of $26.18 million. During the same quarter in the previous year, the firm earned $0.22 EPS. On average, equities analysts anticipate that City Office REIT will post ($0.10) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Tuesday, July 11th were issued a $0.235 dividend. The ex-dividend date was Friday, July 7th. This represents a $0.94 annualized dividend and a yield of 7.56%. City Office REIT’s dividend payout ratio (DPR) is currently -723.08%.
Hedge funds have recently modified their holdings of the stock. Nuveen Asset Management LLC raised its stake in shares of City Office REIT by 63.2% in the first quarter. Nuveen Asset Management LLC now owns 1,364,636 shares of the real estate investment trust’s stock valued at $16,580,000 after buying an additional 528,290 shares during the period. LSV Asset Management raised 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 period. Emerald Mutual Fund Advisers Trust bought a new stake in shares of City Office REIT during the first quarter valued at about $3,038,000. Principal Financial Group Inc. raised 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 period. Finally, Dalton Greiner Hartman Maher & Co. raised its stake in shares of City Office REIT by 1,559.8% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 223,455 shares of the real estate investment trust’s stock valued at $2,838,000 after buying an additional 209,992 shares during the period. Hedge funds and other institutional investors own 53.03% of the company’s stock.
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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