City Office REIT (CIO) Downgraded to Strong Sell at Zacks Investment Research

City Office REIT (NYSE:CIO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday.

According to Zacks, “City Office REIT, Inc. is a real estate investment trust. It focuses on acquiring, owning, and operating office properties in the United States. The Company invests in properties located in metropolitan areas in the Southern and Western United States. City Office REIT, Inc. is based in Vancouver, Canada. “

Several other equities analysts have also recently weighed in on the company. ValuEngine upgraded City Office REIT from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Deutsche Bank cut City Office REIT from a “buy” rating to a “hold” rating and dropped their price objective for the company from $16.00 to $13.00 in a research note on Wednesday, January 10th. Finally, B. Riley restated a “buy” rating and set a $14.50 price objective on shares of City Office REIT in a research note on Tuesday, November 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $14.25.

Shares of City Office REIT (NYSE CIO) traded down $0.11 during trading hours on Wednesday, reaching $10.44. The company’s stock had a trading volume of 247,084 shares, compared to its average volume of 290,146. The company has a current ratio of 3.94, a quick ratio of 3.94 and a debt-to-equity ratio of 2.80. City Office REIT has a fifty-two week low of $10.15 and a fifty-two week high of $13.93. The company has a market cap of $368.84, a PE ratio of -61.41, a PEG ratio of 1.09 and a beta of 0.09.

Large investors have recently modified their holdings of the business. Real Estate Management Services LLC raised its stake in shares of City Office REIT by 154.6% during the 4th quarter. Real Estate Management Services LLC now owns 1,706,875 shares of the real estate investment trust’s stock worth $22,206,000 after purchasing an additional 1,036,532 shares during the period. BlackRock Inc. raised its stake in shares of City Office REIT by 1.3% during the 4th quarter. BlackRock Inc. now owns 1,554,757 shares of the real estate investment trust’s stock worth $20,228,000 after purchasing an additional 20,130 shares during the period. Renaissance Technologies LLC raised its stake in shares of City Office REIT by 66.7% during the 4th quarter. Renaissance Technologies LLC now owns 1,371,549 shares of the real estate investment trust’s stock worth $17,844,000 after purchasing an additional 548,749 shares during the period. Nuveen Asset Management LLC raised its stake in shares of City Office REIT by 63.2% during the 1st quarter. Nuveen Asset Management LLC now owns 1,364,636 shares of the real estate investment trust’s stock worth $16,580,000 after purchasing an additional 528,290 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of City Office REIT by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,099,528 shares of the real estate investment trust’s stock worth $15,141,000 after purchasing an additional 47,492 shares during the period. Institutional investors and hedge funds own 52.02% of the company’s stock.

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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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