City Office REIT (NYSE:CIO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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. “
CIO has been the topic of a number of other research reports. ValuEngine raised City Office REIT from a “hold” rating to a “buy” rating in a report on Friday, December 1st. B. Riley set a $14.00 price objective on City Office REIT and gave the company a “buy” rating in a report on Friday, March 2nd. Finally, Deutsche Bank lowered City Office REIT from a “buy” rating to a “hold” rating and lowered their price objective for the company from $16.00 to $13.00 in a report on Wednesday, January 10th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $14.13.
City Office REIT (NYSE:CIO) last released its quarterly earnings results on Thursday, March 1st. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.36). City Office REIT had a return on equity of 2.74% and a net margin of 5.41%. The company had revenue of $31.18 million for the quarter, compared to analysts’ expectations of $29.26 million. During the same period in the prior year, the business earned $0.23 EPS. The business’s quarterly revenue was up 46.4% compared to the same quarter last year. equities analysts forecast that City Office REIT will post 1.09 EPS for the current year.
City Office REIT announced that its Board of Directors has authorized a share buyback plan on Thursday, March 1st that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other City Office REIT news, Director Stephen B. Shraiberg acquired 10,000 shares of the stock in a transaction on Thursday, March 8th. The shares were bought at an average price of $11.05 per share, with a total value of $110,500.00. Following the acquisition, the director now owns 71,681 shares of the company’s stock, valued at $792,075.05. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.20% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of CIO. Spirit of America Management lifted its position in shares of City Office REIT by 2.7% during the 4th quarter. Spirit of America Management now owns 203,728 shares of the real estate investment trust’s stock valued at $2,482,000 after acquiring an additional 5,400 shares during the period. DORCHESTER WEALTH MANAGEMENT Co lifted its position in shares of City Office REIT by 17.3% during the 4th quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 42,800 shares of the real estate investment trust’s stock valued at $521,000 after acquiring an additional 6,300 shares during the period. Friedberg Investment Management lifted its position in shares of City Office REIT by 3.7% during the 4th quarter. Friedberg Investment Management now owns 50,530 shares of the real estate investment trust’s stock valued at $615,000 after acquiring an additional 1,800 shares during the period. State of New Jersey Common Pension Fund D lifted its position in shares of City Office REIT by 42.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 135,000 shares of the real estate investment trust’s stock valued at $1,644,000 after acquiring an additional 40,000 shares during the period. Finally, ICM Asset Management Inc. WA acquired a new stake in shares of City Office REIT during the 1st quarter valued at approximately $993,000. Institutional investors own 63.64% 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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