City Office REIT (NYSE:CIO) had its price target hoisted by equities research analysts at JMP Securities from $14.00 to $15.00 in a note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “market outperform” rating on the real estate investment trust’s stock. JMP Securities’ target price would indicate a potential upside of 8.30% from the company’s current price.
Several other equities analysts have also recently issued reports on the company. Zacks Investment Research upgraded City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Monday, August 12th. B. Riley lifted their price objective on shares of City Office REIT from $12.50 to $13.50 and gave the company a “buy” rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $13.80.
CIO stock opened at $13.85 on Thursday. City Office REIT has a twelve month low of $9.73 and a twelve month high of $13.87. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 2.68. The company has a market capitalization of $534.44 million, a P/E ratio of 12.82, a PEG ratio of 1.43 and a beta of 0.42. The firm has a 50 day simple moving average of $13.07 and a 200-day simple moving average of $12.05.
City Office REIT (NYSE:CIO) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.30). City Office REIT had a negative return on equity of 2.84% and a negative net margin of 5.50%. The company had revenue of $41.17 million for the quarter, compared to analyst estimates of $38.17 million. On average, research analysts predict that City Office REIT will post 1.18 EPS for the current year.
In other news, Director John Sweet acquired 2,000 shares of the stock in a transaction dated Thursday, August 8th. The shares were acquired at an average cost of $12.85 per share, for a total transaction of $25,700.00. Following the completion of the transaction, the director now owns 13,767 shares in the company, valued at approximately $176,905.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. White Pine Capital LLC lifted its stake in shares of City Office REIT by 15.1% during the first quarter. White Pine Capital LLC now owns 77,965 shares of the real estate investment trust’s stock valued at $882,000 after acquiring an additional 10,200 shares during the period. Keeley Teton Advisors LLC increased its holdings in shares of City Office REIT by 155.4% in the second quarter. Keeley Teton Advisors LLC now owns 618,974 shares of the real estate investment trust’s stock worth $7,421,000 after acquiring an additional 376,646 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of City Office REIT by 59.1% in the fourth quarter. Bank of America Corp DE now owns 38,016 shares of the real estate investment trust’s stock worth $390,000 after acquiring an additional 14,116 shares in the last quarter. WESPAC Advisors LLC grew its holdings in shares of City Office REIT by 23.0% during the second quarter. WESPAC Advisors LLC now owns 128,278 shares of the real estate investment trust’s stock worth $1,538,000 after buying an additional 23,986 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of City Office REIT by 30.2% during the first quarter. Victory Capital Management Inc. now owns 144,531 shares of the real estate investment trust’s stock worth $1,635,000 after buying an additional 33,531 shares in the last quarter. 73.97% of the stock is currently owned by institutional investors and hedge funds.
About City Office REIT
City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. At December 31, 2018, CIO owned office complexes comprising 5.7 million square feet of net rentable area (NRA).
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