Shares of City Office REIT Inc (NYSE:CIO) have received an average recommendation of “Buy” from the seven ratings firms that are presently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $13.50.
CIO has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of City Office REIT from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. TheStreet downgraded shares of City Office REIT from a “b-” rating to a “c” rating in a research report on Friday, March 22nd. Deutsche Bank cut their price objective on shares of City Office REIT from $13.00 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday, April 10th. Finally, Boenning Scattergood reissued a “buy” rating and set a $14.50 price objective on shares of City Office REIT in a research report on Monday, May 6th.
Shares of NYSE:CIO traded up $0.05 during midday trading on Monday, reaching $11.99. The company’s stock had a trading volume of 480,964 shares, compared to its average volume of 160,218. The business has a 50 day moving average of $12.02. The stock has a market capitalization of $473.25 million, a price-to-earnings ratio of 11.10, a P/E/G ratio of 1.29 and a beta of 0.47. The company has a quick ratio of 2.76, a current ratio of 2.76 and a debt-to-equity ratio of 2.53. City Office REIT has a 12-month low of $9.73 and a 12-month high of $13.20.
City Office REIT (NYSE:CIO) last announced its quarterly earnings data on Friday, May 3rd. The real estate investment trust reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.35). City Office REIT had a negative net margin of 7.39% and a negative return on equity of 3.51%. The firm had revenue of $37.12 million for the quarter, compared to analysts’ expectations of $36.24 million. As a group, analysts predict that City Office REIT will post 1.16 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Thursday, July 11th will be given a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a yield of 7.84%. The ex-dividend date is Wednesday, July 10th. City Office REIT’s dividend payout ratio (DPR) is 87.04%.
In other news, Director John Sweet acquired 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were bought at an average cost of $11.84 per share, with a total value of $35,520.00. Following the transaction, the director now owns 9,867 shares of the company’s stock, valued at approximately $116,825.28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.00% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in City Office REIT by 14.8% during the 4th quarter. BlackRock Inc. now owns 2,588,812 shares of the real estate investment trust’s stock valued at $26,536,000 after acquiring an additional 333,963 shares during the period. LSV Asset Management lifted its stake in City Office REIT by 0.6% during the 1st quarter. LSV Asset Management now owns 2,115,926 shares of the real estate investment trust’s stock valued at $23,931,000 after acquiring an additional 12,973 shares during the period. Northern Trust Corp lifted its stake in City Office REIT by 47.9% during the 4th quarter. Northern Trust Corp now owns 597,350 shares of the real estate investment trust’s stock valued at $6,123,000 after acquiring an additional 193,349 shares during the period. Dimensional Fund Advisors LP lifted its stake in City Office REIT by 18.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 467,926 shares of the real estate investment trust’s stock valued at $4,796,000 after acquiring an additional 72,357 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in City Office REIT by 2.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 411,060 shares of the real estate investment trust’s stock valued at $4,649,000 after acquiring an additional 9,440 shares during the period. Institutional investors and hedge funds own 75.11% of the company’s stock.
City Office REIT Company Profile
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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