City Office REIT, Inc. (NYSE:CIO) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of City Office REIT, Inc. (NYSE:CIO) from a hold rating to a sell rating in a research report released on Tuesday, August 8th.

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. “

Other research analysts also recently issued research reports about the company. BidaskClub upgraded City Office REIT from a sell rating to a hold rating in a research note on Tuesday, August 1st. TheStreet upgraded City Office REIT from a d rating to a c rating in a research note on Thursday, May 18th. ValuEngine downgraded City Office REIT from a buy rating to a hold rating in a research note on Tuesday, June 27th. Deutsche Bank AG increased their price target on City Office REIT from $14.00 to $15.00 and gave the stock a buy rating in a research note on Thursday, May 25th. Finally, FBR & Co assumed coverage on City Office REIT in a research note on Tuesday, July 11th. They set an outperform rating and a $14.50 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $14.63.

City Office REIT (CIO) traded up 0.32% during trading on Tuesday, reaching $12.48. 138,281 shares of the company’s stock were exchanged. The firm’s 50-day moving average price is $12.57 and its 200-day moving average price is $12.50. The firm’s market cap is $377.67 million. City Office REIT has a 12 month low of $11.43 and a 12 month high of $13.55.

City Office REIT (NYSE:CIO) last posted its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. The company had revenue of $25.16 million during the quarter, compared to the consensus estimate of $26.18 million. City Office REIT had a return on equity of 1.91% and a net margin of 3.70%. During the same quarter in the prior year, the company earned $0.22 EPS. On average, equities research analysts anticipate that City Office REIT will post ($0.10) EPS for the current year.

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The business also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Tuesday, July 11th were paid a $0.235 dividend. The ex-dividend date was Friday, July 7th. This represents a $0.94 annualized dividend and a yield of 7.53%. City Office REIT’s dividend payout ratio is currently -723.08%.

A number of hedge funds and other institutional investors have recently modified their holdings of CIO. Bank of America Corp DE increased its position in shares of City Office REIT by 189.0% in the first quarter. Bank of America Corp DE now owns 8,557 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 5,596 shares in the last quarter. Strs Ohio increased its position in shares of City Office REIT by 10.3% in the second quarter. Strs Ohio now owns 8,600 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 800 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of City Office REIT during the first quarter valued at approximately $148,000. Stoneridge Investment Partners LLC bought a new position in shares of City Office REIT during the first quarter valued at approximately $150,000. Finally, Schnieders Capital Management LLC increased its position in shares of City Office REIT by 5.1% in the first quarter. Schnieders Capital Management LLC now owns 12,400 shares of the real estate investment trust’s stock valued at $151,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds 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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