Shares of City Office REIT, Inc. (NYSE:CIO) have been given an average rating of “Hold” by the eight analysts that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $15.00.
Several research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Tuesday, July 25th. BidaskClub upgraded shares of City Office REIT from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. ValuEngine upgraded shares of City Office REIT from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. Finally, FBR & Co restated a “buy” rating on shares of City Office REIT in a research report on Friday, October 6th.
Shares of City Office REIT (NYSE CIO) traded down 0.15% on Wednesday, hitting $13.02. The stock had a trading volume of 18,311 shares. The firm’s market cap is $394.01 million. The firm’s 50-day moving average price is $13.29 and its 200 day moving average price is $12.73. City Office REIT has a 12 month low of $11.43 and a 12 month high of $13.93.
City Office REIT (NYSE:CIO) last issued its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The business had revenue of $25.16 million during the quarter, compared to the consensus estimate of $26.18 million. City Office REIT had a net margin of 3.70% and a return on equity of 1.91%. During the same quarter in the prior year, the firm posted $0.22 earnings per share. Analysts anticipate that City Office REIT will post ($0.17) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th were given a dividend of $0.235 per share. The ex-dividend date of this dividend was Tuesday, October 10th. This represents a $0.94 annualized dividend and a dividend yield of 7.21%. City Office REIT’s dividend payout ratio (DPR) is presently -723.08%.
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In related news, CEO James Thomas Farrar purchased 6,000 shares of City Office REIT stock in a transaction that occurred on Tuesday, August 29th. The stock was purchased at an average price of $12.52 per share, for a total transaction of $75,120.00. Following the transaction, the chief executive officer now directly owns 184,789 shares in the company, valued at $2,313,558.28. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 3.20% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CIO. Nationwide Fund Advisors raised its position in shares of City Office REIT by 21.1% during the 1st quarter. Nationwide Fund Advisors now owns 15,489 shares of the real estate investment trust’s stock worth $188,000 after purchasing an additional 2,699 shares during the last quarter. Wells Fargo & Company MN grew its stake in City Office REIT by 14.9% during the 1st quarter. Wells Fargo & Company MN now owns 87,029 shares of the real estate investment trust’s stock valued at $1,057,000 after acquiring an additional 11,301 shares in the last quarter. Bank of New York Mellon Corp grew its stake in City Office REIT by 22.2% during the 1st quarter. Bank of New York Mellon Corp now owns 120,132 shares of the real estate investment trust’s stock valued at $1,459,000 after acquiring an additional 21,856 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in City Office REIT during the 1st quarter valued at about $148,000. Finally, JPMorgan Chase & Co. grew its stake in City Office REIT by 50.9% during the 1st quarter. JPMorgan Chase & Co. now owns 17,594 shares of the real estate investment trust’s stock valued at $214,000 after acquiring an additional 5,933 shares in the last quarter. Hedge funds and other institutional investors own 55.20% 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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