California Public Employees Retirement System continued to hold its position in shares of City Office REIT, Inc. (NYSE:CIO) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 165,000 shares of the real estate investment trust’s stock at the close of the 2nd quarter. California Public Employees Retirement System owned approximately 0.55% of City Office REIT worth $2,096,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in City Office REIT by 189.0% during 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 during the period. Strs Ohio grew its position in City Office REIT by 10.3% during 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 during the period. Ameriprise Financial Inc. acquired a new stake in City Office REIT during the first quarter valued at $148,000. Nomura Asset Management Co. Ltd. grew its position in City Office REIT by 0.7% during the first quarter. Nomura Asset Management Co. Ltd. now owns 14,000 shares of the real estate investment trust’s stock valued at $170,000 after buying an additional 100 shares during the period. Finally, Schnieders Capital Management LLC grew its position in City Office REIT by 16.5% during the second quarter. Schnieders Capital Management LLC now owns 14,450 shares of the real estate investment trust’s stock valued at $184,000 after buying an additional 2,050 shares during the period. Institutional investors own 55.20% of the company’s stock.
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Several analysts have recently issued reports on the stock. FBR & Co reiterated a “buy” rating on shares of City Office REIT in a research report on Friday, October 6th. ValuEngine upgraded shares of City Office REIT from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. BidaskClub upgraded shares of City Office REIT from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Zacks Investment Research lowered shares of City Office REIT from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. City Office REIT presently has a consensus rating of “Hold” and an average price target of $14.63.
City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 last year, the firm posted $0.22 EPS.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th were issued a $0.235 dividend. The ex-dividend date was Tuesday, October 10th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.21%. City Office REIT’s dividend payout ratio is presently -723.08%.
In related news, CEO James Thomas Farrar purchased 6,000 shares of the business’s stock in a transaction dated Tuesday, August 29th. The stock was acquired at an average price of $12.52 per share, for a total transaction of $75,120.00. Following the acquisition, the chief executive officer now directly owns 184,789 shares of the company’s stock, valued at approximately $2,313,558.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.20% 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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