City Office REIT Inc. (CIO) Sets New 52-Week High at $13.74
City Office REIT Inc. (NYSE:CIO) shares reached a new 52-week high on Tuesday . The stock traded as high as $13.74 and last traded at $13.45, with a volume of 299,308 shares. The stock had previously closed at $13.63.
CIO has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of City Office REIT from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Tuesday, July 19th. Wunderlich lowered their price objective on shares of City Office REIT from $15.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, May 9th. Compass Point restated a “buy” rating and set a $12.50 price objective on shares of City Office REIT in a research note on Thursday, April 21st. Finally, Deutsche Bank AG initiated coverage on shares of City Office REIT in a research note on Tuesday, May 31st. They set a “buy” rating and a $14.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $14.40.
The company’s 50-day moving average price is $12.66 and its 200 day moving average price is $11.88.
City Office REIT (NYSE:CIO) last released its quarterly earnings results on Thursday, May 5th. The company reported $0.32 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.51. The company earned $16.30 million during the quarter, compared to analysts’ expectations of $16.33 million. City Office REIT’s revenue was up 44.2% on a year-over-year basis. Analysts predict that City Office REIT Inc. will post ($0.69) earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, July 21st. Shareholders of record on Thursday, July 7th were paid a $0.235 dividend. The ex-dividend date of this dividend was Tuesday, July 5th. This represents a $0.94 dividend on an annualized basis and a yield of 6.90%.
An institutional investor recently raised its position in City Office REIT stock. State of New Jersey Common Pension Fund D increased its stake in City Office REIT Inc. (NYSE:CIO) by 42.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,000 shares of the company’s stock after buying an additional 40,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in City Office REIT were worth $1,644,000 at the end of the most recent quarter.
City Office REIT, Inc is focused on acquiring, owning and operating Class A and B office properties located within its target markets in the United States. The Company operates in the office properties segment. The Company has over 10 primary target markets, which are located in metropolitan areas in the Southern and Western United States.
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