City Office REIT Inc. (CIO) Trading Down 3.5%
City Office REIT Inc. (NYSE:CIO) shares dropped 3.5% during mid-day trading on Thursday . The stock traded as low as $12.55 and last traded at $13.05, with a volume of 125,462 shares traded. The stock had previously closed at $13.52.
CIO has been the topic of several recent research reports. Compass Point reiterated a “buy” rating and set a $12.50 target price on shares of City Office REIT in a research report on Thursday, April 21st. Wunderlich decreased their target price on shares of City Office REIT from $15.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday, May 9th. Zacks Investment Research upgraded shares of City Office REIT from a “sell” rating to a “hold” rating in a research report on Tuesday, May 10th. Finally, Deutsche Bank AG initiated coverage on shares of City Office REIT in a research report on Tuesday, May 31st. They set a “buy” rating and a $14.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $14.40.
The company’s 50-day moving average price is $13.03 and its 200-day moving average price is $11.98.
City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.33. The firm earned $16.10 million during the quarter, compared to analyst estimates of $16.16 million. The business’s revenue was up 38.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.21 EPS. On average, equities analysts anticipate that City Office REIT Inc. will post ($0.69) earnings per share for the current year.
The company 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. This represents a $0.94 dividend on an annualized basis and a yield of 7.07%. The ex-dividend date of this dividend was Tuesday, July 5th.
An institutional investor recently raised its position in City Office REIT stock. State of New Jersey Common Pension Fund D boosted its position in shares of City Office REIT Inc. (NYSE:CIO) by 42.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor 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 as of its most recent SEC filing.
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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