TIER REIT Inc (TIER) Stock Rating Lowered by TheStreet
TIER REIT Inc (OTCMKTS:TIER) was downgraded by equities researchers at TheStreet from a “hold” rating to a “sell” rating in a report released on Tuesday.
Separately, Zacks Investment Research cut shares of TIER REIT from a “buy” rating to a “sell” rating in a research note on Wednesday, July 20th.
TIER REIT (OTCMKTS:TIER) opened at 14.38 on Tuesday. The firm has a 50-day moving average of $15.63 and a 200 day moving average of $15.52. TIER REIT has a 52-week low of $12.52 and a 52-week high of $17.81. The firm’s market cap is $686.59 million.
TIER REIT (OTCMKTS:TIER) last posted its earnings results on Monday, August 8th. The company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.04. The business earned $64.30 million during the quarter, compared to the consensus estimate of $70 million. On average, equities research analysts forecast that TIER REIT will post $1.56 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 7th. Investors of record on Friday, September 30th were paid a $0.18 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a yield of 5.01%.
A number of institutional investors have recently added to or reduced their stakes in TIER. Engine Capital Management LLC purchased a new position in TIER REIT during the second quarter worth approximately $13,736,000. Schwab Charles Investment Management Inc. raised its position in TIER REIT by 54.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 282,982 shares of the company’s stock worth $4,339,000 after buying an additional 100,093 shares during the period. Legal & General Group Plc raised its position in TIER REIT by 6.8% in the second quarter. Legal & General Group Plc now owns 82,290 shares of the company’s stock worth $1,258,000 after buying an additional 5,248 shares during the period. Metropolitan Life Insurance Co. NY purchased a new position in TIER REIT during the second quarter worth approximately $625,000. Finally, Stifel Financial Corp purchased a new position in TIER REIT during the second quarter worth approximately $287,000.
About TIER REIT
TIER REIT, Inc is a self-managed real estate investment trust. The Company is engaged in acquiring, developing and operating a portfolio of office properties in certain markets of the United States. The Company’s business is primarily conducted through Tier Operating Partnership LP. The Company holds interests in approximately 30 operating office properties, over two non-operating properties and a development property located in approximately 20 markets across the United States.
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