City Office REIT, Inc. (NYSE:CIO) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “City Office REIT, Inc. is a real estate investment trust. It focuses on acquiring, owning, and operating office properties in the United States. The Company invests in properties located in metropolitan areas in the Southern and Western United States. City Office REIT, Inc. is based in Vancouver, Canada. “

Separately, DA Davidson restated a “buy” rating and set a $15.00 target price on shares of City Office REIT in a research note on Tuesday, November 8th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. City Office REIT has a consensus rating of “Buy” and a consensus target price of $14.92.

Analyst Recommendations for City Office REIT (NYSE:CIO)

Shares of City Office REIT (NYSE:CIO) opened at 12.34 on Wednesday. The stock has a market capitalization of $300.87 million, a P/E ratio of 274.22 and a beta of 0.19. City Office REIT has a 1-year low of $10.65 and a 1-year high of $13.93. The firm’s 50-day moving average price is $12.77 and its 200 day moving average price is $12.84.

City Office REIT (NYSE:CIO) last announced its earnings results on Monday, November 7th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.02. The company earned $18.79 million during the quarter, compared to the consensus estimate of $7.98 million. City Office REIT had a return on equity of 0.79% and a net margin of 1.33%. The company’s revenue was up 28.5% on a year-over-year basis. During the same period last year, the firm earned $0.33 earnings per share. Analysts expect that City Office REIT will post ($0.14) EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Friday, January 13th will be paid a $0.235 dividend. The ex-dividend date is Wednesday, January 11th. This represents a $0.94 dividend on an annualized basis and a yield of 7.64%. City Office REIT’s dividend payout ratio (DPR) is -335.70%.

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In other news, CEO James Thomas Farrar purchased 8,000 shares of the firm’s stock in a transaction that occurred on Friday, December 9th. The stock was acquired at an average cost of $12.66 per share, for a total transaction of $101,280.00. Following the completion of the purchase, the chief executive officer now owns 174,789 shares of the company’s stock, valued at $2,212,828.74. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey David Kohn purchased 3,700 shares of the firm’s stock in a transaction that occurred on Tuesday, December 6th. The stock was purchased at an average price of $12.43 per share, with a total value of $45,991.00. Following the completion of the purchase, the director now directly owns 203,700 shares of the company’s stock, valued at approximately $2,531,991. The disclosure for this purchase can be found here. 8.60% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of CIO. Schnieders Capital Management LLC purchased a new position in City Office REIT during the second quarter worth approximately $133,000. American International Group Inc. purchased a new position in City Office REIT during the second quarter worth approximately $140,000. Nationwide Fund Advisors purchased a new position in City Office REIT during the second quarter worth approximately $154,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in City Office REIT by 4.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,966 shares of the company’s stock worth $155,000 after buying an additional 552 shares during the period. Finally, Royal Bank of Canada increased its position in City Office REIT by 163.8% in the second quarter. Royal Bank of Canada now owns 12,400 shares of the company’s stock worth $161,000 after buying an additional 7,700 shares during the period. Institutional investors and hedge funds own 48.16% of the company’s stock.

About City Office REIT

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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