City Office REIT Inc. (CIO) Sets New 52-Week High at $13.74
City Office REIT Inc. (NYSE:CIO) 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 traded. The stock had previously closed at $13.63.
Several research firms have recently weighed in on CIO. Deutsche Bank AG reissued a “buy” rating and set a $15.00 price objective (up from $14.50) on shares of City Office REIT in a research note on Monday, July 18th. Compass Point reissued a “buy” rating and set a $13.00 price objective (up from $12.50) on shares of City Office REIT in a research note on Thursday, May 12th. Zacks Investment Research lowered City Office REIT from a “buy” rating to a “hold” rating in a research note on Friday, July 8th. Finally, Wunderlich reduced their price objective on City Office REIT from $15.50 to $14.00 and set a “buy” rating for the company in a research note on Monday, May 9th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $14.40.
The stock’s 50 day moving average price is $12.76 and its 200-day moving average price is $11.90.
City Office REIT (NYSE:CIO) last posted its earnings results on Thursday, May 5th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.51. The firm earned $16.30 million during the quarter, compared to the consensus estimate of $16.33 million. The company’s quarterly revenue was up 44.2% compared to the same quarter last year. On average, equities research analysts predict that City Office REIT Inc. will post ($0.69) EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 21st. Investors of record on Thursday, July 7th were given a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 6.98%. 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 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 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 as of its most recent filing with the SEC.
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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