City Office REIT Inc. (CIO) Trading Down 3.5%
City Office REIT Inc. (NYSE:CIO) fell 3.5% during trading on Thursday . The company traded as low as $12.55 and last traded at $13.05, with a volume of 125,462 shares. The stock had previously closed at $13.52.
A number of research firms have commented on CIO. Compass Point raised their price target on shares of City Office REIT from $13.00 to $14.50 and gave the stock a “buy” rating in a report on Friday. Wunderlich raised their price target on shares of City Office REIT from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Friday. Deutsche Bank AG restated a “buy” rating and issued a $15.00 price target (up from $14.50) on shares of City Office REIT in a report on Monday, July 18th. Finally, Zacks Investment Research cut shares of City Office REIT from a “buy” rating to a “hold” rating in a report on Friday, July 8th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $14.90.
The stock has a 50 day moving average price of $13.12 and a 200-day moving average price of $12.00.
City Office REIT (NYSE:CIO) last posted its earnings results on Thursday, August 4th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.33. During the same period last year, the business posted $0.21 earnings per share. The business earned $16.10 million during the quarter, compared to analysts’ expectations of $16.16 million. The company’s revenue for the quarter was up 38.3% compared to the same quarter last year. Analysts expect that City Office REIT Inc. will post ($0.69) EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, July 21st. Investors of record on Thursday, July 7th were issued a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 6.98%. The ex-dividend date of this dividend was Tuesday, July 5th.
A hedge fund recently raised its stake in City Office REIT stock. State of New Jersey Common Pension Fund D increased its position in City Office REIT Inc. (NYSE:CIO) by 42.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 reporting period.
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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