Prudential Financial Inc. Acquires 138,160 Shares of TIER REIT Inc (TIER)
Prudential Financial Inc. grew its holdings in TIER REIT Inc (OTCMKTS:TIER) by 101.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 274,080 shares of the real estate investment trust’s stock after acquiring an additional 138,160 shares during the period. Prudential Financial Inc. owned 0.57% of TIER REIT worth $5,065,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of TIER. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in shares of TIER REIT by 7.2% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 7,174 shares of the real estate investment trust’s stock worth $133,000 after buying an additional 482 shares during the period. Acadian Asset Management LLC bought a new stake in shares of TIER REIT during the 1st quarter worth $135,000. LSV Asset Management bought a new stake in shares of TIER REIT during the 1st quarter worth $199,000. Clinton Group Inc. bought a new stake in shares of TIER REIT during the 1st quarter worth $210,000. Finally, Two Sigma Securities LLC boosted its holdings in shares of TIER REIT by 13.9% during the 1st quarter. Two Sigma Securities LLC now owns 12,903 shares of the real estate investment trust’s stock worth $224,000 after buying an additional 1,570 shares during the period.
Shares of TIER REIT Inc (OTCMKTS:TIER) opened at 18.60 on Tuesday. TIER REIT Inc has a 12-month low of $14.06 and a 12-month high of $18.95. The company has a market capitalization of $889.88 million and a P/E ratio of 9.47. The company’s 50 day moving average is $18.30 and its 200 day moving average is $17.63.
TIER REIT (OTCMKTS:TIER) last issued its earnings results on Monday, August 7th. The real estate investment trust reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.04. The business had revenue of $54.55 million for the quarter, compared to the consensus estimate of $52.39 million. TIER REIT had a negative net margin of 4.62% and a positive return on equity of 2.28%. Analysts expect that TIER REIT Inc will post $2.24 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.72 dividend on an annualized basis and a yield of 3.87%.
Several research firms recently issued reports on TIER. Zacks Investment Research downgraded shares of TIER REIT from a “buy” rating to a “hold” rating in a report on Saturday, August 26th. TheStreet raised shares of TIER REIT from a “d+” rating to a “c” rating in a report on Monday, June 5th.
About TIER REIT
TIER REIT, Inc is a real estate investment trust. The Company’s business consists of owning, acquiring, developing, operating, investing in, and disposing of real estate assets. The Company’s business is conducted through Tier Operating Partnership LP (Tier OP). As of December 31, 2016, the Company owned interests in 29 operating office properties, one non-operating property and one development property located in 13 markets throughout the United States.
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