City Office REIT, Inc. (CIO) Raised to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of City Office REIT, Inc. (NYSE:CIO) from a sell rating to a hold rating in a research note released on Wednesday morning.
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. “
A number of other brokerages have also weighed in on CIO. B. Riley restated a buy rating and issued a $14.50 price objective on shares of City Office REIT in a report on Tuesday, November 7th. BidaskClub upgraded shares of City Office REIT from a sell rating to a hold rating in a report on Tuesday, August 1st. FBR & Co restated a buy rating on shares of City Office REIT in a report on Friday, October 6th. Finally, ValuEngine upgraded shares of City Office REIT from a hold rating to a buy rating in a report on Wednesday, September 6th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. City Office REIT currently has an average rating of Buy and a consensus price target of $14.50.
Shares of City Office REIT (NYSE:CIO) traded down $0.02 during midday trading on Wednesday, reaching $12.79. 221,515 shares of the company were exchanged, compared to its average volume of 144,555. City Office REIT has a 52 week low of $11.43 and a 52 week high of $13.93. The stock has a market cap of $386.45, a price-to-earnings ratio of 14.57, a P/E/G ratio of 1.51 and a beta of 0.22. The company has a debt-to-equity ratio of 2.80, a quick ratio of 3.94 and a current ratio of 3.94.
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The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th were issued a $0.235 dividend. The ex-dividend date was Tuesday, October 10th. This represents a $0.94 dividend on an annualized basis and a yield of 7.35%. City Office REIT’s payout ratio is currently -552.94%.
In other news, CEO James Thomas Farrar acquired 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was bought at an average cost of $12.52 per share, for a total transaction of $75,120.00. Following the acquisition, the chief executive officer now directly owns 184,789 shares in the company, valued at $2,313,558.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.20% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE raised its stake in City Office REIT by 189.0% during the 1st quarter. Bank of America Corp DE now owns 8,557 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 5,596 shares during the last quarter. Strs Ohio raised its stake in City Office REIT by 10.3% during the 2nd quarter. Strs Ohio now owns 8,600 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 800 shares during the last quarter. SG Americas Securities LLC purchased a new stake in City Office REIT during the 3rd quarter valued at $121,000. Ameriprise Financial Inc. purchased a new stake in City Office REIT during the 1st quarter valued at $148,000. Finally, Stevens Capital Management LP purchased a new stake in City Office REIT during the 3rd quarter valued at $180,000. Institutional investors and hedge funds own 54.75% of the company’s stock.
City Office REIT Company Profile
City Office REIT, Inc is a real estate investment trust. The Company is focused on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. It conducts its operations primarily through City Office REIT Operating Partnership, L.P.
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