Orinda Asset Management LLC Lowers Stake in City Office REIT Inc (CIO)
Orinda Asset Management LLC lowered its holdings in shares of City Office REIT Inc (NYSE:CIO) by 1.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 483,151 shares of the real estate investment trust’s stock after selling 8,429 shares during the period. City Office REIT comprises about 5.5% of Orinda Asset Management LLC’s portfolio, making the stock its 3rd biggest holding. Orinda Asset Management LLC’s holdings in City Office REIT were worth $6,286,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC acquired a new position in City Office REIT in the 3rd quarter worth about $121,000. Stevens Capital Management LP acquired a new position in City Office REIT in the 3rd quarter worth about $180,000. Voya Investment Management LLC increased its holdings in City Office REIT by 18.8% in the 2nd quarter. Voya Investment Management LLC now owns 15,262 shares of the real estate investment trust’s stock worth $194,000 after purchasing an additional 2,420 shares in the last quarter. Nationwide Fund Advisors increased its holdings in City Office REIT by 21.0% in the 2nd quarter. Nationwide Fund Advisors now owns 18,734 shares of the real estate investment trust’s stock worth $238,000 after purchasing an additional 3,245 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. acquired a new position in City Office REIT in the 2nd quarter worth about $331,000. 49.17% of the stock is owned by institutional investors.
A number of equities analysts have issued reports on CIO shares. B. Riley reaffirmed a “buy” rating and issued a $14.50 target price on shares of City Office REIT in a report on Tuesday, November 7th. FBR & Co reaffirmed a “buy” rating on shares of City Office REIT in a report on Friday, October 6th. Zacks Investment Research raised City Office REIT from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Tuesday, January 2nd. ValuEngine raised City Office REIT from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Deutsche Bank cut City Office REIT from a “buy” rating to a “hold” rating and lowered their target price for the stock from $16.00 to $13.00 in a report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. City Office REIT presently has an average rating of “Hold” and an average target price of $14.25.
City Office REIT (NYSE:CIO) last released its quarterly earnings results on Monday, November 6th. The real estate investment trust reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.32). City Office REIT had a net margin of 3.65% and a return on equity of 1.91%. analysts forecast that City Office REIT Inc will post 0.96 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 25th. Shareholders of record on Thursday, January 11th will be given a $0.235 dividend. The ex-dividend date is Wednesday, January 10th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.85%. City Office REIT’s dividend payout ratio (DPR) is presently -552.94%.
About City Office REIT
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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