TIER REIT Inc (TIER) Stake Lowered by Deprince Race & Zollo Inc.
Deprince Race & Zollo Inc. trimmed its position in shares of TIER REIT Inc (NYSE:TIER) by 60.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 111,182 shares of the real estate investment trust’s stock after selling 166,965 shares during the period. Deprince Race & Zollo Inc.’s holdings in TIER REIT were worth $2,679,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. State of New Jersey Common Pension Fund D raised its stake in TIER REIT by 12.1% in the third quarter. State of New Jersey Common Pension Fund D now owns 138,500 shares of the real estate investment trust’s stock worth $3,338,000 after buying an additional 15,000 shares in the last quarter. Manning & Napier Group LLC raised its stake in TIER REIT by 79.9% in the third quarter. Manning & Napier Group LLC now owns 294,340 shares of the real estate investment trust’s stock worth $7,092,000 after buying an additional 130,729 shares in the last quarter. State of Alaska Department of Revenue bought a new position in TIER REIT in the third quarter worth about $389,000. Northern Trust Corp raised its stake in TIER REIT by 40.3% in the second quarter. Northern Trust Corp now owns 1,188,157 shares of the real estate investment trust’s stock worth $28,254,000 after buying an additional 341,182 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in TIER REIT by 37.0% in the second quarter. Advisors Asset Management Inc. now owns 24,345 shares of the real estate investment trust’s stock worth $579,000 after buying an additional 6,569 shares in the last quarter. 64.99% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently issued reports on TIER shares. Zacks Investment Research downgraded shares of TIER REIT from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. Robert W. Baird increased their price target on shares of TIER REIT from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 9th. JMP Securities upped their price objective on shares of TIER REIT from $25.00 to $27.00 and gave the stock a “market outperform” rating in a report on Wednesday, August 8th. Finally, TheStreet upgraded shares of TIER REIT from a “d+” rating to a “c” rating in a report on Monday, July 23rd. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. TIER REIT currently has an average rating of “Buy” and a consensus target price of $24.60.
TIER REIT (NYSE:TIER) last announced its quarterly earnings data on Tuesday, August 7th. The real estate investment trust reported ($0.17) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.53). The business had revenue of $53.99 million during the quarter, compared to analysts’ expectations of $52.00 million. TIER REIT had a negative return on equity of 2.59% and a negative net margin of 8.33%. As a group, equities analysts expect that TIER REIT Inc will post 1.57 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 14th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend was Thursday, September 13th. TIER REIT’s dividend payout ratio (DPR) is presently 45.86%.
About TIER REIT
TIER REIT, Inc is a publicly traded (NYSE: TIER), self-managed, Dallas-based real estate investment trust focused on owning quality, well-managed commercial office properties in dynamic markets throughout the U.S. Our vision is to be the premier owner and operator of best-in-class office properties in TIER1 submarkets, which are primarily higher density and amenity-rich locations within select, high-growth metropolitan areas that offer a walkable experience to various amenities.
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