Northern Trust Corp boosted its holdings in shares of City Office REIT Inc (NYSE:CIO) by 8.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 389,209 shares of the real estate investment trust’s stock after acquiring an additional 29,648 shares during the quarter. Northern Trust Corp owned 1.08% of City Office REIT worth $4,994,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp grew its position in City Office REIT by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 199,191 shares of the real estate investment trust’s stock valued at $2,556,000 after buying an additional 28,569 shares during the period. Renaissance Technologies LLC grew its position in City Office REIT by 28.6% during the second quarter. Renaissance Technologies LLC now owns 1,558,500 shares of the real estate investment trust’s stock valued at $19,996,000 after buying an additional 346,900 shares during the period. Citadel Advisors LLC purchased a new stake in City Office REIT during the second quarter valued at about $271,000. Dimensional Fund Advisors LP lifted its holdings in City Office REIT by 7.2% during the second quarter. Dimensional Fund Advisors LP now owns 380,026 shares of the real estate investment trust’s stock valued at $4,876,000 after purchasing an additional 25,488 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in City Office REIT by 9.8% during the second quarter. BlackRock Inc. now owns 1,989,646 shares of the real estate investment trust’s stock valued at $25,527,000 after purchasing an additional 177,908 shares during the last quarter. 74.91% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director Stephen B. Shraiberg purchased 35,000 shares of the stock in a transaction dated Monday, November 5th. The shares were purchased at an average cost of $10.79 per share, with a total value of $377,650.00. Following the completion of the acquisition, the director now owns 84,185 shares in the company, valued at approximately $908,356.15. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.70% of the stock is owned by corporate insiders.

Several research firms have commented on CIO. Zacks Investment Research downgraded shares of City Office REIT from a “buy” rating to a “hold” rating in a report on Monday, September 3rd. B. Riley upped their price objective on shares of City Office REIT from $13.50 to $14.00 and gave the company a “buy” rating in a report on Monday, August 6th. Boenning Scattergood set a $15.00 price objective on shares of City Office REIT and gave the company a “buy” rating in a report on Friday, August 3rd. JMP Securities began coverage on shares of City Office REIT in a report on Tuesday, October 9th. They set an “outperform” rating and a $14.00 price objective on the stock. Finally, ValuEngine downgraded shares of City Office REIT from a “hold” rating to a “sell” rating in a report on Friday, October 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $14.17.

NYSE CIO opened at $10.84 on Wednesday. The stock has a market cap of $433.80 million, a price-to-earnings ratio of 9.71, a price-to-earnings-growth ratio of 1.14 and a beta of 0.33. City Office REIT Inc has a 52 week low of $10.03 and a 52 week high of $13.43. The company has a current ratio of 2.54, a quick ratio of 2.54 and a debt-to-equity ratio of 1.80.

City Office REIT (NYSE:CIO) last released its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported ($0.08) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.08). The business had revenue of $33.55 million for the quarter, compared to the consensus estimate of $33.16 million. City Office REIT had a net margin of 34.71% and a return on equity of 15.81%. On average, analysts anticipate that City Office REIT Inc will post 1.07 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Thursday, October 11th were issued a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a yield of 8.67%. The ex-dividend date of this dividend was Wednesday, October 10th. City Office REIT’s dividend payout ratio (DPR) is presently 96.91%.

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City Office REIT Profile

City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in mid-sized metropolitan areas with strong economic fundamentals, primarily in the Southern and Western United States. At September 30, 2018, CIO owned office complexes comprising 5.3 million square feet of net rentable area (“NRA”).

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Institutional Ownership by Quarter for City Office REIT (NYSE:CIO)

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