Zacks Investment Research lowered shares of City Office REIT (NYSE:CIO) from a buy rating to a hold rating in a research note released on Monday.
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. “
CIO has been the subject of several other reports. B. Riley raised their price objective on City Office REIT from $13.50 to $14.00 and gave the stock a buy rating in a research note on Monday, August 6th. Royal Bank of Canada began coverage on City Office REIT in a research note on Wednesday, June 27th. They set an outperform rating and a $14.00 price objective for the company. Boenning Scattergood began coverage on City Office REIT in a research note on Tuesday, July 10th. They set a buy rating and a $15.00 price objective for the company. Finally, TheStreet raised City Office REIT from a c rating to a b- rating in a research note on Tuesday, May 29th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. City Office REIT presently has an average rating of Buy and an average target price of $14.20.
Shares of CIO stock opened at $12.73 on Monday. City Office REIT has a 1 year low of $10.03 and a 1 year high of $13.93. The firm has a market cap of $466.48 million, a PE ratio of 13.12, a PEG ratio of 1.30 and a beta of 0.15. The company has a debt-to-equity ratio of 1.75, a quick ratio of 3.45 and a current ratio of 3.45.
City Office REIT (NYSE:CIO) last issued its quarterly earnings results on Thursday, August 2nd. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.32). City Office REIT had a net margin of 36.89% and a return on equity of 17.42%. The firm had revenue of $30.24 million for the quarter, compared to analyst estimates of $31.09 million. research analysts expect that City Office REIT will post 1.1 earnings per share for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in shares of City Office REIT by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 2,335,648 shares of the real estate investment trust’s stock worth $27,000,000 after acquiring an additional 12,400 shares in the last quarter. BlackRock Inc. boosted its position in shares of City Office REIT by 9.8% in the second quarter. BlackRock Inc. now owns 1,989,646 shares of the real estate investment trust’s stock worth $25,527,000 after buying an additional 177,908 shares during the period. Renaissance Technologies LLC boosted its position in shares of City Office REIT by 28.6% in the second quarter. Renaissance Technologies LLC now owns 1,558,500 shares of the real estate investment trust’s stock worth $19,996,000 after buying an additional 346,900 shares during the period. LSV Asset Management boosted its position in shares of City Office REIT by 5.4% in the second quarter. LSV Asset Management now owns 880,475 shares of the real estate investment trust’s stock worth $11,296,000 after buying an additional 45,325 shares during the period. Finally, Millennium Management LLC boosted its position in shares of City Office REIT by 3.9% in the first quarter. Millennium Management LLC now owns 708,233 shares of the real estate investment trust’s stock worth $8,187,000 after buying an additional 26,405 shares during the period. 69.19% of the stock is owned by institutional investors and hedge funds.
About City Office REIT
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 March 31, 2018, CIO owned office complexes comprising 4.6 million square feet of net rentable area (?NRA?).
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