Bank of New York Mellon Corp raised its stake in City Office REIT Inc. (NYSE:CIO) by 56.2% during the second quarter, Holdings Channel reports. The institutional investor owned 83,065 shares of the company’s stock after buying an additional 29,897 shares during the period. Bank of New York Mellon Corp’s holdings in City Office REIT were worth $1,078,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of City Office REIT by 4.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,966 shares of the company’s stock valued at $155,000 after buying an additional 552 shares in the last quarter. Sterneck Capital Management LLC bought a new stake in City Office REIT during the first quarter valued at approximately $485,000. Harvest Capital Strategies LLC bought a new stake in City Office REIT during the first quarter valued at approximately $546,000. Alpine Partners VI LLC bought a new stake in City Office REIT during the first quarter valued at approximately $553,000. Finally, Magnetar Financial LLC bought a new stake in City Office REIT during the first quarter valued at approximately $570,000. 41.13% of the stock is owned by institutional investors.
Shares of City Office REIT Inc. (NYSE:CIO) traded down 1.30% during midday trading on Friday, reaching $12.18. The company’s stock had a trading volume of 110,234 shares. City Office REIT Inc. has a one year low of $10.61 and a one year high of $13.93. The firm has a 50-day moving average of $12.69 and a 200-day moving average of $12.35.
City Office REIT (NYSE:CIO) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.33. City Office REIT had a return on equity of 0.37% and a net margin of 0.55%. The firm had revenue of $16.10 million for the quarter, compared to analyst estimates of $16.16 million. During the same period in the previous year, the firm earned $0.21 earnings per share. The company’s revenue was up 38.3% compared to the same quarter last year. Equities analysts expect that City Office REIT Inc. will post $1.07 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 7.72%. The ex-dividend date is Thursday, October 6th. City Office REIT’s dividend payout ratio (DPR) is presently -234.99%.
Several research firms have recently commented on CIO. Zacks Investment Research raised City Office REIT from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Tuesday, July 19th. Wunderlich increased their price objective on City Office REIT from $14.00 to $15.00 and gave the company a “buy” rating in a report on Friday, August 5th. Deutsche Bank AG reissued a “buy” rating and issued a $15.00 price objective (up previously from $14.50) on shares of City Office REIT in a report on Monday, July 18th. Finally, Compass Point increased their price objective on City Office REIT from $13.00 to $14.50 and gave the company a “buy” rating in a report on Friday, August 5th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. City Office REIT currently has an average rating of “Buy” and an average price target of $14.90.
About City Office REIT
City Office REIT, Inc is focused on acquiring, owning and operating Class A and B office properties located within its target markets in the United States. The Company operates in the office properties segment. The Company has over 10 primary target markets, which are located in metropolitan areas in the Southern and Western United States.
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