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. “
Several other brokerages also recently weighed in on CIO. Compass Point upped their target price on shares of City Office REIT from $13.00 to $14.50 and gave the stock a buy rating in a report on Friday, August 5th. Deutsche Bank AG reaffirmed a buy rating and issued a $15.00 target price (up previously from $14.50) on shares of City Office REIT in a report on Monday, July 18th. Finally, Wunderlich upped their target price on shares of City Office REIT from $14.00 to $15.00 and gave the stock a buy rating in a report on Friday, August 5th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $14.90.
City Office REIT (NYSE:CIO) traded down 0.32% during midday trading on Tuesday, reaching $12.35. The company’s stock had a trading volume of 4,702 shares. City Office REIT has a one year low of $10.61 and a one year high of $13.93. The firm has a 50 day moving average price of $12.65 and a 200 day moving average price of $12.38.
City Office REIT (NYSE:CIO) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of ($0.11) by $0.33. The firm earned $16.10 million during the quarter, compared to analyst estimates of $16.16 million. City Office REIT had a return on equity of 0.37% and a net margin of 0.55%. City Office REIT’s revenue was up 38.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 EPS. On average, equities research analysts expect that City Office REIT will post $1.07 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be issued a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 7.59%. The ex-dividend date is Thursday, October 6th. City Office REIT’s dividend payout ratio (DPR) is presently -234.99%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nuveen Asset Management LLC increased its position in City Office REIT by 7.7% in the second quarter. Nuveen Asset Management LLC now owns 1,292,360 shares of the company’s stock valued at $16,775,000 after buying an additional 92,360 shares during the period. Vanguard Group Inc. increased its position in City Office REIT by 48.1% in the second quarter. Vanguard Group Inc. now owns 744,778 shares of the company’s stock valued at $9,667,000 after buying an additional 241,722 shares during the period. Bank of Montreal Can bought a new position in City Office REIT during the second quarter valued at approximately $6,505,000. BlackRock Fund Advisors increased its position in City Office REIT by 1,189.2% in the second quarter. BlackRock Fund Advisors now owns 488,182 shares of the company’s stock valued at $6,337,000 after buying an additional 450,314 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its position in City Office REIT by 13.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 288,000 shares of the company’s stock valued at $3,738,000 after buying an additional 35,000 shares during the period. 41.13% of the stock is owned by institutional investors and hedge funds.
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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