Emerald Acquisition Ltd. acquired a new position in shares of City Office REIT Inc. (NYSE:CIO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 67,620 shares of the company’s stock, valued at approximately $878,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. 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 worth $155,000 after buying an additional 552 shares during the last quarter. Wedbush Securities Inc. raised its stake in shares of City Office REIT by 0.9% in the second quarter. Wedbush Securities Inc. now owns 29,488 shares of the company’s stock worth $383,000 after buying an additional 261 shares during the period. Sterneck Capital Management LLC acquired a new stake in shares of City Office REIT during the first quarter worth $485,000. California State Teachers Retirement System acquired a new stake in shares of City Office REIT during the second quarter worth $512,000. Finally, Harvest Capital Strategies LLC acquired a new stake in shares of City Office REIT during the first quarter worth $546,000. 41.13% of the stock is owned by institutional investors.
Shares of City Office REIT Inc. (NYSE:CIO) traded up 0.66% during mid-day trading on Wednesday, reaching $12.24. The company had a trading volume of 24,720 shares. City Office REIT Inc. has a 52-week low of $10.61 and a 52-week high of $13.93. The firm’s 50-day moving average price is $12.77 and its 200 day moving average price is $12.36.
City Office REIT (NYSE:CIO) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates 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 prior year, the firm posted $0.21 EPS. The company’s revenue for the quarter was up 38.3% on a year-over-year basis. On average, analysts anticipate that City Office REIT Inc. will post $1.07 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be given a dividend of $0.235 per share. The ex-dividend date is Thursday, October 6th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.73%. City Office REIT’s payout ratio is -234.99%.
A number of analysts have recently weighed in on CIO shares. Zacks Investment Research lowered City Office REIT from a “hold” rating to a “sell” rating in a research note on Wednesday, October 5th. Wunderlich raised their target price on City Office REIT from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Compass Point raised their target price on City Office REIT from $13.00 to $14.50 and gave the company a “buy” rating in a research note on Friday, August 5th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $15.00 target price (up from $14.50) on shares of City Office REIT in a research note on Monday, July 18th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price 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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