Separately, Zacks Investment Research upgraded TIER REIT from a hold rating to a buy rating and set a $17.00 target price on the stock in a research report on Wednesday, June 22nd.
Shares of TIER REIT (OTCMKTS:TIER) remained flat at $14.38 during mid-day trading on Tuesday. The company’s stock had a trading volume of 100,243 shares. The firm’s market capitalization is $686.59 million. The company’s 50-day moving average price is $15.63 and its 200-day moving average price is $15.52. TIER REIT has a 1-year low of $12.52 and a 1-year high of $17.81.
TIER REIT (OTCMKTS:TIER) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.04. The business earned $64.30 million during the quarter, compared to analysts’ expectations of $70 million. On average, equities analysts anticipate that TIER REIT will post $1.56 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 7th. Shareholders of record on Friday, September 30th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a yield of 5.01%.
Hedge funds have recently modified their holdings of the stock. Engine Capital Management LLC bought a new stake in shares of TIER REIT during the second quarter valued at about $13,736,000. Schwab Charles Investment Management Inc. increased its stake in shares of TIER REIT by 54.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 282,982 shares of the company’s stock valued at $4,339,000 after buying an additional 100,093 shares in the last quarter. Metropolitan Life Insurance Co. NY bought a new stake in shares of TIER REIT during the second quarter valued at about $625,000. Stifel Financial Corp bought a new stake in shares of TIER REIT during the second quarter valued at about $287,000. Finally, Legal & General Group Plc increased its stake in shares of TIER REIT by 6.8% in the second quarter. Legal & General Group Plc now owns 82,290 shares of the company’s stock valued at $1,258,000 after buying an additional 5,248 shares in the last quarter.
About TIER REIT
TIER REIT, Inc is a self-managed real estate investment trust. The Company is engaged in acquiring, developing and operating a portfolio of office properties in certain markets of the United States. The Company’s business is primarily conducted through Tier Operating Partnership LP. The Company holds interests in approximately 30 operating office properties, over two non-operating properties and a development property located in approximately 20 markets across the United States.
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