Zacks Investment Research Downgrades City Office REIT (CIO) to Sell

Zacks Investment Research lowered shares of City Office REIT (NYSE:CIO) from a buy rating to a sell rating in a research report report published on Monday morning.

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. “

Other equities analysts also recently issued research reports about the company. B. Riley reissued a buy rating and set a $14.50 target price on shares of City Office REIT in a research report on Tuesday, November 7th. ValuEngine raised City Office REIT from a hold rating to a buy rating in a research report on Friday, December 1st. Finally, FBR & Co reissued a buy rating on shares of City Office REIT in a research report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $14.25.

City Office REIT (NYSE CIO) traded down $0.28 during midday trading on Monday, hitting $11.99. The stock had a trading volume of 340,883 shares, compared to its average volume of 339,589. The company has a market cap of $424.56, a P/E ratio of -70.53, a P/E/G ratio of 1.39 and a beta of 0.22. The company has a current ratio of 3.94, a quick ratio of 3.94 and a debt-to-equity ratio of 2.80. City Office REIT has a 52-week low of $11.43 and a 52-week high of $13.93.

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Thursday, January 11th will be given a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 7.84%. The ex-dividend date of this dividend is Wednesday, January 10th. City Office REIT’s dividend payout ratio is currently -552.94%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in shares of City Office REIT by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,099,528 shares of the real estate investment trust’s stock valued at $15,141,000 after purchasing an additional 47,492 shares during the last quarter. Vanguard Group Inc. grew its position in City Office REIT by 5.4% in the 2nd quarter. Vanguard Group Inc. now owns 1,093,747 shares of the real estate investment trust’s stock valued at $13,891,000 after acquiring an additional 56,367 shares during the last quarter. LSV Asset Management grew its position in City Office REIT by 25.8% in the 2nd quarter. LSV Asset Management now owns 843,506 shares of the real estate investment trust’s stock valued at $10,712,000 after acquiring an additional 172,841 shares during the last quarter. Real Estate Management Services LLC grew its position in City Office REIT by 38.1% in the 3rd quarter. Real Estate Management Services LLC now owns 670,343 shares of the real estate investment trust’s stock valued at $9,231,000 after acquiring an additional 185,016 shares during the last quarter. Finally, D.A. Davidson & CO. grew its position in City Office REIT by 7.0% in the 3rd quarter. D.A. Davidson & CO. now owns 598,669 shares of the real estate investment trust’s stock valued at $8,243,000 after acquiring an additional 38,950 shares during the last quarter. 48.27% of the stock is currently owned by hedge funds and other institutional investors.

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About City Office REIT

City Office REIT, Inc is a real estate investment trust. The Company is focused on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. It conducts its operations primarily through City Office REIT Operating Partnership, L.P.

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