A number of other brokerages have also issued reports on CIO. ValuEngine lowered shares of City Office REIT from a hold rating to a sell rating in a research report on Friday. B. Riley lifted their price objective on shares of City Office REIT from $13.50 to $14.00 and gave the company a buy rating in a research report on Monday, August 6th. Boenning Scattergood set a $15.00 price objective on shares of City Office REIT and gave the company a buy rating in a research report on Friday, August 3rd. Royal Bank of Canada initiated coverage on shares of City Office REIT in a research report on Wednesday, June 27th. They issued an outperform rating and a $14.00 price objective on the stock. Finally, Zacks Investment Research lowered shares of City Office REIT from a buy rating to a hold rating in a research report on Monday, September 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. City Office REIT currently has a consensus rating of Hold and a consensus price target of $14.17.
Shares of CIO traded down $0.18 during mid-day trading on Thursday, reaching $11.41. 375,186 shares of the company’s stock were exchanged, compared to its average volume of 276,734. The company has a current ratio of 3.45, a quick ratio of 3.45 and a debt-to-equity ratio of 1.75. The firm has a market cap of $456.00 million, a PE ratio of 11.76, a price-to-earnings-growth ratio of 1.27 and a beta of 0.16. City Office REIT has a 52-week low of $10.03 and a 52-week high of $13.47.
City Office REIT (NYSE:CIO) last announced its earnings results on Thursday, August 2nd. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.32). The business had revenue of $30.24 million for the quarter, compared to analysts’ expectations of $31.09 million. City Office REIT had a return on equity of 17.42% and a net margin of 36.89%. As a group, equities research analysts forecast that City Office REIT will post 1.1 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 25th. Investors of record on Thursday, October 11th will be given a $0.235 dividend. The ex-dividend date is Wednesday, October 10th. This represents a $0.94 dividend on an annualized basis and a yield of 8.24%. City Office REIT’s dividend payout ratio (DPR) is 96.91%.
Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in City Office REIT by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 199,191 shares of the real estate investment trust’s stock valued at $2,556,000 after buying an additional 28,569 shares during the last quarter. American Century Companies Inc. acquired a new stake in City Office REIT in the second quarter valued at $2,521,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in City Office REIT in the second quarter valued at $3,079,000. BlackRock Inc. lifted its holdings in City Office REIT by 16.5% in the first quarter. BlackRock Inc. now owns 1,811,738 shares of the real estate investment trust’s stock valued at $20,944,000 after acquiring an additional 256,981 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in City Office REIT in the first quarter valued at $281,000. Hedge funds and other institutional investors own 69.23% of the company’s stock.
City Office REIT Company Profile
City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in mid-sized metropolitan areas with strong economic fundamentals, primarily in the Southern and Western United States. At June 30, 2018, CIO owned office complexes comprising 4.9 million square feet of net rentable area (?NRA?).
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