TIER REIT (NYSE:TIER) has been given a $22.00 target price by stock analysts at Cantor Fitzgerald in a research note issued to investors on Friday. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 13.58% from the company’s current price.
The analysts wrote, “Third & Shoal Pre-leasing at 90% Implies Strength in Austin Office Market. Yesterday, TIER announced pre-leasing at Third & Shoal development in Austin CBD, bringing pre-leased space to 90% (delivery date is 3Q18). Prior to this announcement, the asset was 67% pre-leased with Facebook being the major tenant. We model a development yield of 8.9% and an exit cap rate of 5.5%.””
Other analysts have also recently issued research reports about the company. Zacks Investment Research cut TIER REIT from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. BidaskClub upgraded TIER REIT from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $20.00 price objective on shares of TIER REIT in a research note on Thursday, November 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $21.00.
TIER REIT (NYSE:TIER) last issued its quarterly earnings results on Wednesday, November 8th. The real estate investment trust reported ($0.17) EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.53). TIER REIT had a return on equity of 12.86% and a net margin of 40.68%. research analysts forecast that TIER REIT will post 1.57 EPS for the current fiscal year.
In other TIER REIT news, insider William J. Reister sold 7,500 shares of TIER REIT stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $19.62, for a total transaction of $147,150.00. Following the completion of the transaction, the insider now owns 82,736 shares in the company, valued at approximately $1,623,280.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in TIER. Russell Investments Group Ltd. increased its stake in shares of TIER REIT by 3.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 16,207 shares of the real estate investment trust’s stock valued at $300,000 after purchasing an additional 547 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of TIER REIT by 41.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 893,499 shares of the real estate investment trust’s stock valued at $16,512,000 after purchasing an additional 260,977 shares in the last quarter. Rhumbline Advisers increased its stake in shares of TIER REIT by 2.8% in the 2nd quarter. Rhumbline Advisers now owns 66,721 shares of the real estate investment trust’s stock valued at $1,233,000 after purchasing an additional 1,835 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of TIER REIT by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 381,643 shares of the real estate investment trust’s stock valued at $7,052,000 after purchasing an additional 8,236 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of TIER REIT by 16.5% in the 2nd quarter. Legal & General Group Plc now owns 122,695 shares of the real estate investment trust’s stock valued at $2,265,000 after purchasing an additional 17,410 shares in the last quarter. Hedge funds and other institutional investors own 57.50% of the company’s stock.
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About TIER REIT
TIER REIT, Inc is a real estate investment trust. The Company’s business consists of owning, acquiring, developing, operating, investing in, and disposing of real estate assets. The Company’s business is conducted through Tier Operating Partnership LP (Tier OP). As of December 31, 2016, the Company owned interests in 29 operating office properties, one non-operating property and one development property located in 13 markets throughout the United States.
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