City Office REIT (CIO) Downgraded by Zacks Investment Research to “Strong Sell”

Zacks Investment Research lowered shares of City Office REIT (NYSE:CIO) from a hold rating to a strong sell rating in a research report sent to investors on Wednesday.

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. “

CIO has been the topic of several other reports. Deutsche Bank lowered City Office REIT from a buy rating to a hold rating and dropped their target price for the stock from $16.00 to $13.00 in a research report on Wednesday, January 10th. ValuEngine raised City Office REIT from a hold rating to a buy rating in a research report on Friday, December 1st. Finally, B. Riley reaffirmed a buy rating and issued a $14.50 target price on shares of City Office REIT in a research report on Tuesday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $14.25.

Shares of City Office REIT (CIO) traded up $0.01 during midday trading on Wednesday, reaching $10.45. The company’s stock had a trading volume of 14,684 shares, compared to its average volume of 281,147. City Office REIT has a 1 year low of $10.15 and a 1 year high of $13.93. The company has a debt-to-equity ratio of 2.80, a current ratio of 3.94 and a quick ratio of 3.94. The firm has a market capitalization of $379.93, a price-to-earnings ratio of -61.41, a PEG ratio of 1.10 and a beta of 0.09.

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 25th. Stockholders of record on Thursday, January 11th were paid a $0.235 dividend. The ex-dividend date was Wednesday, January 10th. This represents a $0.94 annualized dividend and a dividend yield of 9.00%. City Office REIT’s payout ratio is -552.94%.

Several large investors have recently added to or reduced their stakes in the company. Real Estate Management Services LLC grew its stake in shares of City Office REIT by 154.6% in the fourth quarter. Real Estate Management Services LLC now owns 1,706,875 shares of the real estate investment trust’s stock worth $22,206,000 after purchasing an additional 1,036,532 shares in the last quarter. BlackRock Inc. grew its stake in shares of City Office REIT by 1.3% in the fourth quarter. BlackRock Inc. now owns 1,554,757 shares of the real estate investment trust’s stock worth $20,228,000 after purchasing an additional 20,130 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of City Office REIT by 66.7% in the fourth quarter. Renaissance Technologies LLC now owns 1,371,549 shares of the real estate investment trust’s stock worth $17,844,000 after purchasing an additional 548,749 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of City Office REIT by 4.5% in the third quarter. Principal Financial Group Inc. now owns 1,099,528 shares of the real estate investment trust’s stock worth $15,141,000 after purchasing an additional 47,492 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of City Office REIT by 5.4% in the second quarter. Vanguard Group Inc. now owns 1,093,747 shares of the real estate investment trust’s stock worth $13,891,000 after purchasing an additional 56,367 shares in the last quarter. 52.02% of the stock is owned by 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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