City Office REIT (CIO) Cut to C+ at TheStreet

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City Office REIT (NYSE:CIO) was downgraded by investment analysts at TheStreet from a “b-” rating to a “c+” rating in a research note issued to investors on Thursday.

CIO has been the subject of several other reports. Royal Bank of Canada began coverage on City Office REIT in a research note on Wednesday, June 27th. They set an “outperform” rating and a $14.00 target price for the company. Zacks Investment Research downgraded City Office REIT from a “buy” rating to a “hold” rating in a research note on Monday, September 3rd. Boenning Scattergood set a $15.00 target price on City Office REIT and gave the stock a “buy” rating in a research note on Friday, August 3rd. JMP Securities began coverage on City Office REIT in a research note on Tuesday. They set an “outperform” rating and a $14.00 target price for the company. Finally, B. Riley upped their target price on City Office REIT from $13.50 to $14.00 and gave the stock a “buy” rating in a research note on Monday, August 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $14.17.

NYSE:CIO traded down $0.18 during trading hours on Thursday, reaching $11.41. The company had a trading volume of 375,186 shares, compared to its average volume of 276,734. City Office REIT has a 1-year low of $10.03 and a 1-year high of $13.47. The company has a market capitalization of $456.00 million, a PE ratio of 11.76, a PEG ratio of 1.27 and a beta of 0.16. The company has a current ratio of 3.45, a quick ratio of 3.45 and a debt-to-equity ratio of 1.75.

City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, August 2nd. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.32). City Office REIT had a net margin of 36.89% and a return on equity of 17.42%. The company had revenue of $30.24 million during the quarter, compared to analyst estimates of $31.09 million. Equities research analysts predict that City Office REIT will post 1.1 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of CIO. Renaissance Technologies LLC increased its position in shares of City Office REIT by 28.6% during the second quarter. Renaissance Technologies LLC now owns 1,558,500 shares of the real estate investment trust’s stock worth $19,996,000 after purchasing an additional 346,900 shares in the last quarter. BlackRock Inc. increased its position in shares of City Office REIT by 16.5% during the first quarter. BlackRock Inc. now owns 1,811,738 shares of the real estate investment trust’s stock worth $20,944,000 after purchasing an additional 256,981 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of City Office REIT during the second quarter worth approximately $3,079,000. American Century Companies Inc. purchased a new stake in shares of City Office REIT during the second quarter worth approximately $2,521,000. Finally, Dalton Greiner Hartman Maher & Co. increased its position in shares of City Office REIT by 43.3% during the second quarter. Dalton Greiner Hartman Maher & Co. now owns 557,973 shares of the real estate investment trust’s stock worth $7,159,000 after purchasing an additional 168,485 shares in the last quarter. Hedge funds and other institutional investors own 69.23% of the company’s stock.

About City Office REIT

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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Analyst Recommendations for City Office REIT (NYSE:CIO)

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