JMP Securities Begins Coverage on City Office REIT (CIO)

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JMP Securities assumed coverage on shares of City Office REIT (NYSE:CIO) in a research report released on Tuesday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $14.00 price objective on the real estate investment trust’s stock.

A number of other analysts have also recently commented on CIO. Royal Bank of Canada initiated coverage on City Office REIT in a research report on Wednesday, June 27th. They issued an outperform rating and a $14.00 price target on the stock. Boenning Scattergood initiated coverage on City Office REIT in a research report on Tuesday, July 10th. They issued a buy rating and a $15.00 price target on the stock. B. Riley boosted their price target on City Office REIT from $13.50 to $14.00 and gave the stock a buy rating in a research report on Monday, August 6th. Finally, Zacks Investment Research cut 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 issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $14.17.

Shares of CIO opened at $11.41 on Tuesday. 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 has a 52 week low of $10.03 and a 52 week high of $13.47. The company has a market capitalization of $456.00 million, a PE ratio of 11.76, a P/E/G ratio of 1.27 and a beta of 0.16.

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

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 25th. Stockholders 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 dividend yield of 8.24%. City Office REIT’s dividend payout ratio is currently 96.91%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue purchased a new position in City Office REIT in the 3rd quarter worth approximately $143,000. Northern Trust Corp raised its holdings in City Office REIT by 8.2% in the 2nd quarter. Northern Trust Corp now owns 389,209 shares of the real estate investment trust’s stock worth $4,994,000 after acquiring an additional 29,648 shares during the last quarter. Bank of New York Mellon Corp raised its holdings 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 worth $2,556,000 after acquiring an additional 28,569 shares during the last quarter. Renaissance Technologies LLC raised its holdings in City Office REIT by 28.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,558,500 shares of the real estate investment trust’s stock worth $19,996,000 after acquiring an additional 346,900 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new position in City Office REIT in the 2nd quarter worth approximately $271,000. 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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Analyst Recommendations for City Office REIT (NYSE:CIO)

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