City Office REIT Inc (CIO) Short Interest Up 58.4% in October

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City Office REIT Inc (NYSE:CIO) saw a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 802,948 shares, an increase of 58.4% from the September 28th total of 506,850 shares. Based on an average trading volume of 262,308 shares, the short-interest ratio is currently 3.1 days. Approximately 2.3% of the shares of the stock are sold short.

Institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in shares of City Office REIT during the 2nd quarter worth approximately $101,000. Ladenburg Thalmann Financial Services Inc. grew its stake in City Office REIT by 163.1% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,140 shares of the real estate investment trust’s stock worth $129,000 after acquiring an additional 6,906 shares during the period. State of Alaska Department of Revenue purchased a new stake in City Office REIT in the 3rd quarter worth approximately $143,000. Private Advisor Group LLC purchased a new stake in City Office REIT in the 2nd quarter worth approximately $185,000. Finally, Boston Advisors LLC purchased a new stake in City Office REIT in the 2nd quarter worth approximately $188,000. Hedge funds and other institutional investors own 69.05% of the company’s stock.

Shares of City Office REIT stock opened at $11.02 on Thursday. The company has a debt-to-equity ratio of 1.75, a current ratio of 3.45 and a quick ratio of 3.45. City Office REIT has a 1 year low of $10.03 and a 1 year high of $13.43. The company has a market cap of $407.95 million, a P/E ratio of 11.36, a P/E/G ratio of 1.15 and a beta of 0.16.

City Office REIT (NYSE:CIO) last issued its quarterly earnings data on Thursday, August 2nd. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analyst estimates of $31.09 million. On average, analysts forecast that City Office REIT will post 1.1 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Investors of record on Thursday, October 11th were given a dividend of $0.235 per share. The ex-dividend date of this dividend was Wednesday, October 10th. This represents a $0.94 annualized dividend and a dividend yield of 8.53%. City Office REIT’s dividend payout ratio is currently 96.91%.

A number of equities research analysts have recently issued reports on the stock. B. Riley lifted their price target 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. ValuEngine downgraded City Office REIT from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Boenning Scattergood began coverage on City Office REIT in a research report on Tuesday, July 10th. They set a “buy” rating and a $15.00 price objective for the company. JMP Securities began coverage on City Office REIT in a research report on Tuesday, October 9th. They set an “outperform” rating and a $14.00 price objective for the company. Finally, Zacks Investment Research downgraded City Office REIT from a “buy” rating to a “hold” rating in a research report on Monday, September 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $14.17.

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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