Zacks Investment Research Downgrades City Office REIT (CIO) to Sell

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Zacks Investment Research cut shares of City Office REIT (NYSE:CIO) from a hold rating to a sell rating in a report issued on Tuesday.

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 a number of other reports. TheStreet downgraded shares of City Office REIT from a b- rating to a c+ rating in a report on Thursday, October 11th. JMP Securities initiated coverage on shares of City Office REIT in a report on Tuesday, October 9th. They set an outperform rating and a $14.00 price objective on the stock. Boenning Scattergood set a $15.00 price objective on shares of City Office REIT and gave the company a buy rating in a report on Friday, August 3rd. ValuEngine downgraded shares of City Office REIT from a hold rating to a sell rating in a report on Friday, October 12th. Finally, B. Riley increased their price objective on shares of City Office REIT from $13.50 to $14.00 and gave the company a buy rating in a report on Monday, August 6th. Two research analysts have rated the stock with a sell rating, one has 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.

NYSE CIO traded down $0.28 during mid-day trading on Tuesday, reaching $11.18. 158,254 shares of the stock were exchanged, compared to its average volume of 279,202. City Office REIT has a 1 year low of $10.03 and a 1 year high of $13.43. The company has a market capitalization of $448.43 million, a PE ratio of 11.53, a price-to-earnings-growth ratio of 1.18 and a beta of 0.33. The company has a debt-to-equity ratio of 1.80, a quick ratio of 2.54 and a current ratio of 2.54.

City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported ($0.08) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.08). City Office REIT had a net margin of 34.71% and a return on equity of 15.81%. The firm had revenue of $33.55 million for the quarter, compared to the consensus estimate of $33.16 million. On average, equities analysts expect that City Office REIT will post 1.07 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Thursday, October 11th were issued a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a yield of 8.41%. The ex-dividend date was Wednesday, October 10th. City Office REIT’s payout ratio is 96.91%.

In other City Office REIT news, Director Stephen B. Shraiberg bought 35,000 shares of City Office REIT stock in a transaction dated Monday, November 5th. The stock was acquired at an average cost of $10.79 per share, for a total transaction of $377,650.00. Following the completion of the transaction, the director now directly owns 84,185 shares of the company’s stock, valued at $908,356.15. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.20% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in City Office REIT by 13.3% during the third quarter. BlackRock Inc. now owns 2,254,849 shares of the real estate investment trust’s stock worth $28,455,000 after purchasing an additional 265,203 shares during the last quarter. Martingale Asset Management L P increased its position in City Office REIT by 24.6% during the third quarter. Martingale Asset Management L P now owns 267,091 shares of the real estate investment trust’s stock worth $3,371,000 after purchasing an additional 52,694 shares during the last quarter. AXA acquired a new stake in City Office REIT during the third quarter worth about $252,000. Alliancebernstein L.P. increased its position in City Office REIT by 601.7% during the third quarter. Alliancebernstein L.P. now owns 2,690,383 shares of the real estate investment trust’s stock worth $33,953,000 after purchasing an additional 2,306,960 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in City Office REIT by 1,196.3% during the third quarter. JPMorgan Chase & Co. now owns 157,797 shares of the real estate investment trust’s stock worth $1,992,000 after purchasing an additional 145,624 shares during the last quarter. Institutional investors and hedge funds own 68.22% 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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