City Office REIT (CIO) Lifted to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of City Office REIT (NYSE:CIO) from a sell rating to a hold rating in a research note released on Monday morning, Zacks.com reports.

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. “

Other analysts have also issued research reports about the stock. Deutsche Bank cut their price objective on shares of City Office REIT from $13.00 to $12.00 and set a hold rating on the stock in a research note on Wednesday, April 10th. TheStreet upgraded shares of City Office REIT from a c rating to a b- rating in a research note on Wednesday, February 27th. Finally, Boenning Scattergood reiterated a buy rating on shares of City Office REIT in a research note on Thursday, February 28th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $13.50.

NYSE CIO opened at $11.42 on Monday. The firm has a market capitalization of $451.60 million, a price-to-earnings ratio of 10.57, a P/E/G ratio of 1.29 and a beta of 0.52. City Office REIT has a 12-month low of $9.73 and a 12-month high of $13.20. The company has a debt-to-equity ratio of 2.25, a current ratio of 2.29 and a quick ratio of 2.29.

The company also recently declared a quarterly dividend, which was paid on Thursday, April 25th. Investors of record on Thursday, April 11th were given a dividend of $0.235 per share. The ex-dividend date was Wednesday, April 10th. This represents a $0.94 annualized dividend and a yield of 8.23%. City Office REIT’s dividend payout ratio is presently 87.04%.

In other news, CEO James Thomas Farrar purchased 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were bought at an average price of $11.39 per share, for a total transaction of $91,120.00. Following the completion of the transaction, the chief executive officer now owns 232,497 shares in the company, valued at $2,648,140.83. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.00% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc grew its position in City Office REIT by 11.4% during the third quarter. Vanguard Group Inc now owns 3,558,011 shares of the real estate investment trust’s stock valued at $44,902,000 after buying an additional 365,328 shares during the period. Vanguard Group Inc. grew its position in City Office REIT by 11.4% during the third quarter. Vanguard Group Inc. now owns 3,558,011 shares of the real estate investment trust’s stock valued at $44,902,000 after buying an additional 365,328 shares during the period. BlackRock Inc. grew its position in City Office REIT by 14.8% during the fourth quarter. BlackRock Inc. now owns 2,588,812 shares of the real estate investment trust’s stock valued at $26,536,000 after buying an additional 333,963 shares during the period. LSV Asset Management grew its position in City Office REIT by 25.8% during the fourth quarter. LSV Asset Management now owns 2,102,953 shares of the real estate investment trust’s stock valued at $21,555,000 after buying an additional 430,748 shares during the period. Finally, D.A. Davidson & CO. grew its position in City Office REIT by 1.7% during the fourth quarter. D.A. Davidson & CO. now owns 657,019 shares of the real estate investment trust’s stock valued at $6,734,000 after buying an additional 10,953 shares during the period. Institutional investors own 74.99% of the company’s stock.

About City Office REIT

City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. At December 31, 2018, CIO owned office complexes comprising 5.7 million square feet of net rentable area (“NRA”).

See Also: Special Dividends

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