Martingale Asset Management L P Grows Holdings in City Office REIT, Inc. $CIO

Key Points

• Martingale Asset Management L P increased its stake in City Office REIT by 38.6% in the first quarter, holding 197,082 shares valued at approximately $1,023,000.
• Other hedge funds, including Deutsche Bank AG and GAMMA Investing LLC, also acquired or increased their positions in City Office REIT, reflecting growing institutional interest.
• City Office REIT announced a quarterly dividend of $0.10, resulting in an annualized yield of 5.8%, despite a negative dividend payout ratio.

Martingale Asset Management L P raised its position in shares of City Office REIT, Inc. (NYSE:CIO - Free Report) by 38.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 197,082 shares of the real estate investment trust's stock after acquiring an additional 54,861 shares during the period. Martingale Asset Management L P owned approximately 0.49% of City Office REIT worth $1,023,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Segall Bryant & Hamill LLC acquired a new position in shares of City Office REIT in the 1st quarter valued at about $1,474,000. Bank of America Corp DE raised its holdings in City Office REIT by 66.7% in the fourth quarter. Bank of America Corp DE now owns 38,606 shares of the real estate investment trust's stock valued at $213,000 after buying an additional 15,446 shares during the period. Man Group plc acquired a new position in City Office REIT during the fourth quarter valued at approximately $425,000. Two Sigma Investments LP grew its stake in City Office REIT by 59.5% during the fourth quarter. Two Sigma Investments LP now owns 148,192 shares of the real estate investment trust's stock worth $818,000 after buying an additional 55,258 shares during the period. Finally, Millennium Management LLC purchased a new stake in City Office REIT during the fourth quarter worth approximately $1,283,000. 67.47% of the stock is currently owned by hedge funds and other institutional investors.

City Office REIT Stock Up 0.1%

Shares of CIO traded up $0.01 during mid-day trading on Friday, reaching $6.94. 69,475 shares of the stock traded hands, compared to its average volume of 288,963. The stock has a fifty day simple moving average of $6.27 and a 200 day simple moving average of $5.44. City Office REIT, Inc. has a 12-month low of $4.19 and a 12-month high of $6.99. The company has a quick ratio of 3.31, a current ratio of 3.31 and a debt-to-equity ratio of 1.29. The firm has a market cap of $279.90 million, a price-to-earnings ratio of -2.19, a P/E/G ratio of 1.12 and a beta of 1.73.

City Office REIT (NYSE:CIO - Get Free Report) last announced its earnings results on Thursday, July 31st. The real estate investment trust reported $0.28 earnings per share for the quarter, meeting the consensus estimate of $0.28. City Office REIT had a negative net margin of 71.27% and a negative return on equity of 20.26%. The business had revenue of $42.20 million during the quarter, compared to the consensus estimate of $42.54 million. Sell-side analysts expect that City Office REIT, Inc. will post 1 EPS for the current fiscal year.

City Office REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Thursday, July 10th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend was Thursday, July 10th. City Office REIT's payout ratio is presently -12.62%.

Wall Street Analyst Weigh In

Separately, Janney Montgomery Scott reissued a "neutral" rating on shares of City Office REIT in a research note on Friday, July 25th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold".

About City Office REIT

City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located predominantly in Sun Belt markets. City Office currently owns or has a controlling interest in 5.7 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S.