City Office REIT (NYSE:CIO) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research report issued on Wednesday, 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. "
Several other research analysts have also recently commented on the stock. B. Riley raised their target price on shares of City Office REIT from $12.00 to $13.00 in a report on Wednesday, June 10th. ValuEngine cut shares of City Office REIT from a "sell" rating to a "strong sell" rating in a report on Friday, September 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company's stock. City Office REIT presently has an average rating of "Hold" and a consensus target price of $11.25.
Shares of NYSE:CIO traded down $0.36 during trading hours on Wednesday, hitting $7.07. 338,971 shares of the company's stock traded hands, compared to its average volume of 503,438. City Office REIT has a 52 week low of $6.50 and a 52 week high of $14.50. The company has a debt-to-equity ratio of 2.14, a quick ratio of 4.12 and a current ratio of 4.12. The company's fifty day simple moving average is $8.33 and its two-hundred day simple moving average is $8.95. The company has a market cap of $306.82 million, a price-to-earnings ratio of -70.70 and a beta of 1.15.
City Office REIT (NYSE:CIO) last announced its earnings results on Thursday, August 6th. The real estate investment trust reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.26 by ($0.29). City Office REIT had a return on equity of 0.78% and a net margin of 1.90%. On average, analysts anticipate that City Office REIT will post 1.09 EPS for the current fiscal year.
In other City Office REIT news, CEO James Thomas Farrar acquired 11,500 shares of the business's stock in a transaction that occurred on Monday, September 21st. The shares were purchased at an average price of $7.48 per share, with a total value of $86,020.00. Following the completion of the transaction, the chief executive officer now owns 362,834 shares in the company, valued at $2,713,998.32. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 2.60% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. FMR LLC acquired a new stake in shares of City Office REIT in the first quarter worth $31,000. Advisor Group Holdings Inc. acquired a new stake in City Office REIT during the first quarter worth $82,000. Hancock Whitney Corp boosted its stake in City Office REIT by 20.8% during the first quarter. Hancock Whitney Corp now owns 12,762 shares of the real estate investment trust's stock worth $92,000 after buying an additional 2,201 shares in the last quarter. Arizona State Retirement System acquired a new stake in City Office REIT during the first quarter worth $93,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in City Office REIT by 22.5% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,038 shares of the real estate investment trust's stock worth $109,000 after buying an additional 2,765 shares in the last quarter. Institutional investors own 85.17% of the company's stock.
City Office REIT Company Profile
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).
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