Ladenburg Thalmann Financial Services Inc. lessened its holdings in TIER REIT, Inc. (NYSE:TIER) by 21.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 139,117 shares of the real estate investment trust’s stock after selling 38,809 shares during the period. Ladenburg Thalmann Financial Services Inc. owned about 0.29% of TIER REIT worth $2,684,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in TIER. First Allied Advisory Services Inc. lifted its position in TIER REIT by 35.5% during the third quarter. First Allied Advisory Services Inc. now owns 15,872 shares of the real estate investment trust’s stock valued at $303,000 after acquiring an additional 4,161 shares during the last quarter. OxFORD Asset Management LLP purchased a new stake in TIER REIT during the third quarter valued at approximately $990,000. Dimensional Fund Advisors LP lifted its position in TIER REIT by 10.3% during the third quarter. Dimensional Fund Advisors LP now owns 412,723 shares of the real estate investment trust’s stock valued at $7,966,000 after acquiring an additional 38,566 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in TIER REIT by 24.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 1,108,143 shares of the real estate investment trust’s stock valued at $21,388,000 after acquiring an additional 214,644 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in TIER REIT by 277.3% during the third quarter. Wells Fargo & Company MN now owns 259,356 shares of the real estate investment trust’s stock valued at $5,006,000 after acquiring an additional 190,613 shares during the last quarter. 57.50% of the stock is owned by hedge funds and other institutional investors.
Shares of TIER REIT, Inc. (NYSE:TIER) traded up $0.09 during trading on Friday, reaching $19.58. 264,800 shares of the company’s stock were exchanged, compared to its average volume of 182,297. TIER REIT, Inc. has a twelve month low of $15.90 and a twelve month high of $20.17. The firm has a market cap of $941.07, a price-to-earnings ratio of 12.61 and a beta of 0.94.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.72 dividend on an annualized basis and a yield of 3.68%. TIER REIT’s payout ratio is 39.56%.
In other TIER REIT news, insider William J. Reister sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $19.62, for a total transaction of $147,150.00. Following the transaction, the insider now owns 82,736 shares in the company, valued at approximately $1,623,280.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.20% of the company’s stock.
TIER has been the subject of a number of analyst reports. Zacks Investment Research cut shares of TIER REIT from a “buy” rating to a “hold” rating in a research report on Saturday, August 26th. BidaskClub raised shares of TIER REIT from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. Finally, BMO Capital Markets reissued a “buy” rating and set a $20.00 target price on shares of TIER REIT in a research report on Thursday, November 9th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $20.67.
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About TIER REIT
TIER REIT, Inc is a real estate investment trust. The Company’s business consists of owning, acquiring, developing, operating, investing in, and disposing of real estate assets. The Company’s business is conducted through Tier Operating Partnership LP (Tier OP). As of December 31, 2016, the Company owned interests in 29 operating office properties, one non-operating property and one development property located in 13 markets throughout the United States.
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