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

City Office REIT (NYSE:CIO) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued to clients and investors on Monday, January 8th.

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. “

A number of other research firms also recently issued reports on CIO. FBR & Co restated a “buy” rating on shares of City Office REIT in a research note on Friday, October 6th. ValuEngine upgraded City Office REIT from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, B. Riley reiterated a “buy” rating and set a $14.50 target price on shares of City Office REIT in a research report on Tuesday, November 7th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $14.25.

City Office REIT (NYSE:CIO) traded down $0.20 during midday trading on Monday, reaching $11.32. The company’s stock had a trading volume of 252,473 shares, compared to its average volume of 255,200. City Office REIT has a 1-year low of $11.29 and a 1-year high of $13.93. The company has a current ratio of 3.94, a quick ratio of 3.94 and a debt-to-equity ratio of 2.80. The stock has a market cap of $407.66, a PE ratio of 12.72, a P/E/G ratio of 1.18 and a beta of 0.09.

City Office REIT (NYSE:CIO) last released its quarterly earnings data on Monday, November 6th. The real estate investment trust reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.32). City Office REIT had a return on equity of 1.91% and a net margin of 3.65%. equities analysts forecast that City Office REIT will post 0.95 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN increased its stake in City Office REIT by 0.6% during the second quarter. Wells Fargo & Company MN now owns 87,592 shares of the real estate investment trust’s stock worth $1,112,000 after acquiring an additional 563 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of City Office REIT by 2.8% during the second quarter. Teachers Advisors LLC now owns 58,465 shares of the real estate investment trust’s stock valued at $743,000 after buying an additional 1,572 shares during the period. Martingale Asset Management L P boosted its position in shares of City Office REIT by 1.3% during the second quarter. Martingale Asset Management L P now owns 146,914 shares of the real estate investment trust’s stock valued at $1,866,000 after buying an additional 1,900 shares during the period. Voya Investment Management LLC boosted its position in shares of City Office REIT by 18.8% during the second quarter. Voya Investment Management LLC now owns 15,262 shares of the real estate investment trust’s stock valued at $194,000 after buying an additional 2,420 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of City Office REIT by 11.4% during the second quarter. Royal Bank of Canada now owns 30,859 shares of the real estate investment trust’s stock valued at $392,000 after buying an additional 3,167 shares during the period. 49.31% of the stock is currently owned by institutional investors.

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City Office REIT Company Profile

City Office REIT, Inc is a real estate investment trust. The Company is focused on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. It conducts its operations primarily through City Office REIT Operating Partnership, L.P.

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