City Office REIT (CIO) Lowered to Hold at ValuEngine

ValuEngine lowered shares of City Office REIT (NYSE:CIO) from a buy rating to a hold rating in a research report report published on Wednesday morning.

Several other equities research analysts also recently commented on the company. Zacks Investment Research downgraded City Office REIT from a buy rating to a sell rating in a report on Monday, January 8th. B. Riley set a $14.00 target price on City Office REIT and gave the stock a buy rating in a report on Friday, March 2nd. Finally, Deutsche Bank downgraded City Office REIT from a buy rating to a hold rating and dropped their target price for the stock from $16.00 to $13.00 in a report on Wednesday, January 10th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. City Office REIT presently has a consensus rating of Hold and an average price target of $14.13.

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City Office REIT stock opened at $11.42 on Wednesday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 3.13 and a current ratio of 3.13. City Office REIT has a 12 month low of $10.03 and a 12 month high of $13.93. The firm has a market capitalization of $410.30, a price-to-earnings ratio of 11.77, a P/E/G ratio of 1.17 and a beta of 0.12.

City Office REIT (NYSE:CIO) last released its earnings results on Thursday, March 1st. The real estate investment trust reported ($0.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.36). City Office REIT had a return on equity of 2.74% and a net margin of 5.41%. The company had revenue of $31.18 million during the quarter, compared to the consensus estimate of $29.26 million. During the same period last year, the firm posted $0.23 earnings per share. The company’s revenue was up 46.4% compared to the same quarter last year. research analysts predict that City Office REIT will post 1.08 EPS for the current year.

City Office REIT declared that its board has authorized a stock buyback program on Thursday, March 1st that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Wednesday, April 11th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 8.23%. The ex-dividend date is Tuesday, April 10th. City Office REIT’s dividend payout ratio is currently 96.91%.

In other City Office REIT news, Director Stephen B. Shraiberg purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, March 8th. The stock was purchased at an average price of $11.05 per share, for a total transaction of $110,500.00. Following the completion of the purchase, the director now directly owns 71,681 shares of the company’s stock, valued at $792,075.05. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.20% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the company. PVG Asset Management Corp purchased a new position in shares of City Office REIT in the fourth quarter worth $304,000. MetLife Investment Advisors LLC purchased a new position in shares of City Office REIT in the fourth quarter worth $193,000. Millennium Management LLC raised its stake in shares of City Office REIT by 258.0% in the fourth quarter. Millennium Management LLC now owns 681,828 shares of the real estate investment trust’s stock worth $8,871,000 after purchasing an additional 491,383 shares during the last quarter. Raymond James & Associates purchased a new position in shares of City Office REIT in the fourth quarter worth $462,000. Finally, Avenir Corp purchased a new position in shares of City Office REIT in the fourth quarter worth $1,555,000. Hedge funds and other institutional investors own 63.58% of the company’s stock.

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About City Office REIT

City Office REIT, Inc(NYSE: CIO) invests in high-quality office properties in mid-sized metropolitan areas with strong economic fundamentals, primarily in the Southern and Western United States. At December 31, 2017, CIO owned office complexes comprising 5.2 million square feet of net rentable area (?NRA?).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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