LSV Asset Management trimmed its position in shares of City Office REIT (NYSE:CIO) by 10.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 835,150 shares of the real estate investment trust’s stock after selling 92,600 shares during the quarter. LSV Asset Management’s holdings in City Office REIT were worth $9,654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wedbush Securities Inc. lifted its holdings in shares of City Office REIT by 42.2% during the 4th quarter. Wedbush Securities Inc. now owns 40,598 shares of the real estate investment trust’s stock valued at $528,000 after buying an additional 12,040 shares during the period. Fuller & Thaler Asset Management Inc. bought a new position in shares of City Office REIT during the 4th quarter valued at $1,624,000. Schroder Investment Management Group bought a new position in shares of City Office REIT during the 4th quarter valued at $188,000. Kennedy Capital Management Inc. lifted its holdings in shares of City Office REIT by 137.6% during the 4th quarter. Kennedy Capital Management Inc. now owns 655,799 shares of the real estate investment trust’s stock valued at $8,532,000 after buying an additional 379,769 shares during the period. Finally, Citadel Advisors LLC purchased a new stake in shares of City Office REIT in the 4th quarter worth $502,000. 63.06% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Stephen B. Shraiberg acquired 10,000 shares of City Office REIT stock in a transaction dated Thursday, March 8th. The stock was purchased at an average cost of $11.05 per share, for a total transaction of $110,500.00. Following the purchase, the director now directly owns 71,681 shares of the company’s stock, valued at approximately $792,075.05. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.20% of the company’s stock.
NYSE:CIO opened at $11.44 on Friday. The company has a quick ratio of 3.87, a current ratio of 3.87 and a debt-to-equity ratio of 1.48. The firm has a market capitalization of $415.52 million, a PE ratio of 11.62, a P/E/G ratio of 1.17 and a beta of 0.12. City Office REIT has a one year low of $10.03 and a one year high of $13.93.
City Office REIT (NYSE:CIO) last posted its quarterly earnings data on Friday, May 4th. The real estate investment trust reported $1.24 EPS for the quarter, topping the consensus estimate of $0.25 by $0.99. The firm had revenue of $31.53 million during the quarter, compared to analyst estimates of $31.14 million. City Office REIT had a return on equity of 23.51% and a net margin of 48.20%. sell-side analysts expect that City Office REIT will post 1.09 EPS for the current fiscal year.
City Office REIT announced that its Board of Directors has initiated a share 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 often a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 25th. Stockholders of record on Wednesday, April 11th were paid a $0.235 dividend. The ex-dividend date of this dividend was Tuesday, April 10th. This represents a $0.94 annualized dividend and a dividend yield of 8.22%. City Office REIT’s dividend payout ratio (DPR) is 96.91%.
Several research firms have recently commented on CIO. ValuEngine lowered City Office REIT from a “buy” rating to a “hold” rating in a research note on Wednesday, April 11th. Zacks Investment Research upgraded City Office REIT from a “sell” rating to a “hold” rating in a research note on Monday, March 12th. Finally, B. Riley set a $14.00 price objective on City Office REIT and gave the stock a “buy” rating in a research note on Friday, March 2nd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. City Office REIT currently has an average rating of “Hold” and a consensus price target of $14.13.
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?).
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