City Office REIT Inc (NYSE:CIO) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 802,948 shares, an increase of 58.4% from the September 28th total of 506,850 shares. Based on an average daily volume of 262,308 shares, the short-interest ratio is currently 3.1 days. Currently, 2.3% of the shares of the stock are sold short.
A number of hedge funds have recently added to or reduced their stakes in CIO. Renaissance Technologies LLC raised its holdings in City Office REIT by 28.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,558,500 shares of the real estate investment trust’s stock valued at $19,996,000 after acquiring an additional 346,900 shares during the last quarter. BlackRock Inc. increased its holdings in shares of City Office REIT by 16.5% during the 1st quarter. BlackRock Inc. now owns 1,811,738 shares of the real estate investment trust’s stock worth $20,944,000 after buying an additional 256,981 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of City Office REIT during the 2nd quarter worth approximately $3,079,000. American Century Companies Inc. acquired a new stake in shares of City Office REIT during the 2nd quarter worth approximately $2,521,000. Finally, Dalton Greiner Hartman Maher & Co. increased its holdings in shares of City Office REIT by 43.3% during the 2nd quarter. Dalton Greiner Hartman Maher & Co. now owns 557,973 shares of the real estate investment trust’s stock worth $7,159,000 after buying an additional 168,485 shares during the last quarter. Institutional investors own 69.05% of the company’s stock.
CIO stock opened at $10.91 on Friday. The stock has a market capitalization of $410.47 million, a price-to-earnings ratio of 11.35, a price-to-earnings-growth ratio of 1.14 and a beta of 0.16. The company has a debt-to-equity ratio of 1.75, a current ratio of 3.45 and a quick ratio of 3.45. City Office REIT has a 12 month low of $10.03 and a 12 month high of $13.43.
City Office REIT (NYSE:CIO) last released its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported ($0.08) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.08). City Office REIT had a net margin of 36.89% and a return on equity of 17.42%. On average, sell-side analysts expect that City Office REIT will post 1.1 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Thursday, October 11th were issued a $0.235 dividend. The ex-dividend date was Wednesday, October 10th. This represents a $0.94 dividend on an annualized basis and a yield of 8.62%. City Office REIT’s payout ratio is 96.91%.
Several research firms recently weighed in on CIO. Zacks Investment Research downgraded shares of City Office REIT from a “buy” rating to a “hold” rating in a research report on Tuesday. TheStreet downgraded shares of City Office REIT from a “b-” rating to a “c+” rating in a research report on Thursday, October 11th. ValuEngine downgraded shares of City Office REIT from a “hold” rating to a “sell” rating in a report on Friday, October 12th. JMP Securities started coverage on shares of City Office REIT in a report on Tuesday, October 9th. They issued an “outperform” rating and a $14.00 price objective for the company. Finally, B. Riley increased their price objective on shares of City Office REIT from $13.50 to $14.00 and gave the company a “buy” rating in a report on Monday, August 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $14.17.
City Office REIT Company Profile
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 June 30, 2018, CIO owned office complexes comprising 4.9 million square feet of net rentable area (NRA).
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