City Office REIT (CIO) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of City Office REIT (NYSE:CIO) from a buy rating to a hold rating in a research note published on Tuesday.

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. “

CIO has been the topic of a number of other reports. TheStreet cut shares of City Office REIT from a b- rating to a c+ rating in a research note on Thursday, October 11th. JMP Securities assumed coverage on shares of City Office REIT in a research note on Tuesday, October 9th. They issued an outperform rating and a $14.00 price objective on the stock. Boenning Scattergood assumed coverage on shares of City Office REIT in a research note on Tuesday, July 10th. They issued a buy rating and a $15.00 price objective on the stock. B. Riley lifted their price objective on shares of City Office REIT from $13.50 to $14.00 and gave the company a buy rating in a research note on Monday, August 6th. Finally, ValuEngine cut shares of City Office REIT from a hold rating to a sell rating in a research note on Friday, October 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $14.17.

Shares of NYSE:CIO opened at $10.66 on Tuesday. The company has a market capitalization of $398.19 million, a P/E ratio of 10.60, a PEG ratio of 1.11 and a beta of 0.33. The company has a current ratio of 3.45, a quick ratio of 3.45 and a debt-to-equity ratio of 1.75. City Office REIT has a 1 year low of $10.03 and a 1 year high of $13.43.

City Office REIT (NYSE:CIO) last announced its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $33.55 million for the quarter, compared to analysts’ expectations of $33.16 million. City Office REIT had a net margin of 36.89% and a return on equity of 17.42%. As a group, equities analysts predict that City Office REIT will post 1.1 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Thursday, October 11th were given a $0.235 dividend. The ex-dividend date of this dividend was Wednesday, October 10th. This represents a $0.94 dividend on an annualized basis and a yield of 8.82%. City Office REIT’s dividend payout ratio is currently 96.91%.

A number of institutional investors have recently modified their holdings of CIO. Renaissance Technologies LLC boosted its position in City Office REIT by 28.6% in the second quarter. Renaissance Technologies LLC now owns 1,558,500 shares of the real estate investment trust’s stock valued at $19,996,000 after buying an additional 346,900 shares in the last quarter. BlackRock Inc. boosted its position in City Office REIT by 16.5% in the first quarter. BlackRock Inc. now owns 1,811,738 shares of the real estate investment trust’s stock valued at $20,944,000 after buying an additional 256,981 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in City Office REIT in the second quarter valued at approximately $3,079,000. American Century Companies Inc. acquired a new stake in City Office REIT in the second quarter valued at approximately $2,521,000. Finally, Dalton Greiner Hartman Maher & Co. boosted its position in City Office REIT by 43.3% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 557,973 shares of the real estate investment trust’s stock valued at $7,159,000 after buying an additional 168,485 shares in the last quarter. Hedge funds and other institutional investors own 69.05% of the company’s stock.

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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