New York State Common Retirement Fund cut its stake in TIER REIT Inc (NYSE:TIER) by 20.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 49,571 shares of the real estate investment trust’s stock after selling 12,508 shares during the quarter. New York State Common Retirement Fund’s holdings in TIER REIT were worth $1,421,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. First Trust Advisors LP lifted its stake in TIER REIT by 699.1% in the 4th quarter. First Trust Advisors LP now owns 72,378 shares of the real estate investment trust’s stock valued at $1,493,000 after buying an additional 63,320 shares in the last quarter. Northern Trust Corp lifted its stake in TIER REIT by 4.4% in the 4th quarter. Northern Trust Corp now owns 1,265,169 shares of the real estate investment trust’s stock valued at $26,102,000 after buying an additional 53,293 shares in the last quarter. Executive Wealth Management LLC purchased a new position in TIER REIT in the 4th quarter valued at about $94,000. Public Employees Retirement System of Ohio lifted its stake in TIER REIT by 4.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 61,499 shares of the real estate investment trust’s stock valued at $1,269,000 after buying an additional 2,372 shares in the last quarter. Finally, Nisa Investment Advisors LLC purchased a new position in TIER REIT in the 1st quarter valued at about $72,000. 75.95% of the stock is currently owned by hedge funds and other institutional investors.
TIER has been the subject of a number of recent research reports. BMO Capital Markets increased their price objective on shares of TIER REIT from $24.00 to $29.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. JMP Securities reiterated a “buy” rating and issued a $27.00 price objective on shares of TIER REIT in a report on Wednesday, February 27th. Zacks Investment Research upgraded shares of TIER REIT from a “sell” rating to a “hold” rating in a report on Thursday, May 9th. Finally, Robert W. Baird downgraded shares of TIER REIT from an “outperform” rating to a “neutral” rating and set a $27.26 price objective for the company. in a report on Tuesday, March 26th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. TIER REIT presently has an average rating of “Hold” and an average target price of $28.57.
TIER stock opened at $28.88 on Friday. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 18.20 and a beta of 1.03. TIER REIT Inc has a 12 month low of $19.59 and a 12 month high of $30.09.
In other TIER REIT news, CEO Scott W. Fordham sold 11,250 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $28.45, for a total value of $320,062.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Schelin Telisa Webb sold 4,375 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $28.42, for a total transaction of $124,337.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,000 shares of company stock valued at $720,126. 1.40% of the stock is owned by insiders.
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TIER REIT Profile
TIER REIT, Inc is a publicly traded (NYSE: TIER), self-managed, Dallas-based real estate investment trust focused on owning quality, well-managed commercial office properties in dynamic markets throughout the U.S. Our vision is to be the premier owner and operator of best-in-class office properties in TIER1 submarkets, which are primarily higher density and amenity-rich locations within select, high-growth metropolitan areas that offer a walkable experience to various amenities.
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