RMR Advisors LLC lifted its holdings in City Office REIT Inc (NYSE:CIO) by 22.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 144,253 shares of the real estate investment trust’s stock after acquiring an additional 26,470 shares during the quarter. RMR Advisors LLC owned 0.36% of City Office REIT worth $1,730,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Princeton Capital Management LLC increased its stake in shares of City Office REIT by 122.4% in the first quarter. Princeton Capital Management LLC now owns 2,371 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 1,305 shares during the period. FMR LLC acquired a new stake in shares of City Office REIT in the first quarter worth $31,000. Cutler Group LP increased its stake in shares of City Office REIT by 40.9% in the first quarter. Cutler Group LP now owns 3,720 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 1,080 shares during the period. BNP Paribas Arbitrage SA increased its stake in shares of City Office REIT by 556.7% in the first quarter. BNP Paribas Arbitrage SA now owns 7,145 shares of the real estate investment trust’s stock worth $81,000 after acquiring an additional 6,057 shares during the period. Finally, WINTON GROUP Ltd increased its stake in shares of City Office REIT by 12.7% in the second quarter. WINTON GROUP Ltd now owns 12,236 shares of the real estate investment trust’s stock worth $147,000 after acquiring an additional 1,378 shares during the period. Hedge funds and other institutional investors own 74.49% of the company’s stock.
NYSE CIO traded down $0.02 during mid-day trading on Friday, reaching $12.65. 400,908 shares of the stock were exchanged, compared to its average volume of 194,576. The business has a 50 day simple moving average of $12.23. City Office REIT Inc has a 1 year low of $9.73 and a 1 year high of $13.06. The stock has a market cap of $502.18 million, a P/E ratio of 10.83, a P/E/G ratio of 1.37 and a beta of 0.46. The company has a quick ratio of 2.76, a current ratio of 2.76 and a debt-to-equity ratio of 2.53.
City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.30). City Office REIT had a negative return on equity of 2.79% and a negative net margin of 5.50%. The firm had revenue of $41.17 million for the quarter, compared to analysts’ expectations of $38.17 million. Equities analysts forecast that City Office REIT Inc will post 1.16 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were issued a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 7.43%. The ex-dividend date of this dividend was Wednesday, July 10th. City Office REIT’s dividend payout ratio (DPR) is presently 87.04%.
A number of research firms have recently weighed in on CIO. Deutsche Bank cut their price objective on shares of City Office REIT from $13.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, April 10th. Boenning Scattergood reiterated a “buy” rating and issued a $14.50 price objective on shares of City Office REIT in a research note on Monday, May 6th. B. Riley increased their price target on shares of City Office REIT from $12.50 to $13.50 and gave the stock a “buy” rating in a report on Friday. Finally, Zacks Investment Research downgraded shares of City Office REIT from a “buy” rating to a “hold” rating in a report on Wednesday, July 3rd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $13.40.
In other news, Director John Sweet purchased 3,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were purchased at an average cost of $11.84 per share, with a total value of $35,520.00. Following the completion of the acquisition, the director now owns 9,867 shares of the company’s stock, valued at approximately $116,825.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.00% of the company’s stock.
About City Office REIT
City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. At December 31, 2018, CIO owned office complexes comprising 5.7 million square feet of net rentable area (NRA).
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