City Office REIT Inc (NYSE:CIO) has been given a consensus rating of “Buy” by the eight analysts that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $11.80.
Several analysts have weighed in on CIO shares. Zacks Investment Research raised City Office REIT from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Thursday, July 16th. B. Riley lifted their price target on City Office REIT from $12.00 to $13.00 in a research report on Wednesday, June 10th. TheStreet downgraded City Office REIT from a “c-” rating to a “d+” rating in a report on Wednesday, April 8th. Finally, Royal Bank of Canada lowered their price objective on City Office REIT from $15.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, May 22nd.
Institutional investors have recently added to or reduced their stakes in the business. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of City Office REIT by 48.7% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,053 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 1,000 shares in the last quarter. Swiss National Bank raised its holdings in City Office REIT by 1.4% in the first quarter. Swiss National Bank now owns 105,800 shares of the real estate investment trust’s stock worth $765,000 after buying an additional 1,500 shares during the last quarter. Alps Advisors Inc. lifted its stake in shares of City Office REIT by 2.2% in the first quarter. Alps Advisors Inc. now owns 93,630 shares of the real estate investment trust’s stock worth $677,000 after buying an additional 2,001 shares in the last quarter. Atlantic Trust LLC grew its holdings in shares of City Office REIT by 4.7% during the first quarter. Atlantic Trust LLC now owns 47,669 shares of the real estate investment trust’s stock valued at $345,000 after buying an additional 2,155 shares during the last quarter. Finally, Hancock Whitney Corp increased its position in shares of City Office REIT by 20.8% during the first quarter. Hancock Whitney Corp now owns 12,762 shares of the real estate investment trust’s stock valued at $92,000 after acquiring an additional 2,201 shares in the last quarter. 89.34% of the stock is currently owned by institutional investors and hedge funds.
City Office REIT (NYSE:CIO) last posted its earnings results on Thursday, May 7th. The real estate investment trust reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.27). City Office REIT had a return on equity of 1.01% and a net margin of 2.33%. The company had revenue of $40.12 million during the quarter, compared to analysts’ expectations of $39.35 million. Equities research analysts anticipate that City Office REIT will post 1.06 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Friday, July 10th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 6.94%. The ex-dividend date of this dividend was Thursday, July 9th. City Office REIT’s dividend payout ratio (DPR) is presently 51.28%.
City Office REIT Company Profile
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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