City Office REIT (CIO) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of City Office REIT (NYSE:CIO) from a sell rating to a hold rating in a report released on Tuesday morning.

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. “

A number of other brokerages have also commented on CIO. Boenning Scattergood restated a buy rating on shares of City Office REIT in a research report on Thursday, February 28th. TheStreet upgraded City Office REIT from a c rating to a b- rating in a research report on Wednesday, February 27th. Finally, ValuEngine upgraded City Office REIT from a sell rating to a hold rating in a research report on Wednesday, December 5th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of Buy and an average target price of $13.80.

Shares of NYSE CIO opened at $11.08 on Tuesday. City Office REIT has a one year low of $9.73 and a one year high of $13.20. The stock has a market cap of $439.84 million, a price-to-earnings ratio of 9.98, a price-to-earnings-growth ratio of 1.26 and a beta of 0.50. The company has a debt-to-equity ratio of 2.25, a current ratio of 2.29 and a quick ratio of 2.29.

In other City Office REIT news, COO Gregory Tylee purchased 5,000 shares of the company’s stock in a transaction on Thursday, December 27th. The shares were bought at an average cost of $9.83 per share, with a total value of $49,150.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James Thomas Farrar purchased 8,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $11.39 per share, for a total transaction of $91,120.00. Following the completion of the transaction, the chief executive officer now owns 232,497 shares in the company, valued at $2,648,140.83. The disclosure for this purchase can be found here. 2.70% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Cutler Group LP increased its position in City Office REIT by 346.7% in the 4th quarter. Cutler Group LP now owns 2,640 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 2,049 shares during the period. State of Alaska Department of Revenue increased its position in City Office REIT by 11.5% in the 4th quarter. State of Alaska Department of Revenue now owns 12,663 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 1,305 shares during the period. Metropolitan Life Insurance Co. NY increased its position in City Office REIT by 246.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 14,758 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 10,500 shares during the period. Nisa Investment Advisors LLC increased its position in City Office REIT by 640.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 14,800 shares of the real estate investment trust’s stock worth $152,000 after buying an additional 12,800 shares during the period. Finally, Boston Advisors LLC increased its position in City Office REIT by 25.9% in the 4th quarter. Boston Advisors LLC now owns 18,475 shares of the real estate investment trust’s stock worth $189,000 after buying an additional 3,795 shares during the period. 75.21% of the stock is currently owned by institutional investors.

City Office REIT Company Profile

City Office REIT, Inc is a real estate investment trust. It focuses on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. The company was founded on November 26, 2013 and is headquartered in Vancouver, Canada.

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