City Office REIT Inc (CIO) Receives Average Recommendation of “Buy” from Analysts

City Office REIT Inc (NYSE:CIO) has been given a consensus recommendation of “Buy” by the eight analysts that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $13.58.

A number of equities analysts recently commented on CIO shares. TheStreet upgraded City Office REIT from a “c” rating to a “b-” rating in a report on Wednesday, February 27th. 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. Zacks Investment Research cut City Office REIT from a “buy” rating to a “hold” rating in a research note on Wednesday, February 13th. Finally, Deutsche Bank decreased their price objective on City Office REIT from $13.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, April 10th.

In other City Office REIT news, Director John Sweet bought 3,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were acquired at an average price of $11.84 per share, with a total value of $35,520.00. Following the transaction, the director now owns 9,867 shares of the company’s stock, valued at $116,825.28. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO James Thomas Farrar bought 8,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average cost of $11.39 per share, for a total transaction of $91,120.00. Following the transaction, the chief executive officer now directly owns 232,497 shares in the company, valued at approximately $2,648,140.83. The disclosure for this purchase can be found here. Company insiders own 3.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan acquired a new stake in shares of City Office REIT during the 4th quarter worth about $323,000. Wells Fargo & Company MN raised its position in shares of City Office REIT by 130.6% during the 3rd quarter. Wells Fargo & Company MN now owns 87,962 shares of the real estate investment trust’s stock worth $1,110,000 after acquiring an additional 49,810 shares in the last quarter. Vanguard Group Inc raised its position in shares of City Office REIT by 11.4% during the 3rd quarter. Vanguard Group Inc now owns 3,558,011 shares of the real estate investment trust’s stock worth $44,902,000 after acquiring an additional 365,328 shares in the last quarter. D.A. Davidson & CO. raised its position in shares of City Office REIT by 1.7% during the 4th quarter. D.A. Davidson & CO. now owns 657,019 shares of the real estate investment trust’s stock worth $6,734,000 after acquiring an additional 10,953 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of City Office REIT by 11.5% during 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 acquiring an additional 1,305 shares in the last quarter. 74.46% of the stock is currently owned by institutional investors and hedge funds.

City Office REIT stock traded up $0.14 during midday trading on Friday, reaching $11.97. 221,484 shares of the stock traded hands, compared to its average volume of 196,747. City Office REIT has a 12-month low of $9.73 and a 12-month high of $13.20. The stock has a market capitalization of $474.49 million, a price-to-earnings ratio of 11.08, a price-to-earnings-growth ratio of 1.27 and a beta of 0.52. The company has a debt-to-equity ratio of 2.53, a current ratio of 2.76 and a quick ratio of 2.29.

City Office REIT (NYSE:CIO) last announced its earnings results on Friday, May 3rd. The real estate investment trust reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.35). City Office REIT had a negative net margin of 7.39% and a negative return on equity of 3.51%. The firm had revenue of $37.12 million for the quarter, compared to analysts’ expectations of $36.24 million. Equities research analysts anticipate that City Office REIT will post 1.16 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 25th. Stockholders of record on Thursday, April 11th were paid a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 7.85%. The ex-dividend date of this dividend was Wednesday, April 10th. City Office REIT’s payout ratio is presently 87.04%.

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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Analyst Recommendations for City Office REIT (NYSE:CIO)

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