City Office REIT (NYSE:CIO) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of City Office REIT (NYSE:CIO) from a sell rating to a hold rating in a research note published on Thursday morning, Zacks.com reports.

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. “

CIO has been the topic of several other research reports. B. Riley boosted their price objective on shares of City Office REIT from $12.50 to $13.50 and gave the stock a buy rating in a report on Friday, August 2nd. JMP Securities boosted their price objective on shares of City Office REIT from $14.00 to $15.00 and gave the stock a market outperform rating in a report on Thursday, September 12th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $14.00.

Shares of NYSE:CIO traded down $0.28 on Thursday, hitting $13.30. 420,498 shares of the company were exchanged, compared to its average volume of 357,224. The company’s 50 day moving average price is $13.73 and its two-hundred day moving average price is $12.75. City Office REIT has a one year low of $9.73 and a one year high of $14.50. The company has a debt-to-equity ratio of 1.83, a quick ratio of 2.70 and a current ratio of 2.26. The firm has a market capitalization of $728.20 million, a price-to-earnings ratio of 12.31, a PEG ratio of 1.43 and a beta of 0.44.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 11th were paid a $0.235 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $0.94 dividend on an annualized basis and a yield of 7.07%. City Office REIT’s payout ratio is currently 87.04%.

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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Schroder Investment Management Group increased its stake in City Office REIT by 5.1% in the second quarter. Schroder Investment Management Group now owns 79,493 shares of the real estate investment trust’s stock valued at $953,000 after acquiring an additional 3,830 shares during the period. Keeley Teton Advisors LLC increased its stake in City Office REIT by 155.4% in the second quarter. Keeley Teton Advisors LLC now owns 618,974 shares of the real estate investment trust’s stock valued at $7,421,000 after acquiring an additional 376,646 shares during the period. Renaissance Technologies LLC increased its stake in City Office REIT by 6.4% in the second quarter. Renaissance Technologies LLC now owns 1,839,796 shares of the real estate investment trust’s stock valued at $22,059,000 after acquiring an additional 111,100 shares during the period. WESPAC Advisors LLC increased its stake in City Office REIT by 23.0% in the second quarter. WESPAC Advisors LLC now owns 128,278 shares of the real estate investment trust’s stock valued at $1,538,000 after acquiring an additional 23,986 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in City Office REIT by 2.0% during the second quarter. JPMorgan Chase & Co. now owns 115,115 shares of the real estate investment trust’s stock worth $1,375,000 after buying an additional 2,273 shares during the last quarter. 60.58% of the stock is currently owned by institutional investors and hedge funds.

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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