CIM Commercial Trust (NASDAQ:CMCT) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of CIM Commercial Trust (NASDAQ:CMCT) from a hold rating to a buy rating in a report published on Wednesday morning, BidAskClub reports.

Separately, TheStreet raised shares of CIM Commercial Trust from a c+ rating to a b rating in a research note on Thursday, June 6th.

NASDAQ:CMCT opened at $21.80 on Wednesday. The company has a quick ratio of 17.56, a current ratio of 23.02 and a debt-to-equity ratio of 0.24. CIM Commercial Trust has a fifty-two week low of $12.90 and a fifty-two week high of $23.10. The firm’s fifty day simple moving average is $20.67 and its 200-day simple moving average is $19.40.

CIM Commercial Trust shares are scheduled to reverse split on Tuesday, September 3rd. The 1-3 reverse split was announced on Thursday, August 8th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, August 30th.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Friday, September 6th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.30 dividend on an annualized basis and a yield of 1.38%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in CIM Commercial Trust by 284.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,497 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 1,108 shares during the last quarter. Nisa Investment Advisors LLC acquired a new stake in CIM Commercial Trust in the 1st quarter valued at about $37,000. Morgan Stanley grew its stake in CIM Commercial Trust by 4,484.5% in the 2nd quarter. Morgan Stanley now owns 5,318 shares of the real estate investment trust’s stock valued at $110,000 after acquiring an additional 5,202 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new stake in CIM Commercial Trust in the 2nd quarter valued at about $303,000. Finally, Northern Trust Corp grew its stake in CIM Commercial Trust by 8.9% in the 2nd quarter. Northern Trust Corp now owns 20,635 shares of the real estate investment trust’s stock valued at $426,000 after acquiring an additional 1,689 shares during the last quarter. 1.23% of the stock is currently owned by hedge funds and other institutional investors.

CIM Commercial Trust Company Profile

CIM Commercial is a real estate investment trust that primarily acquires, owns, and operates Class A and creative office assets in vibrant and improving metropolitan communities throughout the United States. Its properties are primarily located in Los Angeles, the San Francisco Bay Area and Washington, DC CIM Commercial is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities.

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