City Office REIT (NYSE:CIO) Rating Lowered to Hold at Zacks Investment Research

City Office REIT (NYSE:CIO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday, 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. “

A number of other research analysts have also commented on CIO. B. Riley raised their price objective on shares of City Office REIT from $12.50 to $13.50 and gave the company a “buy” rating in a research note on Friday, August 2nd. JMP Securities raised their price objective on shares of City Office REIT from $14.00 to $15.00 and gave the company a “market outperform” rating in a research note on Thursday, September 12th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $14.00.

Shares of NYSE:CIO traded up $0.15 during trading hours on Monday, hitting $13.66. The stock had a trading volume of 369,841 shares, compared to its average volume of 356,255. The stock’s fifty day simple moving average is $13.80 and its 200 day simple moving average is $12.56. City Office REIT has a 1-year low of $9.73 and a 1-year high of $14.50. The firm has a market capitalization of $646.61 million, a price-to-earnings ratio of 12.65, a PEG ratio of 1.43 and a beta of 0.45. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.70 and a current ratio of 2.70.

City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.30). City Office REIT had a negative net margin of 5.50% and a negative return on equity of 2.84%. The firm had revenue of $41.17 million during the quarter, compared to analyst estimates of $38.17 million. As a group, research analysts anticipate that City Office REIT will post 1.18 EPS for the current year.

In other news, Director John Sweet acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average price of $12.85 per share, with a total value of $25,700.00. Following the purchase, the director now owns 13,767 shares of the company’s stock, valued at approximately $176,905.95. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.00% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Schroder Investment Management Group boosted its stake in shares of City Office REIT by 5.1% during the 2nd quarter. Schroder Investment Management Group now owns 79,493 shares of the real estate investment trust’s stock valued at $953,000 after buying an additional 3,830 shares during the period. Keeley Teton Advisors LLC boosted its stake in shares of City Office REIT by 155.4% during the 2nd quarter. Keeley Teton Advisors LLC now owns 618,974 shares of the real estate investment trust’s stock valued at $7,421,000 after buying an additional 376,646 shares during the period. Renaissance Technologies LLC boosted its stake in shares of City Office REIT by 6.4% during the 2nd quarter. Renaissance Technologies LLC now owns 1,839,796 shares of the real estate investment trust’s stock valued at $22,059,000 after buying an additional 111,100 shares during the period. WESPAC Advisors LLC boosted its stake in shares of City Office REIT by 23.0% during the 2nd quarter. WESPAC Advisors LLC now owns 128,278 shares of the real estate investment trust’s stock valued at $1,538,000 after buying an additional 23,986 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of City Office REIT by 2.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 115,115 shares of the real estate investment trust’s stock valued at $1,375,000 after buying an additional 2,273 shares during the period. 61.60% of the stock is owned by hedge funds and other institutional investors.

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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