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

Zacks Investment Research upgraded shares of City Office REIT (NYSE:CIO) from a sell rating to a hold rating in a research note issued to investors 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. “

Several other research firms also recently issued reports on CIO. B. Riley upped 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 upped 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $14.00.

Shares of CIO stock traded down $0.28 on Thursday, reaching $13.30. 420,498 shares of the stock were exchanged, compared to its average volume of 357,224. The company has a current ratio of 2.26, a quick ratio of 2.70 and a debt-to-equity ratio of 1.83. The business’s 50 day moving average price is $13.73 and its 200 day moving average price is $12.75. The company 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. City Office REIT has a twelve month low of $9.73 and a twelve month high of $14.50.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders 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 annualized dividend and a yield of 7.07%. City Office REIT’s dividend payout ratio is presently 87.04%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIO. Phocas Financial Corp. acquired a new position in City Office REIT in the second quarter valued at $25,000. FMR LLC acquired a new position in City Office REIT in the first quarter valued at $31,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in City Office REIT by 31.9% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 8,273 shares of the real estate investment trust’s stock valued at $99,000 after acquiring an additional 2,000 shares in the last quarter. Wiley BROS. Aintree Capital LLC acquired a new position in City Office REIT in the third quarter valued at $126,000. Finally, WINTON GROUP Ltd boosted its stake in City Office REIT by 12.7% in the second quarter. WINTON GROUP Ltd now owns 12,236 shares of the real estate investment trust’s stock valued at $147,000 after acquiring an additional 1,378 shares in the last quarter. Institutional investors own 60.58% of the company’s stock.

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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