City Office REIT (NYSE:CIO) Upgraded at Zacks Investment Research

City Office REIT (NYSE:CIO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage currently has a $8.75 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.18% from the company’s current price.

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. “

Other analysts have also issued research reports about the company. Royal Bank of Canada dropped their target price on City Office REIT from $15.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, May 22nd. ValuEngine downgraded City Office REIT from a “sell” rating to a “strong sell” rating in a research report on Friday, September 11th. Finally, B. Riley boosted their price target on City Office REIT from $12.00 to $13.00 in a research report on Wednesday, June 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. City Office REIT presently has an average rating of “Hold” and a consensus price target of $11.35.

Shares of City Office REIT stock traded up $0.03 during trading on Wednesday, reaching $7.87. The stock had a trading volume of 330,693 shares, compared to its average volume of 500,507. The company has a market capitalization of $341.53 million, a price-to-earnings ratio of -78.70 and a beta of 1.15. The stock has a fifty day moving average price of $8.51 and a two-hundred day moving average price of $9.10. City Office REIT has a 52 week low of $6.50 and a 52 week high of $14.50. The company has a current ratio of 4.12, a quick ratio of 4.12 and a debt-to-equity ratio of 2.14.

City Office REIT (NYSE:CIO) last released its earnings results on Thursday, August 6th. The real estate investment trust reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.29). City Office REIT had a return on equity of 0.78% and a net margin of 1.90%. On average, equities analysts forecast that City Office REIT will post 1.09 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in shares of City Office REIT by 20.3% in the first quarter. Victory Capital Management Inc. now owns 1,350,733 shares of the real estate investment trust’s stock valued at $9,766,000 after purchasing an additional 227,755 shares during the last quarter. State Street Corp grew its position in shares of City Office REIT by 2.9% in the first quarter. State Street Corp now owns 1,319,066 shares of the real estate investment trust’s stock valued at $9,537,000 after purchasing an additional 37,553 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of City Office REIT by 4.0% in the first quarter. JPMorgan Chase & Co. now owns 1,074,277 shares of the real estate investment trust’s stock valued at $7,767,000 after purchasing an additional 41,498 shares during the last quarter. Geode Capital Management LLC grew its position in shares of City Office REIT by 12.1% in the first quarter. Geode Capital Management LLC now owns 783,561 shares of the real estate investment trust’s stock valued at $5,665,000 after purchasing an additional 84,350 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of City Office REIT by 0.8% in the first quarter. Invesco Ltd. now owns 704,801 shares of the real estate investment trust’s stock valued at $5,096,000 after purchasing an additional 5,421 shares during the last quarter. 85.17% of the stock is currently owned by 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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