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

City Office REIT (NYSE:CIO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday, March 12th.

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. “

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Other analysts have also recently issued reports about the company. ValuEngine raised City Office REIT from a “hold” rating to a “buy” rating in a report on Friday, December 1st. B. Riley set a $14.00 price target on City Office REIT and gave the company a “buy” rating in a research note on Friday, March 2nd. Finally, Deutsche Bank cut City Office REIT from a “buy” rating to a “hold” rating and lowered their price target for the company from $16.00 to $13.00 in a research note on Wednesday, January 10th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $14.13.

NYSE:CIO traded down $0.04 on Monday, hitting $11.87. 240,879 shares of the stock were exchanged, compared to its average volume of 295,433. The stock has a market capitalization of $431.97, a P/E ratio of 12.33, a P/E/G ratio of 1.24 and a beta of 0.12. City Office REIT has a 52 week low of $10.03 and a 52 week high of $13.93. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 1.98.

City Office REIT (NYSE:CIO) last announced its quarterly earnings data on Thursday, March 1st. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.36). The firm had revenue of $31.18 million for the quarter, compared to the consensus estimate of $29.26 million. City Office REIT had a return on equity of 2.74% and a net margin of 5.41%. The business’s revenue for the quarter was up 46.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.23 earnings per share. equities analysts predict that City Office REIT will post 1.08 EPS for the current year.

City Office REIT announced that its Board of Directors has approved a share repurchase plan on Thursday, March 1st that authorizes the company to repurchase $40.00 million in shares. This repurchase authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

In related news, Director Stephen B. Shraiberg purchased 10,000 shares of the stock in a transaction dated Thursday, March 8th. The stock was bought at an average cost of $11.05 per share, with a total value of $110,500.00. Following the purchase, the director now directly owns 71,681 shares in the company, valued at approximately $792,075.05. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. PVG Asset Management Corp bought a new stake in City Office REIT during the 4th quarter worth approximately $304,000. MetLife Investment Advisors LLC bought a new stake in City Office REIT during the 4th quarter worth approximately $193,000. Millennium Management LLC increased its stake in City Office REIT by 258.0% during the 4th quarter. Millennium Management LLC now owns 681,828 shares of the real estate investment trust’s stock worth $8,871,000 after purchasing an additional 491,383 shares in the last quarter. Raymond James & Associates bought a new stake in City Office REIT during the 4th quarter worth approximately $462,000. Finally, Avenir Corp bought a new stake in City Office REIT during the 4th quarter worth approximately $1,555,000. 63.58% of the stock is owned by institutional investors.

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City Office REIT Company Profile

City Office REIT, Inc(NYSE: CIO) invests in high-quality office properties in mid-sized metropolitan areas with strong economic fundamentals, primarily in the Southern and Western United States. At December 31, 2017, CIO owned office complexes comprising 5.2 million square feet of net rentable area (?NRA?).

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