Kennedy Capital Management Inc. trimmed its holdings in shares of City Office REIT, Inc. (NYSE:CIO) by 3.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 313,294 shares of the real estate investment trust’s stock after selling 9,758 shares during the period. Kennedy Capital Management Inc. owned about 1.04% of City Office REIT worth $3,979,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Bank of America Corp DE lifted its position in City Office REIT by 189.0% during the first quarter. Bank of America Corp DE now owns 8,557 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 5,596 shares in the last quarter. Strs Ohio lifted its position in City Office REIT by 10.3% during the second quarter. Strs Ohio now owns 8,600 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 800 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in City Office REIT during the first quarter valued at approximately $148,000. Nomura Asset Management Co. Ltd. lifted its position in City Office REIT by 0.7% during the first quarter. Nomura Asset Management Co. Ltd. now owns 14,000 shares of the real estate investment trust’s stock valued at $170,000 after buying an additional 100 shares in the last quarter. Finally, KCG Holdings Inc. acquired a new position in City Office REIT during the first quarter valued at approximately $184,000. 52.98% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO James Thomas Farrar bought 6,000 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was purchased at an average price of $12.52 per share, with a total value of $75,120.00. Following the completion of the transaction, the chief executive officer now directly owns 184,789 shares of the company’s stock, valued at $2,313,558.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.20% of the stock is owned by corporate insiders.
Shares of City Office REIT, Inc. (NYSE:CIO) opened at 12.96 on Friday. City Office REIT, Inc. has a 1-year low of $11.43 and a 1-year high of $13.55. The stock’s market cap is $392.20 million. The stock’s 50 day moving average is $12.65 and its 200-day moving average is $12.46.
City Office REIT (NYSE:CIO) last announced its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $25.16 million during the quarter, compared to analysts’ expectations of $26.18 million. City Office REIT had a return on equity of 1.91% and a net margin of 3.70%. During the same quarter in the prior year, the business earned $0.22 earnings per share. On average, analysts anticipate that City Office REIT, Inc. will post ($0.21) EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Wednesday, October 11th will be given a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 7.25%. City Office REIT’s payout ratio is currently -723.08%.
A number of brokerages have weighed in on CIO. Zacks Investment Research raised shares of City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a research report on Tuesday, July 25th. BidaskClub lowered shares of City Office REIT from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. ValuEngine lowered shares of City Office REIT from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. Deutsche Bank AG lifted their price objective on shares of City Office REIT from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Thursday, May 25th. Finally, FBR & Co initiated coverage on shares of City Office REIT in a research note on Tuesday, July 11th. They set an “outperform” rating and a $14.50 price objective on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. City Office REIT has an average rating of “Hold” and a consensus target price of $14.63.
About City Office REIT
City Office REIT, Inc is a real estate investment trust. The Company is focused on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. It conducts its operations primarily through City Office REIT Operating Partnership, L.P.
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