Sterling Capital Management LLC acquired a new stake in shares of TIER REIT Inc (NYSE:TIER) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 35,779 shares of the real estate investment trust’s stock, valued at approximately $691,000. Sterling Capital Management LLC owned 0.07% of TIER REIT at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the business. American Century Companies Inc. bought a new position in shares of TIER REIT during the second quarter valued at $816,000. TIAA CREF Investment Management LLC increased its holdings in shares of TIER REIT by 18.3% during the second quarter. TIAA CREF Investment Management LLC now owns 224,345 shares of the real estate investment trust’s stock valued at $4,146,000 after acquiring an additional 34,637 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of TIER REIT by 0.6% during the second quarter. Vanguard Group Inc. now owns 5,869,467 shares of the real estate investment trust’s stock valued at $108,467,000 after acquiring an additional 32,897 shares in the last quarter. Citigroup Inc. increased its holdings in shares of TIER REIT by 192.2% during the second quarter. Citigroup Inc. now owns 34,127 shares of the real estate investment trust’s stock valued at $631,000 after acquiring an additional 22,447 shares in the last quarter. Finally, Ameriprise Financial Inc. bought a new position in shares of TIER REIT during the second quarter valued at $327,000. 57.50% of the stock is owned by institutional investors and hedge funds.
In other news, insider William J. Reister sold 7,500 shares of TIER REIT stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $19.62, for a total transaction of $147,150.00. Following the transaction, the insider now directly owns 82,736 shares of the company’s stock, valued at approximately $1,623,280.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.20% of the stock is owned by insiders.
Shares of TIER REIT Inc (TIER) traded up $0.07 during trading hours on Friday, reaching $19.63. The company’s stock had a trading volume of 151,709 shares, compared to its average volume of 198,244. The stock has a market capitalization of $935.81 and a PE ratio of 10.67. TIER REIT Inc has a fifty-two week low of $15.96 and a fifty-two week high of $20.72.
The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $0.72 annualized dividend and a yield of 3.67%. TIER REIT’s payout ratio is 39.13%.
TIER has been the subject of several research analyst reports. Zacks Investment Research downgraded TIER REIT from a “buy” rating to a “hold” rating in a report on Saturday, September 16th. BidaskClub upgraded TIER REIT from a “hold” rating to a “buy” rating in a report on Thursday, September 28th. BMO Capital Markets reiterated a “buy” rating and issued a $20.00 price objective on shares of TIER REIT in a report on Thursday, November 9th. Finally, Cantor Fitzgerald initiated coverage on TIER REIT in a report on Friday, December 22nd. They issued an “overweight” rating and a $22.00 price objective for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $21.00.
TIER REIT Profile
TIER REIT, Inc is a real estate investment trust. The Company’s business consists of owning, acquiring, developing, operating, investing in, and disposing of real estate assets. The Company’s business is conducted through Tier Operating Partnership LP (Tier OP). As of December 31, 2016, the Company owned interests in 29 operating office properties, one non-operating property and one development property located in 13 markets throughout the United States.
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