City Office REIT Inc (NYSE:CIO) Director John Sweet bought 2,000 shares of City Office REIT stock in a transaction that occurred on Wednesday, March 21st. The stock was purchased at an average cost of $11.45 per share, for a total transaction of $22,900.00. Following the purchase, the director now owns 3,867 shares of the company’s stock, valued at $44,277.15. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
City Office REIT stock traded up $0.01 during midday trading on Thursday, reaching $11.41. 251,421 shares of the company’s stock traded hands, compared to its average volume of 297,606. 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 Inc has a twelve month low of $10.03 and a twelve month high of $13.93. The stock has a market capitalization of $416.44, a price-to-earnings ratio of 11.89, a price-to-earnings-growth ratio of 1.18 and a beta of 0.27.
City Office REIT (NYSE:CIO) last posted its quarterly earnings results on Thursday, March 1st. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.36). City Office REIT had a net margin of 5.41% and a return on equity of 2.74%. The business had revenue of $31.18 million for the quarter, compared to analysts’ expectations of $29.26 million. During the same quarter in the previous year, the company earned $0.23 earnings per share. The business’s quarterly revenue was up 46.4% on a year-over-year basis. equities analysts expect that City Office REIT Inc will post 1.09 earnings per share for the current year.
City Office REIT announced that its board has initiated a stock repurchase plan on Thursday, March 1st that allows the company to buyback $40.00 million in shares. This buyback authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in City Office REIT during the third quarter valued at about $121,000. Stevens Capital Management LP purchased a new stake in City Office REIT during the third quarter valued at about $180,000. Jefferies Group LLC purchased a new stake in City Office REIT during the fourth quarter valued at about $185,000. Schroder Investment Management Group purchased a new stake in City Office REIT during the fourth quarter valued at about $188,000. Finally, MetLife Investment Advisors LLC purchased a new stake in City Office REIT during the fourth quarter valued at about $193,000. Institutional investors and hedge funds own 63.34% of the company’s stock.
A number of research firms recently commented on CIO. Zacks Investment Research cut City Office REIT from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 14th. Deutsche Bank cut City Office REIT from a “buy” rating to a “hold” rating and reduced their target price for the company from $16.00 to $13.00 in a research note on Wednesday, January 10th. ValuEngine cut City Office REIT from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Finally, B. Riley set a $14.00 target price on City Office REIT and gave the company a “buy” rating in a research note on Friday, March 2nd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $14.13.
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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