BlackRock Inc. lifted its holdings in shares of City Office REIT (NYSE:CIO) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,554,757 shares of the real estate investment trust’s stock after acquiring an additional 20,130 shares during the period. BlackRock Inc. owned approximately 4.32% of City Office REIT worth $20,228,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Public Employees Retirement System of Ohio purchased a new position in City Office REIT during the third quarter worth about $1,935,000. Schroder Investment Management Group purchased a new position in City Office REIT during the fourth quarter worth about $188,000. Dalton Greiner Hartman Maher & Co. boosted its holdings in City Office REIT by 50.7% during the fourth quarter. Dalton Greiner Hartman Maher & Co. now owns 389,906 shares of the real estate investment trust’s stock worth $5,073,000 after purchasing an additional 131,197 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in City Office REIT by 62.7% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 31,400 shares of the real estate investment trust’s stock worth $409,000 after purchasing an additional 12,100 shares during the last quarter. Finally, Real Estate Management Services LLC boosted its holdings in City Office REIT by 154.6% during the fourth quarter. Real Estate Management Services LLC now owns 1,706,875 shares of the real estate investment trust’s stock worth $22,206,000 after purchasing an additional 1,036,532 shares during the last quarter. 64.34% of the stock is owned by institutional investors.
City Office REIT stock opened at $11.69 on Wednesday. City Office REIT has a fifty-two week low of $10.03 and a fifty-two week high of $13.93. The stock has a market cap of $412.47, a P/E ratio of 12.05, a PEG ratio of 1.18 and a beta of 0.12. The company has a debt-to-equity ratio of 1.98, a quick ratio of 3.13 and a current ratio of 3.13.
City Office REIT (NYSE:CIO) last released its earnings results on Thursday, March 1st. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.36). The company had revenue of $31.18 million during the quarter, compared to analysts’ expectations of $29.26 million. City Office REIT had a net margin of 5.41% and a return on equity of 2.74%. The firm’s revenue was up 46.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 earnings per share. research analysts anticipate that City Office REIT will post 1.08 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Wednesday, April 11th will be paid a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 8.04%. The ex-dividend date of this dividend is Tuesday, April 10th. City Office REIT’s payout ratio is 96.91%.
City Office REIT declared that its board has authorized a share buyback plan on Thursday, March 1st that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Several research firms recently weighed in on CIO. Zacks Investment Research upgraded shares of City Office REIT from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Tuesday, January 2nd. Deutsche Bank cut shares of City Office REIT from a “buy” rating to a “hold” rating and cut their price target for the stock from $16.00 to $13.00 in a report on Wednesday, January 10th. ValuEngine upgraded shares of City Office REIT from a “hold” rating to a “buy” rating in a report on Wednesday, March 28th. Finally, B. Riley set a $14.00 price target on shares of City Office REIT and gave the stock a “buy” rating in a report on Friday, March 2nd. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $14.13.
In related news, Director Stephen B. Shraiberg bought 10,000 shares of the company’s stock in a transaction on Thursday, March 8th. The shares were purchased at an average cost of $11.05 per share, for a total transaction of $110,500.00. Following the completion of the purchase, the director now directly owns 71,681 shares in the company, valued at $792,075.05. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.70% of the stock is owned by insiders.
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City Office REIT 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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