City Office REIT (CIO) Downgraded by ValuEngine to Sell

ValuEngine downgraded shares of City Office REIT (NYSE:CIO) from a hold rating to a sell rating in a research note issued to investors on Friday.

Other equities analysts have also issued reports about the company. JMP Securities started coverage on City Office REIT in a research note on Tuesday. They set an outperform rating and a $14.00 price target for the company. Zacks Investment Research lowered City Office REIT from a buy rating to a hold rating in a research note on Monday, September 3rd. B. Riley increased their price target on City Office REIT from $13.50 to $14.00 and gave the company a buy rating in a research note on Monday, August 6th. Boenning Scattergood set a $15.00 price target on City Office REIT and gave the company a buy rating in a research note on Friday, August 3rd. Finally, Royal Bank of Canada started coverage on City Office REIT in a research note on Wednesday, June 27th. They set an outperform rating and a $14.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $14.17.

Shares of NYSE:CIO traded down $0.18 during trading on Friday, hitting $11.41. 375,186 shares of the company’s stock were exchanged, compared to its average volume of 276,734. The company has a current ratio of 3.45, a quick ratio of 3.45 and a debt-to-equity ratio of 1.75. City Office REIT has a 52-week low of $10.03 and a 52-week high of $13.47. The stock has a market capitalization of $456.00 million, a P/E ratio of 11.76, a P/E/G ratio of 1.27 and a beta of 0.16.

City Office REIT (NYSE:CIO) last released its earnings results on Thursday, August 2nd. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.32). City Office REIT had a return on equity of 17.42% and a net margin of 36.89%. The business had revenue of $30.24 million for the quarter, compared to analysts’ expectations of $31.09 million. On average, research analysts predict that City Office REIT will post 1.1 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 25th. Investors of record on Thursday, October 11th will be paid a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 8.24%. The ex-dividend date is Wednesday, October 10th. City Office REIT’s payout ratio is presently 96.91%.

A number of institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in shares of City Office REIT in the 2nd quarter valued at approximately $101,000. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of City Office REIT by 163.1% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,140 shares of the real estate investment trust’s stock valued at $129,000 after purchasing an additional 6,906 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in shares of City Office REIT in the 3rd quarter valued at approximately $143,000. Private Advisor Group LLC bought a new stake in shares of City Office REIT in the 2nd quarter valued at approximately $185,000. Finally, Boston Advisors LLC bought a new stake in shares of City Office REIT in the 2nd quarter valued at approximately $188,000. 69.23% of the stock is owned by institutional investors.

About City Office REIT

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 June 30, 2018, CIO owned office complexes comprising 4.9 million square feet of net rentable area (?NRA?).

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Analyst Recommendations for City Office REIT (NYSE:CIO)

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