TIER REIT (NYSE:TIER) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.
According to Zacks, “Tier REIT Inc. is a real estate investment trust which focused on commercial office real estate. It operates primarily in Atlanta, Georgia, Chicago, Illinois, Louisville and Kentucky. Tier REIT Inc. is based in Dallas, Texas. “
TIER REIT stock traded down $0.08 during mid-day trading on Friday, reaching $23.30. 253,181 shares of the company traded hands, compared to its average volume of 237,003. The company has a market cap of $1.26 billion, a P/E ratio of 14.84 and a beta of 0.89. TIER REIT has a 52-week low of $17.04 and a 52-week high of $24.98.
TIER REIT (NYSE:TIER) last issued its quarterly earnings data on Monday, November 5th. The real estate investment trust reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.06. The business had revenue of $54.83 million for the quarter, compared to the consensus estimate of $53.90 million. TIER REIT had a net margin of 5.92% and a return on equity of 1.79%. As a group, sell-side analysts expect that TIER REIT will post 1.56 EPS for the current fiscal year.
A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in TIER REIT by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,296,821 shares of the real estate investment trust’s stock valued at $127,653,000 after purchasing an additional 195,055 shares during the period. Legal & General Group Plc boosted its holdings in shares of TIER REIT by 8.0% during the 3rd quarter. Legal & General Group Plc now owns 154,083 shares of the real estate investment trust’s stock valued at $3,713,000 after buying an additional 11,376 shares in the last quarter. Teachers Advisors LLC boosted its holdings in shares of TIER REIT by 6.7% during the 3rd quarter. Teachers Advisors LLC now owns 110,396 shares of the real estate investment trust’s stock valued at $2,661,000 after buying an additional 6,911 shares in the last quarter. Koshinski Asset Management Inc. boosted its holdings in shares of TIER REIT by 113.6% during the 3rd quarter. Koshinski Asset Management Inc. now owns 248,778 shares of the real estate investment trust’s stock valued at $5,996,000 after buying an additional 132,299 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of TIER REIT by 26.9% during the 3rd quarter. AQR Capital Management LLC now owns 102,749 shares of the real estate investment trust’s stock valued at $2,476,000 after buying an additional 21,791 shares in the last quarter. 70.46% of the stock is currently owned by institutional investors and hedge funds.
About TIER REIT
TIER REIT, Inc is a publicly traded (NYSE: TIER), self-managed, Dallas-based real estate investment trust focused on owning quality, well-managed commercial office properties in dynamic markets throughout the U.S. Our vision is to be the premier owner and operator of best-in-class office properties in TIER1 submarkets, which are primarily higher density and amenity-rich locations within select, high-growth metropolitan areas that offer a walkable experience to various amenities.
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