City Office REIT (NYSE:CIO) had its target price boosted by JMP Securities from $14.00 to $15.00 in a research note released on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has a market outperform rating on the real estate investment trust’s stock.
A number of other equities analysts also recently weighed in on the company. Zacks Investment Research raised City Office REIT from a hold rating to a buy rating and set a $14.00 price target for the company in a research report on Monday, August 12th. B. Riley upped their price target on City Office REIT from $12.50 to $13.50 and gave the stock a buy rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. City Office REIT presently has an average rating of Buy and an average price target of $13.80.
NYSE:CIO opened at $13.77 on Thursday. City Office REIT has a twelve month low of $9.73 and a twelve month high of $14.00. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 2.68. The business has a 50 day moving average price of $13.10 and a two-hundred day moving average price of $12.06. The company has a market cap of $550.70 million, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 1.48 and a beta of 0.42.
City Office REIT (NYSE:CIO) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.30). City Office REIT had a negative return on equity of 2.84% and a negative net margin of 5.50%. The firm had revenue of $41.17 million for the quarter, compared to analyst estimates of $38.17 million. As a group, analysts anticipate that City Office REIT will post 1.18 earnings per share for the current fiscal year.
In other news, Director John Sweet purchased 2,000 shares of City Office REIT stock in a transaction on Thursday, August 8th. The stock was purchased at an average price of $12.85 per share, with a total value of $25,700.00. Following the transaction, the director now directly owns 13,767 shares in the company, valued at approximately $176,905.95. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 3.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Phocas Financial Corp. bought a new stake in shares of City Office REIT during the 2nd quarter worth approximately $2,547,000. FMR LLC bought a new stake in shares of City Office REIT during the 1st quarter worth approximately $31,000. Cutler Group LP raised its stake in shares of City Office REIT by 40.9% during the 1st quarter. Cutler Group LP now owns 3,720 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 1,080 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of City Office REIT by 556.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,145 shares of the real estate investment trust’s stock worth $81,000 after purchasing an additional 6,057 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of City Office REIT by 31.9% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 8,273 shares of the real estate investment trust’s stock worth $99,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 74.00% of the company’s stock.
City Office REIT Company Profile
City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. At December 31, 2018, CIO owned office complexes comprising 5.7 million square feet of net rentable area (NRA).
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