City Office REIT (CIO) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of City Office REIT (NYSE:CIO) from a hold rating to a sell rating in a report issued on Tuesday.

According to Zacks, “City Office REIT, Inc. is a real estate investment trust. It focuses on acquiring, owning, and operating office properties in the United States. The Company invests in properties located in metropolitan areas in the Southern and Western United States. City Office REIT, Inc. is based in Vancouver, Canada. “

CIO has been the topic of several other reports. TheStreet cut City Office REIT from a b- rating to a c+ rating in a research note on Thursday, October 11th. JMP Securities initiated coverage on City Office REIT in a research note on Tuesday, October 9th. They issued an outperform rating and a $14.00 target price on the stock. Boenning Scattergood set a $15.00 target price on City Office REIT and gave the stock a buy rating in a research note on Monday, November 5th. ValuEngine downgraded City Office REIT from a hold rating to a sell rating in a report on Friday, October 12th. Finally, B. Riley upped their price target on City Office REIT from $13.50 to $14.00 and gave the company a buy rating in a report on Monday, August 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. City Office REIT currently has a consensus rating of Hold and an average price target of $14.17.

Shares of CIO stock opened at $11.31 on Tuesday. The firm has a market capitalization of $433.40 million, a P/E ratio of 11.66, a PEG ratio of 1.14 and a beta of 0.33. City Office REIT has a twelve month low of $10.03 and a twelve month high of $13.37. The company has a debt-to-equity ratio of 1.80, a quick ratio of 2.54 and a current ratio of 2.54.

City Office REIT (NYSE:CIO) last issued its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported ($0.08) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.08). The company had revenue of $33.55 million for the quarter, compared to analysts’ expectations of $33.16 million. City Office REIT had a return on equity of 15.81% and a net margin of 34.71%. As a group, equities analysts anticipate that City Office REIT will post 1.07 earnings per share for the current fiscal year.

In other City Office REIT news, Director Stephen B. Shraiberg purchased 35,000 shares of the stock in a transaction dated Monday, November 5th. The shares were purchased at an average cost of $10.79 per share, with a total value of $377,650.00. Following the completion of the acquisition, the director now directly owns 84,185 shares in the company, valued at approximately $908,356.15. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 3.20% of the company’s stock.

A number of hedge funds have recently bought and sold shares of CIO. Alliancebernstein L.P. lifted its holdings in City Office REIT by 601.7% in the third quarter. Alliancebernstein L.P. now owns 2,690,383 shares of the real estate investment trust’s stock valued at $33,953,000 after acquiring an additional 2,306,960 shares during the period. LSV Asset Management lifted its holdings in City Office REIT by 89.9% in the third quarter. LSV Asset Management now owns 1,672,205 shares of the real estate investment trust’s stock valued at $21,103,000 after acquiring an additional 791,730 shares during the period. Renaissance Technologies LLC lifted its holdings in City Office REIT by 25.6% in the third quarter. Renaissance Technologies LLC now owns 1,957,339 shares of the real estate investment trust’s stock valued at $24,702,000 after acquiring an additional 398,839 shares during the period. Vanguard Group Inc. lifted its holdings in City Office REIT by 11.4% in the third quarter. Vanguard Group Inc. now owns 3,558,011 shares of the real estate investment trust’s stock valued at $44,902,000 after acquiring an additional 365,328 shares during the period. Finally, BlackRock Inc. lifted its holdings in City Office REIT by 13.3% in the third quarter. BlackRock Inc. now owns 2,254,849 shares of the real estate investment trust’s stock valued at $28,455,000 after acquiring an additional 265,203 shares during the period. 73.41% of the stock is currently 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 September 30, 2018, CIO owned office complexes comprising 5.3 million square feet of net rentable area (“NRA”).

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