Brokerages Set City Office REIT Inc (NYSE:CIO) Target Price at $11.60

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Shares of City Office REIT Inc (NYSE:CIO) have received an average rating of “Buy” from the eight analysts that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $11.80.

Several research firms recently issued reports on CIO. B. Riley lifted their price target on shares of City Office REIT from $12.00 to $13.00 in a research note on Wednesday. Compass Point downgraded shares of City Office REIT from a “buy” rating to a “neutral” rating and set a $9.00 price target on the stock. in a research note on Thursday, March 26th. TheStreet downgraded shares of City Office REIT from a “c-” rating to a “d+” rating in a research note on Wednesday, April 8th. Raymond James downgraded shares of City Office REIT from an “outperform” rating to a “market perform” rating in a research note on Friday, March 27th. Finally, Zacks Investment Research raised shares of City Office REIT from a “hold” rating to a “strong-buy” rating and set a $11.00 target price for the company in a research report on Wednesday, May 27th.

In other City Office REIT news, CEO James Thomas Farrar acquired 15,000 shares of the stock in a transaction that occurred on Thursday, March 26th. The stock was acquired at an average price of $7.14 per share, with a total value of $107,100.00. Following the transaction, the chief executive officer now directly owns 299,025 shares in the company, valued at $2,135,038.50. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, COO Gregory Tylee acquired 5,000 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were acquired at an average cost of $7.68 per share, with a total value of $38,400.00. Following the transaction, the chief operating officer now owns 263,925 shares in the company, valued at $2,026,944. The disclosure for this purchase can be found here. Insiders bought a total of 30,000 shares of company stock valued at $225,600 in the last three months. Insiders own 2.60% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Ladenburg Thalmann Financial Services Inc. grew its position in shares of City Office REIT by 48.7% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,053 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 1,000 shares during the last quarter. Swiss National Bank grew its position in shares of City Office REIT by 1.4% during the 1st quarter. Swiss National Bank now owns 105,800 shares of the real estate investment trust’s stock valued at $765,000 after buying an additional 1,500 shares during the last quarter. Alps Advisors Inc. grew its position in shares of City Office REIT by 2.2% during the 1st quarter. Alps Advisors Inc. now owns 93,630 shares of the real estate investment trust’s stock valued at $677,000 after buying an additional 2,001 shares during the last quarter. Atlantic Trust LLC grew its position in shares of City Office REIT by 4.7% during the 1st quarter. Atlantic Trust LLC now owns 47,669 shares of the real estate investment trust’s stock valued at $345,000 after buying an additional 2,155 shares during the last quarter. Finally, Hancock Whitney Corp grew its position in shares of City Office REIT by 20.8% during the 1st quarter. Hancock Whitney Corp now owns 12,762 shares of the real estate investment trust’s stock valued at $92,000 after buying an additional 2,201 shares during the last quarter. 89.30% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:CIO traded down $0.67 during midday trading on Monday, hitting $9.68. 13,086 shares of the company’s stock traded hands, compared to its average volume of 574,203. City Office REIT has a twelve month low of $6.50 and a twelve month high of $14.50. The company has a market cap of $461.45 million, a PE ratio of -106.43 and a beta of 1.32. The company has a debt-to-equity ratio of 1.70, a quick ratio of 7.23 and a current ratio of 7.23. The firm’s fifty day moving average price is $9.35 and its two-hundred day moving average price is $11.18.

City Office REIT (NYSE:CIO) last released its quarterly earnings results on Thursday, May 7th. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.27). City Office REIT had a return on equity of 1.01% and a net margin of 2.33%. The firm had revenue of $40.12 million for the quarter, compared to analysts’ expectations of $39.35 million. As a group, equities research analysts anticipate that City Office REIT will post 1.06 EPS for the current fiscal year.

About City Office REIT

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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Analyst Recommendations for City Office REIT (NYSE:CIO)

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