City Office REIT (NYSE:CIO) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday, Zacks.com reports.

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. “

Several other research firms have also recently issued reports on CIO. B. Riley increased their price objective 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. JMP Securities increased their price objective on City Office REIT from $14.00 to $15.00 and gave the stock a “market outperform” rating in a research report on Thursday, September 12th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $13.80.

NYSE:CIO traded down $0.04 during trading hours on Monday, hitting $13.20. The company’s stock had a trading volume of 581,700 shares, compared to its average volume of 346,524. The business’s 50-day moving average is $13.80 and its two-hundred day moving average is $12.48. The company has a market capitalization of $632.28 million, a PE ratio of 12.22, a PEG ratio of 1.41 and a beta of 0.45. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.70 and a current ratio of 2.70. City Office REIT has a 52-week low of $9.73 and a 52-week high of $14.50.

City Office REIT (NYSE:CIO) last released its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.30). The business had revenue of $41.17 million during the quarter, compared to analysts’ expectations of $38.17 million. City Office REIT had a negative return on equity of 2.84% and a negative net margin of 5.50%. As a group, analysts predict that City Office REIT will post 1.18 EPS for the current fiscal year.

In other City Office REIT news, Director John Sweet acquired 2,000 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average price of $12.85 per share, for a total transaction of $25,700.00. Following the completion of the transaction, the director now owns 13,767 shares of the company’s stock, valued at approximately $176,905.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.00% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Phocas Financial Corp. acquired a new stake in City Office REIT in the second quarter valued at $25,000. FMR LLC acquired a new stake in City Office REIT in the first quarter valued at $31,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in City Office REIT by 31.9% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 8,273 shares of the real estate investment trust’s stock valued at $99,000 after purchasing an additional 2,000 shares during the last quarter. Wiley BROS. Aintree Capital LLC acquired a new stake in City Office REIT in the third quarter valued at $126,000. Finally, WINTON GROUP Ltd grew its holdings in City Office REIT by 12.7% in the second quarter. WINTON GROUP Ltd now owns 12,236 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 1,378 shares during the last quarter. 61.60% of the stock is currently owned by institutional investors.

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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