City Office REIT (NYSE:CIO) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of City Office REIT (NYSE:CIOGet Rating) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.

Several other analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their target price on City Office REIT from $18.00 to $15.00 in a research note on Wednesday, July 20th. Royal Bank of Canada cut their price target on City Office REIT from $18.00 to $15.00 and set a sector perform rating for the company in a report on Tuesday, July 12th. Finally, B. Riley dropped their target price on City Office REIT from $22.00 to $20.00 in a report on Monday, May 9th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $16.50.

City Office REIT Stock Performance

CIO opened at $13.14 on Friday. The company has a market cap of $546.27 million, a PE ratio of 1.28, a price-to-earnings-growth ratio of 1.55 and a beta of 1.54. The stock has a 50-day moving average of $12.87 and a 200-day moving average of $14.97. City Office REIT has a 52-week low of $11.05 and a 52-week high of $21.70. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.23 and a current ratio of 3.23.

City Office REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 22nd. Shareholders of record on Friday, July 8th were given a $0.20 dividend. The ex-dividend date was Thursday, July 7th. This represents a $0.80 dividend on an annualized basis and a yield of 6.09%. City Office REIT’s payout ratio is 7.79%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Truvestments Capital LLC acquired a new stake in City Office REIT during the 2nd quarter worth $28,000. Huntington National Bank bought a new position in City Office REIT during the first quarter worth about $31,000. Capital Analysts LLC bought a new position in City Office REIT during the first quarter worth about $36,000. Meeder Asset Management Inc. bought a new stake in shares of City Office REIT during the first quarter worth approximately $39,000. Finally, Lazard Asset Management LLC bought a new stake in shares of City Office REIT during the first quarter worth approximately $39,000. 76.79% of the stock is currently owned by institutional investors.

About City Office REIT

(Get Rating)

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 September 30, 2020, CIO owned office complexes comprising 5.8 million square feet of net rentable area (NRA).

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