Teachers Insurance & Annuity Association of America purchased a new stake in City Office REIT (NYSE:CIO) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 43,224 shares of the real estate investment trust’s stock, valued at approximately $500,000. Teachers Insurance & Annuity Association of America owned about 0.12% of City Office REIT as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Oppenheimer & Co. Inc. acquired a new stake in shares of City Office REIT in the first quarter valued at about $117,000. Jefferies Group LLC acquired a new stake in shares of City Office REIT in the fourth quarter valued at about $185,000. Schroder Investment Management Group acquired a new stake in shares of City Office REIT in the fourth quarter valued at about $188,000. MetLife Investment Advisors LLC acquired a new stake in shares of City Office REIT in the fourth quarter valued at about $193,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in shares of City Office REIT in the first quarter valued at about $179,000. 63.06% of the stock is currently owned by institutional investors.
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CIO stock opened at $11.50 on Friday. City Office REIT has a twelve month low of $11.64 and a twelve month high of $11.73. The stock has a market cap of $421.30 million, a P/E ratio of 11.86, a PEG ratio of 1.19 and a beta of 0.12. The company has a debt-to-equity ratio of 1.48, a quick ratio of 3.87 and a current ratio of 3.87.
City Office REIT (NYSE:CIO) last released its earnings results on Friday, May 4th. The real estate investment trust reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.99. City Office REIT had a return on equity of 23.51% and a net margin of 48.20%. The business had revenue of $31.53 million for the quarter, compared to the consensus estimate of $31.14 million. sell-side analysts predict that City Office REIT will post 1.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, April 25th. Investors of record on Wednesday, April 11th were given a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 8.17%. The ex-dividend date was Tuesday, April 10th. City Office REIT’s dividend payout ratio (DPR) is presently 96.91%.
City Office REIT announced that its board has authorized a share repurchase plan on Thursday, March 1st that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
Several equities research analysts have recently issued reports on CIO shares. Zacks Investment Research raised City Office REIT from a “strong sell” rating to a “hold” rating in a research report on Monday, January 29th. ValuEngine downgraded City Office REIT from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Finally, B. Riley set a $14.00 target price on City Office REIT and gave the stock a “buy” rating in a research report on Friday, March 2nd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $14.13.
In other news, Director Stephen B. Shraiberg bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 8th. The shares were acquired at an average cost of $11.05 per share, with a total value of $110,500.00. Following the completion of the transaction, the director now directly owns 71,681 shares in the company, valued at $792,075.05. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is owned by company insiders.
City Office REIT Company Profile
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 December 31, 2017, CIO owned office complexes comprising 5.2 million square feet of net rentable area (?NRA?).
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