RMR Advisors LLC reduced its position in shares of City Office REIT Inc (NYSE:CIO) by 48.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 117,783 shares of the real estate investment trust’s stock after selling 110,644 shares during the quarter. RMR Advisors LLC owned about 0.30% of City Office REIT worth $1,332,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of CIO. American Century Companies Inc. boosted its holdings in City Office REIT by 0.5% in the 4th quarter. American Century Companies Inc. now owns 190,841 shares of the real estate investment trust’s stock worth $1,956,000 after buying an additional 931 shares during the period. Geode Capital Management LLC boosted its holdings in shares of City Office REIT by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 400,842 shares of the real estate investment trust’s stock valued at $4,107,000 after buying an additional 56,480 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of City Office REIT by 18.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 467,926 shares of the real estate investment trust’s stock valued at $4,796,000 after buying an additional 72,357 shares in the last quarter. Macquarie Group Ltd. boosted its stake in City Office REIT by 12.2% during the 4th quarter. Macquarie Group Ltd. now owns 93,700 shares of the real estate investment trust’s stock worth $960,000 after purchasing an additional 10,200 shares during the period. Finally, Municipal Employees Retirement System of Michigan acquired a new stake in City Office REIT during the 4th quarter worth $323,000. 75.13% of the stock is owned by hedge funds and other institutional investors.
CIO has been the subject of several recent research reports. Zacks Investment Research downgraded shares of City Office REIT from a “hold” rating to a “sell” rating in a report on Thursday, March 28th. Deutsche Bank decreased their price target on shares of City Office REIT from $13.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, April 10th. Finally, TheStreet cut shares of City Office REIT from a “b-” rating to a “c” rating in a research note on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $13.50.
City Office REIT stock traded down $0.10 during mid-day trading on Wednesday, reaching $10.94. The company’s stock had a trading volume of 94,322 shares, compared to its average volume of 213,499. The company has a market cap of $436.52 million, a PE ratio of 10.13, a P/E/G ratio of 1.26 and a beta of 0.51. The company has a debt-to-equity ratio of 2.25, a current ratio of 2.29 and a quick ratio of 2.29. City Office REIT Inc has a twelve month low of $9.73 and a twelve month high of $13.20.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 25th. Shareholders of record on Thursday, April 11th will be issued a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 8.59%. The ex-dividend date of this dividend is Wednesday, April 10th. City Office REIT’s dividend payout ratio is presently 87.04%.
In other City Office REIT news, CEO James Thomas Farrar acquired 8,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was purchased at an average price of $11.39 per share, with a total value of $91,120.00. Following the completion of the acquisition, the chief executive officer now directly owns 232,497 shares in the company, valued at approximately $2,648,140.83. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.00% of the company’s stock.
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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 September 30, 2018, CIO owned office complexes comprising 5.3 million square feet of net rentable area (NRA).
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