City Office REIT (NYSE:CIO) Issues FY 2022 Earnings Guidance

City Office REIT (NYSE:CIOGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $1.54-$1.57 for the period. The company issued revenue guidance of -.

City Office REIT Stock Down 1.6 %

Shares of CIO traded down $0.21 during midday trading on Friday, reaching $12.52. 564,616 shares of the stock were exchanged, compared to its average volume of 309,134. City Office REIT has a 52 week low of $11.05 and a 52 week high of $21.70. The company’s 50 day moving average is $12.87 and its two-hundred day moving average is $14.92. The company has a market capitalization of $520.49 million, a P/E ratio of 1.24, a PEG ratio of 1.47 and a beta of 1.54. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.86.

City Office REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 22nd. Shareholders of record on Friday, July 8th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 6.39%. The ex-dividend date was Thursday, July 7th. City Office REIT’s dividend payout ratio is presently 7.79%.

Analyst Ratings Changes

Several equities research analysts have weighed in on CIO shares. Deutsche Bank Aktiengesellschaft lowered their price target on City Office REIT from $18.00 to $15.00 in a report on Wednesday, July 20th. Royal Bank of Canada lowered 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. StockNews.com raised City Office REIT from a hold rating to a buy rating in a report on Saturday, August 13th. Finally, B. Riley reduced their price objective on City Office REIT from $22.00 to $20.00 in a research note on Monday, May 9th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $16.50.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Lazard Asset Management LLC purchased a new position in City Office REIT during the first quarter valued at approximately $39,000. Point72 Hong Kong Ltd raised its position in City Office REIT by 25.3% during the second quarter. Point72 Hong Kong Ltd now owns 4,736 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 957 shares in the last quarter. Quantbot Technologies LP raised its position in City Office REIT by 223.4% during the second quarter. Quantbot Technologies LP now owns 5,174 shares of the real estate investment trust’s stock valued at $67,000 after acquiring an additional 3,574 shares in the last quarter. Advisor Group Holdings Inc. raised its position in City Office REIT by 22.3% during the first quarter. Advisor Group Holdings Inc. now owns 6,571 shares of the real estate investment trust’s stock valued at $116,000 after acquiring an additional 1,200 shares in the last quarter. Finally, FMR LLC raised its position in City Office REIT by 140.3% during the second quarter. FMR LLC now owns 9,357 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 5,463 shares in the last quarter. 76.79% of the stock is currently owned by hedge funds and other institutional investors.

About City Office REIT

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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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