Headlines about City Office REIT (NYSE:CIO) have been trending somewhat positive recently, according to Accern Sentiment Analysis. Accern identifies positive and negative news coverage by reviewing more than twenty million blog and news sources. Accern ranks coverage of public companies on a scale of negative one to one, with scores closest to one being the most favorable. City Office REIT earned a media sentiment score of 0.06 on Accern’s scale. Accern also assigned news coverage about the real estate investment trust an impact score of 46.8851169818902 out of 100, meaning that recent news coverage is somewhat unlikely to have an effect on the company’s share price in the next several days.
A number of research firms have commented on CIO. Zacks Investment Research upgraded 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 Wednesday, April 11th. Finally, B. Riley set a $14.00 target price on City Office REIT and gave the company a “buy” rating in a research report on Friday, March 2nd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $14.13.
CIO stock opened at $11.50 on Friday. The company has a current ratio of 3.87, a quick ratio of 3.87 and a debt-to-equity ratio of 1.48. The firm has a market capitalization of $421.30 million, a P/E ratio of 11.86, a PEG ratio of 1.19 and a beta of 0.12. City Office REIT has a 12-month low of $11.64 and a 12-month high of $11.73.
City Office REIT announced that its board has initiated a stock buyback plan on Thursday, March 1st that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 25th. Investors of record on Wednesday, April 11th were issued a $0.235 dividend. The ex-dividend date was Tuesday, April 10th. This represents a $0.94 annualized dividend and a dividend yield of 8.17%. City Office REIT’s dividend payout ratio is presently 96.91%.
In other news, Director Stephen B. Shraiberg acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 8th. The shares were purchased at an average price of $11.05 per share, for a total transaction of $110,500.00. Following the acquisition, the director now owns 71,681 shares of the company’s stock, valued at $792,075.05. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.20% of the stock is currently owned by insiders.
About City Office REIT
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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