Nuveen Asset Management LLC Has $10.97 Million Stake in City Office REIT Inc (NYSE:CIO)

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Nuveen Asset Management LLC raised its position in shares of City Office REIT Inc (NYSE:CIO) by 33.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 914,554 shares of the real estate investment trust’s stock after buying an additional 226,921 shares during the period. Nuveen Asset Management LLC owned about 2.31% of City Office REIT worth $10,965,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of City Office REIT by 2.2% during the second quarter. Vanguard Group Inc. now owns 4,075,233 shares of the real estate investment trust’s stock worth $48,862,000 after buying an additional 89,205 shares in the last quarter. BlackRock Inc. increased its holdings in shares of City Office REIT by 10.2% during the second quarter. BlackRock Inc. now owns 2,984,736 shares of the real estate investment trust’s stock worth $35,787,000 after buying an additional 275,354 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of City Office REIT by 6.4% during the second quarter. Renaissance Technologies LLC now owns 1,839,796 shares of the real estate investment trust’s stock worth $22,059,000 after buying an additional 111,100 shares in the last quarter. Keeley Teton Advisors LLC increased its holdings in shares of City Office REIT by 155.4% during the second quarter. Keeley Teton Advisors LLC now owns 618,974 shares of the real estate investment trust’s stock worth $7,421,000 after buying an additional 376,646 shares in the last quarter. Finally, D.A. Davidson & CO. increased its holdings in shares of City Office REIT by 0.9% during the second quarter. D.A. Davidson & CO. now owns 409,254 shares of the real estate investment trust’s stock worth $4,907,000 after buying an additional 3,568 shares in the last quarter. 74.03% of the stock is owned by institutional investors.

In related news, Director John Sweet purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were acquired at an average cost of $12.85 per share, with a total value of $25,700.00. Following the completion of the purchase, the director now directly owns 13,767 shares of the company’s stock, valued at $176,905.95. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.00% of the stock is owned by corporate insiders.

Several analysts have recently weighed in on CIO shares. Zacks Investment Research raised shares of City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a report on Monday, August 12th. B. Riley raised their price objective on shares of City Office REIT from $12.50 to $13.50 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, JMP Securities raised their price objective on shares of City Office REIT from $14.00 to $15.00 and gave the stock a “market outperform” rating in a report on Thursday, September 12th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $13.80.

CIO opened at $13.24 on Friday. City Office REIT Inc has a one year low of $9.73 and a one year high of $14.50. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.70 and a quick ratio of 2.70. The company’s 50 day simple moving average is $13.81 and its 200-day simple moving average is $12.45. The stock has a market capitalization of $648.95 million, a P/E ratio of 12.26, a price-to-earnings-growth ratio of 1.45 and a beta of 0.45.

City Office REIT (NYSE:CIO) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.30). City Office REIT had a negative net margin of 5.50% and a negative return on equity of 2.84%. The company had revenue of $41.17 million for the quarter, compared to the consensus estimate of $38.17 million. As a group, analysts anticipate that City Office REIT Inc will post 1.18 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be paid a dividend of $0.235 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $0.94 annualized dividend and a dividend yield of 7.10%. City Office REIT’s dividend payout ratio (DPR) is currently 87.04%.

City Office REIT Profile

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 December 31, 2018, CIO owned office complexes comprising 5.7 million square feet of net rentable area (“NRA”).

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Institutional Ownership by Quarter for City Office REIT (NYSE:CIO)

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