June 22, 2023 – As per its recent disclosure with the Securities and Exchange Commission (SEC), Spirit of America Management Corp NY has trimmed its holdings in City Office REIT, Inc. (NYSE:CIO) by an impressive 65%. During the first quarter, the institutional investor sold a whopping 26,000 shares of the real estate investment trust’s stock and currently holds 14,000 shares. As of the last SEC filing, Spirit of America Management Corp NY’s holdings in City Office REIT are valued at $97,000.
City Office REIT is known for acquiring and operating office properties in metropolitan areas primarily situated in the Southern and Western United States. This real estate investment trust was founded on November 26, 2013 and boasts headquarters in Vancouver, Canada.
Recently, City Office REIT announced a quarterly dividend that will be paid on July 21st to stockholders of records as of July 7th. The dividend payout stands at $0.10 per share or $0.40 annualized with a yield of nearly 7.5%. The ex-dividend date is set for July 6th.
It is worth noting that City Office REIT’s dividend payout ratio (DPR) presently stands at -216.21%. Despite this negative figure suggesting that the company pays out more dividends than it earns, it shouldn’t alarm investors too much as dividends can often signal stable earnings growth potential.
Overall, Spirit of America Management Corp NY’s decision to decrease holdings should not necessarily deter long-term investors from considering City Office REIT as an option to add to their portfolio; only time will tell how well this investment plays out for those who choose to take the risk.
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Institutional Investors and Hedge Funds Rally Behind City Office REIT, Inc. Despite Mixed Reviews From Equity Analysts
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”CIO” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]June 22, 2023 – City Office REIT, Inc. has recently garnered increased attention from institutional investors and hedge funds alike. The real estate investment trust (REIT) has seen both positive and negative feedback from equity research analysts in recent reports.
Diversified Trust Co acquired a new position in City Office REIT during the first quarter of 2023 for approximately $87,000. Meanwhile, Alliancebernstein L.P boosted its holdings by 4.7% in the fourth quarter of 2022. Point72 Middle East FZE and Jane Street Group LLC also jumped on board with new positions earlier this year while State of Wyoming joined the group late last year.
As it stands, institutional investors and hedge funds own around 71.46% of City Office REIT stock, which opened at $5.34 on Thursday trading. The company has a market capitalization of $213.28 million and a PE ratio of -14.43 as well as favorable ratios for investors including a price-to-earnings-growth ratio of 0.71.
Receiving mixed reviews from equity research analysts lately, City Office REIT saw an upgrade by StockNews.com report on Monday but a decrease to their price objective from Royal Bank of Canada to $7 last month. These changes follow B.Riley’s February downgrade from $14 to $12 but they maintained their “buy” rating.
Despite fluctuating feedback, the company remains strong with key infrastructure, demonstrated by healthy current and quick ratios above three over the past year respectively; culminating in reliable figures indicating improved financial stability over time.
City Office REIT’s high point for trading reached $14.24 over the past twelve months compared to its low point at $4.03 signaling potential for share value growth relative to future industry trends as well as being an accessible entry point for new investors looking to put assets into long-term commercial office real estate holdings.
