.png "City Office REIT (NYSE: CIO)")
In a report released today, Merrill Ross from Boenning & Scattergood maintained a Buy rating on City Office REIT (CIO). The company’s shares closed yesterday at $10.96.
Ross observed:
“We remain positive about the prospect of CIO shares to outperform those of peers, and we believe the dividend is stable. Importantly, we observe that CIO has amassed a portfolio of over 5.7 million square feet of Class A office space in markets that are of interest to larger players. The seven cities where CIO owns properties have had approximately 7 million square feet of positive absorption of office space and new construction is limited. These fundamentals give us confidence that CIO’s investment strategy will result in value creation and dividend coverage in 2019. We maintain our Outperform rating and raise our price target to $14.50, which is based on a discount to estimated forward NAV of $15.25.”
According to TipRanks.com, Ross is a 1-star analyst with an average return of -0.4% and a 50.4% success rate. Ross covers the Financial sector, focusing on stocks such as Essential Properties Realty Trust Inc, Pennsylvania Real Estate Investment, and Monmouth Real Estate Investment.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for City Office REIT with a $14 average price target.
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Based on City Office REIT’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $6.8 million. In comparison, last year the company had a GAAP net loss of $1.07 million.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is neutral on the stock.
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City Office REIT, Inc. is a real estate investment trust. It focuses on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. The company was founded on November 26, 2013 and is headquartered in Vancouver, Canada.
