City Office REIT (NYSE:CIO) Stock Price Crosses Above 50-Day Moving Average – Here’s What Happened

City Office REIT, Inc. (NYSE:CIO)’s share price crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $6.91 and traded as high as $6.99. City Office REIT shares last traded at $6.9850, with a volume of 330,340 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of City Office REIT in a report on Monday. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce”.

City Office REIT Stock Down 0.1%

The company has a market capitalization of $281.91 million, a price-to-earnings ratio of -2.20, a price-to-earnings-growth ratio of 1.11 and a beta of 1.59. The firm’s 50 day moving average price is $6.91 and its two-hundred day moving average price is $6.67. The company has a current ratio of 2.76, a quick ratio of 2.76 and a debt-to-equity ratio of 0.80.

Institutional Investors Weigh In On City Office REIT

A number of large investors have recently added to or reduced their stakes in CIO. Russell Investments Group Ltd. raised its position in shares of City Office REIT by 71.4% in the second quarter. Russell Investments Group Ltd. now owns 7,230 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 3,013 shares during the period. Strs Ohio bought a new position in shares of City Office REIT during the first quarter worth approximately $40,000. PNC Financial Services Group Inc. lifted its holdings in City Office REIT by 134.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,869 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 5,082 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in City Office REIT by 473.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,623 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 7,946 shares during the period. Finally, Pitcairn Co. acquired a new position in City Office REIT in the 2nd quarter valued at $54,000. Institutional investors own 67.47% of the company’s stock.

About City Office REIT

City Office REIT, Inc (NYSE:CIO) is a publicly traded real estate investment trust focused on acquiring, managing and enhancing office and related properties in select Sun Belt and Southeastern U.S. markets. Established in 2017 through a spin-off from Shorenstein Properties, the company targets high-growth secondary markets offering favorable demographic trends, employment growth and constrained new office supply. Its strategy emphasizes well-located assets in metropolitan areas experiencing population inflows and corporate relocations.

The trust’s core business activities include property acquisition, leasing, asset management and value-add redevelopment initiatives.