City Office REIT (NYSE:CIO) Shares Cross Above 50-Day Moving Average – Here’s Why

City Office REIT, Inc. (NYSE:CIO)’s stock price passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $6.97 and traded as high as $7.00. City Office REIT shares last traded at $6.99, with a volume of 1,264,247 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of City Office REIT in a report on Monday, December 29th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

City Office REIT Price Performance

The firm has a market cap of $282.14 million, a P/E ratio of -2.21 and a beta of 1.59. The business’s fifty day simple moving average is $6.97 and its 200-day simple moving average is $6.94. The company has a current ratio of 2.76, a quick ratio of 2.76 and a debt-to-equity ratio of 0.80.

Hedge Funds Weigh In On City Office REIT

Large investors have recently modified their holdings of the company. Los Angeles Capital Management LLC bought a new position in City Office REIT in the 2nd quarter worth about $381,000. AlphaCore Capital LLC purchased a new position in shares of City Office REIT during the second quarter worth about $689,000. Simon Quick Advisors LLC bought a new position in shares of City Office REIT in the second quarter worth approximately $86,000. LSV Asset Management raised its stake in City Office REIT by 6.5% in the second quarter. LSV Asset Management now owns 1,582,009 shares of the real estate investment trust’s stock valued at $8,448,000 after purchasing an additional 96,329 shares in the last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in City Office REIT in the third quarter valued at approximately $628,000. 67.47% of the stock is currently owned by institutional investors.

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.