Private Management Group Inc. reduced its stake in TIER REIT, Inc. (NYSE:TIER) by 0.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,130,760 shares of the real estate investment trust’s stock after selling 5,264 shares during the period. Private Management Group Inc. owned approximately 2.36% of TIER REIT worth $21,824,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Deprince Race & Zollo Inc. acquired a new stake in shares of TIER REIT in the third quarter valued at $4,147,000. Bank of New York Mellon Corp raised its stake in shares of TIER REIT by 2.0% in the third quarter. Bank of New York Mellon Corp now owns 389,293 shares of the real estate investment trust’s stock valued at $7,513,000 after acquiring an additional 7,650 shares in the last quarter. Sei Investments Co. raised its stake in shares of TIER REIT by 96.1% in the third quarter. Sei Investments Co. now owns 6,871 shares of the real estate investment trust’s stock valued at $133,000 after acquiring an additional 3,367 shares in the last quarter. Hodges Capital Management Inc. acquired a new stake in shares of TIER REIT in the third quarter valued at $1,639,000. Finally, American Century Companies Inc. raised its stake in shares of TIER REIT by 269.9% in the third quarter. American Century Companies Inc. now owns 163,255 shares of the real estate investment trust’s stock valued at $3,151,000 after acquiring an additional 119,119 shares in the last quarter. Institutional investors and hedge funds own 56.27% of the company’s stock.
A number of analysts have weighed in on the company. BMO Capital Markets restated a “buy” rating and issued a $20.00 price target on shares of TIER REIT in a research note on Thursday, November 9th. Zacks Investment Research cut TIER REIT from a “buy” rating to a “sell” rating in a research note on Wednesday, October 18th. Finally, BidaskClub cut TIER REIT from a “buy” rating to a “hold” rating in a research note on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $20.67.
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TIER REIT, Inc. (NYSE:TIER) traded up $0.25 during trading on Wednesday, reaching $19.35. The company’s stock had a trading volume of 117,100 shares, compared to its average volume of 182,663. TIER REIT, Inc. has a one year low of $15.47 and a one year high of $20.00. The firm has a market capitalization of $913.80, a PE ratio of 12.24 and a beta of 0.94.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend is Thursday, December 14th. TIER REIT’s dividend payout ratio is presently 39.56%.
About TIER REIT
TIER REIT, Inc is a real estate investment trust. The Company’s business consists of owning, acquiring, developing, operating, investing in, and disposing of real estate assets. The Company’s business is conducted through Tier Operating Partnership LP (Tier OP). As of December 31, 2016, the Company owned interests in 29 operating office properties, one non-operating property and one development property located in 13 markets throughout the United States.
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