Silver Capital Management LLC bought a new stake in TIER REIT Inc (OTCMKTS:TIER) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 26,631 shares of the company’s stock, valued at approximately $411,000. TIER REIT comprises about 1.7% of Silver Capital Management LLC’s investment portfolio, making the stock its 29th largest position. Silver Capital Management LLC owned 0.06% of TIER REIT at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Engine Capital Management LLC bought a new stake in shares of TIER REIT during the second quarter valued at approximately $13,736,000. Schwab Charles Investment Management Inc. boosted its stake in shares of TIER REIT by 54.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 282,982 shares of the company’s stock valued at $4,339,000 after buying an additional 100,093 shares during the period. Virginia Retirement Systems ET AL boosted its stake in shares of TIER REIT by 114.9% in the third quarter. Virginia Retirement Systems ET AL now owns 87,900 shares of the company’s stock valued at $1,357,000 after buying an additional 47,000 shares during the period. Metropolitan Life Insurance Co. NY bought a new stake in shares of TIER REIT during the second quarter valued at approximately $625,000. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of TIER REIT during the third quarter valued at approximately $508,000.
Shares of TIER REIT Inc (OTCMKTS:TIER) opened at 18.32 on Wednesday. The stock’s 50 day moving average is $17.10 and its 200-day moving average is $16.15. The stock’s market capitalization is $874.63 million. TIER REIT Inc has a one year low of $12.52 and a one year high of $18.39.
TIER REIT (OTCMKTS:TIER) last issued its quarterly earnings results on Wednesday, November 9th. The company reported $0.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.01. On average, equities research analysts expect that TIER REIT Inc will post ($0.55) EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date is Monday, March 13th.
Several analysts recently commented on the stock. Zacks Investment Research upgraded shares of TIER REIT from a “sell” rating to a “hold” rating in a research note on Saturday. BMO Capital Markets assumed coverage on shares of TIER REIT in a research note on Thursday, December 22nd. They issued an “outperform” rating for the company. Finally, TheStreet cut shares of TIER REIT from a “hold” rating to a “sell” rating in a research note on Tuesday, October 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $16.17.
In other news, Director George Ronald Witten acquired 7,000 shares of TIER REIT stock in a transaction on Tuesday, November 15th. The stock was bought at an average cost of $15.63 per share, with a total value of $109,410.00. Following the completion of the purchase, the director now owns 18,645 shares of the company’s stock, valued at $291,421.35. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.
About TIER REIT
TIER REIT, Inc is a self-managed real estate investment trust. The Company is engaged in acquiring, developing and operating a portfolio of office properties in certain markets of the United States. The Company’s business is primarily conducted through Tier Operating Partnership LP. The Company holds interests in approximately 30 operating office properties, over two non-operating properties and a development property located in approximately 20 markets across the United States.
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