Wall Street analysts predict that City Office REIT Inc (NYSE:CIO) will report $0.30 earnings per share for the current quarter, Zacks reports. Four analysts have provided estimates for City Office REIT’s earnings, with the highest EPS estimate coming in at $0.31 and the lowest estimate coming in at $0.30. City Office REIT reported earnings per share of $0.28 in the same quarter last year, which would suggest a positive year over year growth rate of 7.1%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Thursday, November 7th.
On average, analysts expect that City Office REIT will report full year earnings of $1.23 per share for the current year, with EPS estimates ranging from $1.21 to $1.26. For the next financial year, analysts forecast that the business will report earnings of $1.29 per share, with EPS estimates ranging from $1.25 to $1.31. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for City Office REIT.
City Office REIT (NYSE:CIO) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.30). City Office REIT had a negative net margin of 5.50% and a negative return on equity of 2.84%. The firm had revenue of $41.17 million for the quarter, compared to the consensus estimate of $38.17 million.
Several equities analysts recently issued reports on CIO shares. Zacks Investment Research upgraded City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a research note on Monday, August 12th. B. Riley lifted their price objective on City Office REIT from $12.50 to $13.50 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, JMP Securities lifted their price objective on City Office REIT from $14.00 to $15.00 and gave the company a “market outperform” rating in a report on Thursday, September 12th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $13.80.
CIO traded down $0.03 on Friday, hitting $13.24. 1,406,721 shares of the stock traded hands, compared to its average volume of 788,894. City Office REIT has a 52 week low of $9.73 and a 52 week high of $14.50. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 2.68. The firm has a market capitalization of $648.95 million, a PE ratio of 12.26, a P/E/G ratio of 1.45 and a beta of 0.45. The business has a fifty day moving average price of $13.81 and a two-hundred day moving average price of $12.45.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be issued a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 7.10%. The ex-dividend date is Thursday, October 10th. City Office REIT’s payout ratio is 87.04%.
In related news, Director John Sweet acquired 2,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were bought at an average cost of $12.85 per share, with a total value of $25,700.00. Following the completion of the acquisition, the director now owns 13,767 shares of the company’s stock, valued at $176,905.95. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.00% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wiley BROS. Aintree Capital LLC acquired a new position in shares of City Office REIT in the 3rd quarter worth approximately $126,000. Phocas Financial Corp. acquired a new position in shares of City Office REIT in the 2nd quarter worth approximately $25,000. Royal Bank of Canada boosted its holdings in shares of City Office REIT by 3.1% in the 2nd quarter. Royal Bank of Canada now owns 48,150 shares of the real estate investment trust’s stock worth $577,000 after acquiring an additional 1,427 shares in the last quarter. Schroder Investment Management Group boosted its holdings in shares of City Office REIT by 5.1% in the 2nd quarter. Schroder Investment Management Group now owns 79,493 shares of the real estate investment trust’s stock worth $953,000 after acquiring an additional 3,830 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in shares of City Office REIT by 33.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 914,554 shares of the real estate investment trust’s stock worth $10,965,000 after acquiring an additional 226,921 shares in the last quarter. 74.03% of the stock is currently owned by institutional investors.
About City Office REIT
City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. At December 31, 2018, CIO owned office complexes comprising 5.7 million square feet of net rentable area (NRA).
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