Wall Street brokerages expect City Office REIT Inc (NYSE:CIO) to announce earnings per share of $0.29 for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for City Office REIT’s earnings, with the highest EPS estimate coming in at $0.30 and the lowest estimate coming in at $0.29. City Office REIT posted earnings of $0.26 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 11.5%. The firm is scheduled to issue its next earnings report on Thursday, August 1st.
On average, analysts expect that City Office REIT will report full-year earnings of $1.20 per share for the current fiscal year, with EPS estimates ranging from $1.19 to $1.21. For the next financial year, analysts anticipate that the business will post earnings of $1.28 per share, with EPS estimates ranging from $1.24 to $1.31. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that follow City Office REIT.
City Office REIT (NYSE:CIO) last posted its earnings results on Friday, May 3rd. The real estate investment trust reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.35). City Office REIT had a negative net margin of 7.39% and a negative return on equity of 3.51%. The firm had revenue of $37.12 million during the quarter, compared to analyst estimates of $36.24 million.
CIO has been the topic of a number of analyst reports. TheStreet downgraded City Office REIT from a “b-” rating to a “c” rating in a research report on Friday, March 22nd. Boenning Scattergood reissued a “buy” rating on shares of City Office REIT in a research report on Thursday, February 28th. Zacks Investment Research raised City Office REIT from a “sell” rating to a “hold” rating in a research report on Tuesday, April 9th. Finally, Deutsche Bank reduced their price target on City Office REIT from $13.00 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $13.58.
In related news, Director John Sweet purchased 3,000 shares of City Office REIT stock in a transaction that occurred on Wednesday, May 8th. The shares were acquired at an average price of $11.84 per share, with a total value of $35,520.00. Following the completion of the transaction, the director now directly owns 9,867 shares of the company’s stock, valued at approximately $116,825.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIO. BlackRock Inc. lifted its stake in City Office REIT by 14.8% during the fourth quarter. BlackRock Inc. now owns 2,588,812 shares of the real estate investment trust’s stock worth $26,536,000 after purchasing an additional 333,963 shares during the last quarter. Northern Trust Corp lifted its stake in shares of City Office REIT by 47.9% in the 4th quarter. Northern Trust Corp now owns 597,350 shares of the real estate investment trust’s stock valued at $6,123,000 after acquiring an additional 193,349 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of City Office REIT by 1,196.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 157,797 shares of the real estate investment trust’s stock valued at $1,992,000 after acquiring an additional 145,624 shares during the last quarter. Martingale Asset Management L P lifted its stake in shares of City Office REIT by 83.3% in the 1st quarter. Martingale Asset Management L P now owns 316,227 shares of the real estate investment trust’s stock valued at $3,578,000 after acquiring an additional 143,689 shares during the last quarter. Finally, WESPAC Advisors LLC bought a new position in shares of City Office REIT in the 1st quarter valued at $1,186,000. Hedge funds and other institutional investors own 75.11% of the company’s stock.
Shares of City Office REIT stock traded up $0.07 on Thursday, hitting $11.83. The stock had a trading volume of 8,510 shares, compared to its average volume of 157,259. City Office REIT has a twelve month low of $9.73 and a twelve month high of $13.20. The company has a 50 day moving average price of $12.02. The company has a current ratio of 2.76, a quick ratio of 2.76 and a debt-to-equity ratio of 2.53. The firm has a market capitalization of $467.75 million, a PE ratio of 10.94, a price-to-earnings-growth ratio of 1.30 and a beta of 0.47.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Thursday, July 11th will be given a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 7.95%. The ex-dividend date is Wednesday, July 10th. City Office REIT’s dividend payout ratio is currently 87.04%.
City Office REIT Company Profile
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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