Equities analysts forecast that City Office REIT Inc (NYSE:CIO) will announce sales of $39.41 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for City Office REIT’s earnings, with estimates ranging from $39.37 million to $39.45 million. City Office REIT posted sales of $38.95 million in the same quarter last year, which would indicate a positive year over year growth rate of 1.2%. The company is expected to report its next earnings results before the market opens on Thursday, November 5th.
On average, analysts expect that City Office REIT will report full year sales of $158.33 million for the current financial year, with estimates ranging from $157.79 million to $158.86 million. For the next year, analysts expect that the firm will post sales of $159.99 million, with estimates ranging from $157.20 million to $162.77 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow City Office REIT.
City Office REIT (NYSE:CIO) last posted its earnings results on Thursday, August 6th. The real estate investment trust reported ($0.03) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by ($0.29). City Office REIT had a return on equity of 0.78% and a net margin of 1.90%.
Several research analysts have commented on the company. Zacks Investment Research downgraded City Office REIT from a “buy” rating to a “hold” rating in a research report on Tuesday, October 13th. ValuEngine downgraded City Office REIT from a “sell” rating to a “strong sell” rating in a research report on Friday, September 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $11.30.
In related news, CFO Anthony Maretic acquired 10,000 shares of the stock in a transaction on Wednesday, September 23rd. The shares were purchased at an average price of $7.16 per share, for a total transaction of $71,600.00. Also, CEO James Thomas Farrar acquired 11,500 shares of the stock in a transaction on Monday, September 21st. The shares were bought at an average price of $7.48 per share, for a total transaction of $86,020.00. Following the purchase, the chief executive officer now owns 362,834 shares in the company, valued at $2,713,998.32. The disclosure for this purchase can be found here. Corporate insiders own 2.60% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. increased its stake in shares of City Office REIT by 20.3% in the 1st quarter. Victory Capital Management Inc. now owns 1,350,733 shares of the real estate investment trust’s stock valued at $9,766,000 after purchasing an additional 227,755 shares during the last quarter. State Street Corp increased its stake in shares of City Office REIT by 2.9% in the 1st quarter. State Street Corp now owns 1,319,066 shares of the real estate investment trust’s stock valued at $9,537,000 after purchasing an additional 37,553 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of City Office REIT by 12.1% in the 1st quarter. Geode Capital Management LLC now owns 783,561 shares of the real estate investment trust’s stock valued at $5,665,000 after purchasing an additional 84,350 shares during the last quarter. Invesco Ltd. increased its stake in shares of City Office REIT by 0.8% in the 1st quarter. Invesco Ltd. now owns 704,801 shares of the real estate investment trust’s stock valued at $5,096,000 after purchasing an additional 5,421 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of City Office REIT by 302.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 681,275 shares of the real estate investment trust’s stock valued at $6,853,000 after purchasing an additional 512,047 shares during the last quarter. Hedge funds and other institutional investors own 85.17% of the company’s stock.
NYSE CIO traded down $0.28 during trading on Tuesday, hitting $7.06. The company’s stock had a trading volume of 205,121 shares, compared to its average volume of 483,570. The company has a quick ratio of 4.12, a current ratio of 4.12 and a debt-to-equity ratio of 2.14. The firm has a 50 day moving average price of $7.71 and a 200 day moving average price of $8.80. The firm has a market cap of $306.38 million, a P/E ratio of -70.60 and a beta of 1.18. City Office REIT has a 52 week low of $6.50 and a 52 week high of $14.16.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 22nd. Investors of record on Thursday, October 8th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 7th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 8.50%. City Office REIT’s payout ratio is presently 51.28%.
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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