Analysts Expect City Office REIT, Inc. (NYSE:CIO) to Announce $0.24 Earnings Per Share
Equities analysts forecast that City Office REIT, Inc. (NYSE:CIO) will announce earnings per share (EPS) of $0.24 for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for City Office REIT’s earnings, with estimates ranging from $0.22 to $0.25. City Office REIT reported earnings of $0.22 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 9.1%. The firm is scheduled to announce its next earnings report before the market opens on Thursday, August 3rd.
According to Zacks, analysts expect that City Office REIT will report full year earnings of $0.99 per share for the current year, with EPS estimates ranging from $0.94 to $1.03. For the next year, analysts forecast that the firm will report earnings of $1.07 per share, with EPS estimates ranging from $1.03 to $1.11. Zacks’ earnings per share averages are a mean average based on a survey of analysts that cover City Office REIT.
City Office REIT (NYSE:CIO) last announced its earnings results on Friday, May 5th. The real estate investment trust reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.33. The business had revenue of $25.40 million during the quarter, compared to analyst estimates of $24.54 million. City Office REIT had a net margin of 5.90% and a return on equity of 2.90%. The business’s revenue for the quarter was up 55.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 earnings per share.
CIO has been the subject of a number of research reports. Zacks Investment Research upgraded City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Monday, May 8th. Deutsche Bank AG raised their price objective on City Office REIT from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, May 25th. TheStreet upgraded City Office REIT from a “d” rating to a “c” rating in a research report on Thursday, May 18th. ValuEngine downgraded City Office REIT from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Finally, FBR & Co initiated coverage on City Office REIT in a research report on Tuesday, July 11th. They set an “outperform” rating and a $14.50 target price for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $14.67.
Large investors have recently made changes to their positions in the company. Mesirow Financial Investment Management Equity Management raised its position in City Office REIT by 40.6% in the first quarter. Mesirow Financial Investment Management Equity Management now owns 20,929 shares of the real estate investment trust’s stock valued at $255,000 after buying an additional 6,045 shares in the last quarter. Nationwide Fund Advisors raised its position in City Office REIT by 21.1% in the first quarter. Nationwide Fund Advisors now owns 15,489 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 2,699 shares in the last quarter. Dalton Greiner Hartman Maher & Co. acquired a new position in City Office REIT during the first quarter valued at $164,000. Orinda Asset Management LLC raised its position in City Office REIT by 47.4% in the first quarter. Orinda Asset Management LLC now owns 613,653 shares of the real estate investment trust’s stock valued at $7,456,000 after buying an additional 197,271 shares in the last quarter. Finally, Legato Capital Management LLC raised its position in City Office REIT by 1,115.0% in the first quarter. Legato Capital Management LLC now owns 36,754 shares of the real estate investment trust’s stock valued at $3,025,000 after buying an additional 33,729 shares in the last quarter. 51.18% of the stock is owned by institutional investors and hedge funds.
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City Office REIT (NYSE CIO) traded up 0.24% during midday trading on Friday, hitting $12.63. The company had a trading volume of 93,583 shares. City Office REIT has a one year low of $11.43 and a one year high of $13.93. The company’s 50 day moving average is $12.63 and its 200-day moving average is $12.52. The company has a market cap of $382.15 million, a P/E ratio of 263.12 and a beta of 0.22.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 25th. Stockholders of record on Tuesday, July 11th will be paid a $0.235 dividend. The ex-dividend date of this dividend is Friday, July 7th. This represents a $0.94 annualized dividend and a dividend yield of 7.44%. City Office REIT’s dividend payout ratio (DPR) is currently 1,175.00%.
City Office REIT Company Profile
City Office REIT, Inc is a real estate investment trust. The Company is focused on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. It conducts its operations primarily through City Office REIT Operating Partnership, L.P.
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