Brokerages Expect City Office REIT, Inc. (CIO) to Post $0.26 EPS
Brokerages expect that City Office REIT, Inc. (NYSE:CIO) will report $0.26 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for City Office REIT’s earnings, with the lowest EPS estimate coming in at $0.22 and the highest estimate coming in at $0.28. City Office REIT posted earnings of ($0.08) per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 425%. The firm is scheduled to announce its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that City Office REIT will report full year earnings of $1.04 per share for the current financial year, with EPS estimates ranging from $0.97 to $1.09. For the next fiscal year, analysts forecast that the company will report earnings of $1.17 per share, with EPS estimates ranging from $1.12 to $1.23. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for City Office REIT.
City Office REIT (NYSE:CIO) last issued its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.03. The firm had revenue of $25.16 million for the quarter, compared to the consensus estimate of $26.18 million. City Office REIT had a net margin of 3.70% and a return on equity of 1.91%. During the same quarter in the previous year, the company earned $0.22 EPS.
Several research analysts have recently issued reports on CIO shares. ValuEngine upgraded shares of City Office REIT from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. Zacks Investment Research upgraded shares of City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Tuesday, July 25th. Deutsche Bank AG raised their target price on shares of City Office REIT from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, May 25th. BidaskClub upgraded shares of City Office REIT from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, FBR & Co started coverage on shares of City Office REIT in a report on Tuesday, July 11th. They issued an “outperform” rating and a $14.50 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. City Office REIT presently has a consensus rating of “Hold” and a consensus price target of $14.63.
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Shares of City Office REIT (NYSE CIO) traded up 0.08% on Friday, hitting $12.96. 242,605 shares of the stock were exchanged. The company’s market cap is $392.20 million. City Office REIT has a 52-week low of $11.43 and a 52-week high of $13.55. The company has a 50 day moving average of $12.65 and a 200 day moving average of $12.46.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th will be issued a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 7.25%. City Office REIT’s dividend payout ratio is -723.08%.
In related news, CEO James Thomas Farrar purchased 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were acquired at an average price of $12.52 per share, for a total transaction of $75,120.00. Following the completion of the acquisition, the chief executive officer now directly owns 184,789 shares in the company, valued at approximately $2,313,558.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CIO. Nuveen Asset Management LLC boosted its holdings in City Office REIT by 63.2% in the first quarter. Nuveen Asset Management LLC now owns 1,364,636 shares of the real estate investment trust’s stock valued at $16,580,000 after acquiring an additional 528,290 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in City Office REIT by 28.6% in the first quarter. Principal Financial Group Inc. now owns 987,936 shares of the real estate investment trust’s stock valued at $12,003,000 after acquiring an additional 220,000 shares in the last quarter. Dalton Greiner Hartman Maher & Co. boosted its holdings in City Office REIT by 1,559.8% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 223,455 shares of the real estate investment trust’s stock valued at $2,838,000 after acquiring an additional 209,992 shares in the last quarter. LSV Asset Management boosted its holdings in City Office REIT by 25.8% in the second quarter. LSV Asset Management now owns 843,506 shares of the real estate investment trust’s stock valued at $10,712,000 after acquiring an additional 172,841 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in City Office REIT by 18.6% in the first quarter. Vanguard Group Inc. now owns 1,037,380 shares of the real estate investment trust’s stock valued at $12,605,000 after acquiring an additional 162,735 shares in the last quarter. Institutional investors and hedge funds own 52.98% of the company’s stock.
About City Office REIT
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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