$26.39 Million in Sales Expected for City Office REIT, Inc. (CIO) This Quarter
Wall Street brokerages forecast that City Office REIT, Inc. (NYSE:CIO) will post $26.39 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for City Office REIT’s earnings, with the highest sales estimate coming in at $29.26 million and the lowest estimate coming in at $24.44 million. City Office REIT reported sales of $18.79 million in the same quarter last year, which indicates a positive year-over-year growth rate of 40.4%. The business is expected to announce its next quarterly earnings results on Monday, November 6th.
On average, analysts expect that City Office REIT will report full-year sales of $26.39 million for the current financial year, with estimates ranging from $103.86 million to $111.95 million. For the next financial year, analysts anticipate that the business will report sales of $127.58 million per share, with estimates ranging from $119.02 million to $140.37 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for City Office REIT.
City Office REIT (NYSE:CIO) last released its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.03. City Office REIT had a net margin of 3.70% and a return on equity of 1.91%. The company had revenue of $25.16 million during the quarter, compared to analyst estimates of $26.18 million. During the same period in the prior year, the firm earned $0.22 earnings per share.
A number of equities analysts recently commented on the company. ValuEngine upgraded City Office REIT from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. Zacks Investment Research cut City Office REIT from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. BidaskClub upgraded City Office REIT from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. FBR & Co assumed coverage on City Office REIT in a report on Tuesday, July 11th. They set an “outperform” rating and a $14.50 target price for the company. Finally, Deutsche Bank AG raised their target price on City Office REIT from $14.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, May 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $14.63.
In other news, CEO James Thomas Farrar bought 6,000 shares of the stock in a transaction that occurred on Tuesday, August 29th. The stock was bought at an average cost of $12.52 per share, for a total transaction of $75,120.00. Following the acquisition, the chief executive officer now directly owns 184,789 shares of the company’s stock, valued at approximately $2,313,558.28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.20% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE boosted its stake in shares of City Office REIT by 189.0% in the 1st quarter. Bank of America Corp DE now owns 8,557 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 5,596 shares during the period. Strs Ohio boosted its stake in shares of City Office REIT by 10.3% in the 2nd quarter. Strs Ohio now owns 8,600 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 800 shares during the period. Ameriprise Financial Inc. purchased a new position in shares of City Office REIT in the 1st quarter valued at about $148,000. Nomura Asset Management Co. Ltd. boosted its stake in shares of City Office REIT by 0.7% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 14,000 shares of the real estate investment trust’s stock valued at $170,000 after buying an additional 100 shares during the period. Finally, KCG Holdings Inc. purchased a new position in shares of City Office REIT in the 1st quarter valued at about $184,000. Institutional investors and hedge funds own 52.98% of the company’s stock.
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Shares of City Office REIT (NYSE:CIO) opened at 12.96 on Monday. The company has a 50-day moving average of $12.65 and a 200-day moving average of $12.46. The stock’s market capitalization is $392.20 million. City Office REIT has a 1-year low of $11.43 and a 1-year high of $13.55.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Wednesday, 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 7.25%. City Office REIT’s dividend payout ratio (DPR) is -723.08%.
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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