City Office REIT, Inc. (CIO) Expected to Announce Earnings of $0.22 Per Share
Equities research analysts predict that City Office REIT, Inc. (NYSE:CIO) will announce earnings of $0.22 per share for the current fiscal quarter, Zacks reports. Four analysts have made estimates for City Office REIT’s earnings. City Office REIT posted earnings of ($0.08) per share during the same quarter last year, which indicates a positive year over year growth rate of 375%. The business is scheduled to announce its next quarterly earnings results on Monday, November 6th.
According to Zacks, analysts expect that City Office REIT will report full-year earnings of $0.97 per share for the current fiscal year. For the next year, analysts forecast that the company will report earnings of $1.19 per share, with EPS estimates ranging from $1.15 to $1.23. Zacks’ EPS averages 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 earnings results on Thursday, August 3rd. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. The business had revenue of $25.16 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the company earned $0.22 earnings per share.
A number of research analysts have weighed in on CIO shares. ValuEngine lowered City Office REIT from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. Zacks Investment Research lowered City Office REIT from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. FBR & Co started coverage on City Office REIT in a report on Tuesday, July 11th. They issued an “outperform” rating and a $14.50 price objective on the stock. Finally, BidaskClub upgraded City Office REIT from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $14.63.
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Shares of City Office REIT (CIO) traded up 0.15% on Thursday, reaching $13.80. 182,322 shares of the company’s stock traded hands. City Office REIT has a 12-month low of $11.43 and a 12-month high of $13.93. The company’s market cap is $417.62 million. The stock has a 50-day moving average price of $12.94 and a 200-day moving average price of $12.56.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th will be issued a dividend of $0.235 per share. The ex-dividend date of this dividend is Tuesday, October 10th. This represents a $0.94 annualized dividend and a dividend yield of 6.81%. City Office REIT’s dividend payout ratio is presently -723.08%.
In related news, CEO James Thomas Farrar purchased 6,000 shares of City Office REIT stock in a transaction dated 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 acquisition, the chief executive officer now directly owns 184,789 shares in the company, valued at $2,313,558.28. The purchase was disclosed in a filing with the SEC, which is available through this link. 3.20% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its holdings in 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 raised its holdings in 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 stake in City Office REIT in the 1st quarter valued at about $148,000. Nomura Asset Management Co. Ltd. raised its holdings in 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 stake in City Office REIT in the 1st quarter valued at about $184,000. Hedge funds and other institutional investors own 55.42% 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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