$0.22 EPS Expected for City Office REIT, Inc. (CIO) This Quarter
Equities analysts expect City Office REIT, Inc. (NYSE:CIO) to report earnings per share (EPS) of $0.22 for the current quarter, Zacks reports. Four analysts have made estimates for City Office REIT’s earnings. City Office REIT reported earnings of ($0.08) per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 375%. The firm is scheduled to issue its next quarterly earnings report before the market opens on Monday, November 6th.
On average, analysts expect that City Office REIT will report full-year earnings of $0.97 per share for the current fiscal year. For the next fiscal 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 calculations are an average based on a survey of research analysts that cover 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 EPS for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.03. The company had revenue of $25.16 million during 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 prior year, the firm earned $0.22 EPS.
Several research analysts have commented on CIO shares. BidaskClub cut shares of City Office REIT from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. FBR & Co reiterated a “buy” rating on shares of City Office REIT in a report on Friday, October 6th. Zacks Investment Research cut shares of City Office REIT from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, ValuEngine upgraded shares of City Office REIT from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. City Office REIT presently has an average rating of “Hold” and an average target price of $14.63.
In other news, CEO James Thomas Farrar bought 6,000 shares of the firm’s stock in a transaction 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 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 purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 3.20% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE boosted its holdings in shares of City Office REIT by 189.0% during the first quarter. Bank of America Corp DE now owns 8,557 shares of the real estate investment trust’s stock worth $104,000 after purchasing an additional 5,596 shares during the period. Strs Ohio boosted its holdings in shares of City Office REIT by 10.3% during the second quarter. Strs Ohio now owns 8,600 shares of the real estate investment trust’s stock worth $109,000 after purchasing an additional 800 shares during the period. Ameriprise Financial Inc. acquired a new stake in shares of City Office REIT during the first quarter worth approximately $148,000. Nomura Asset Management Co. Ltd. boosted its holdings in shares of City Office REIT by 0.7% during the first quarter. Nomura Asset Management Co. Ltd. now owns 14,000 shares of the real estate investment trust’s stock worth $170,000 after purchasing an additional 100 shares during the period. Finally, Schnieders Capital Management LLC boosted its holdings in shares of City Office REIT by 16.5% during the second quarter. Schnieders Capital Management LLC now owns 14,450 shares of the real estate investment trust’s stock worth $184,000 after purchasing an additional 2,050 shares during the period. Institutional investors own 55.39% of the company’s stock.
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City Office REIT (NYSE CIO) traded down 0.30% during mid-day trading on Tuesday, reaching $13.31. 61,966 shares of the company’s stock were exchanged. City Office REIT has a 1-year low of $11.43 and a 1-year high of $13.93. The firm’s 50-day moving average is $13.26 and its 200 day moving average is $12.70. The stock’s market capitalization is $402.79 million.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders 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 7.04%. The ex-dividend date is Tuesday, October 10th. City Office REIT’s payout ratio is -723.08%.
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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