Wall Street brokerages expect City Office REIT Inc (NYSE:CIO) to report $29.52 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for City Office REIT’s earnings, with the highest sales estimate coming in at $31.41 million and the lowest estimate coming in at $28.07 million. City Office REIT posted sales of $21.30 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 38.6%. The company is scheduled to issue its next earnings results before the market opens on Thursday, March 1st.
On average, analysts expect that City Office REIT will report full-year sales of $29.52 million for the current fiscal year, with estimates ranging from $103.38 million to $106.72 million. For the next financial year, analysts anticipate that the firm will report sales of $126.41 million per share, with estimates ranging from $119.38 million to $135.97 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow City Office REIT.
Several research firms have commented on CIO. ValuEngine lowered shares of City Office REIT from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Zacks Investment Research lowered shares of City Office REIT from a “hold” rating to a “sell” rating in a research report on Wednesday, November 8th. B. Riley reiterated a “buy” rating and set a $14.50 price objective on shares of City Office REIT in a research report on Tuesday, November 7th. Finally, Deutsche Bank lowered shares of City Office REIT from a “buy” rating to a “hold” rating and lowered their price objective for the company from $16.00 to $13.00 in a research report on Wednesday, January 10th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. City Office REIT has an average rating of “Hold” and a consensus target price of $14.25.
The company also recently announced a quarterly dividend, which was paid on Thursday, January 25th. Stockholders of record on Thursday, January 11th were issued a $0.235 dividend. The ex-dividend date was Wednesday, January 10th. This represents a $0.94 annualized dividend and a dividend yield of 9.06%. City Office REIT’s dividend payout ratio (DPR) is presently -552.94%.
Institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of City Office REIT in the 3rd quarter worth about $121,000. Stevens Capital Management LP bought a new stake in shares of City Office REIT in the 3rd quarter worth about $180,000. Schroder Investment Management Group bought a new stake in shares of City Office REIT in the 4th quarter worth about $188,000. Voya Investment Management LLC lifted its holdings in shares of City Office REIT by 18.8% in the 2nd quarter. Voya Investment Management LLC now owns 15,262 shares of the real estate investment trust’s stock worth $194,000 after acquiring an additional 2,420 shares during the last quarter. Finally, Nationwide Fund Advisors lifted its holdings in shares of City Office REIT by 21.0% in the 2nd quarter. Nationwide Fund Advisors now owns 18,734 shares of the real estate investment trust’s stock worth $238,000 after acquiring an additional 3,245 shares during the last quarter. Hedge funds and other institutional investors own 52.02% of the company’s stock.
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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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