City Office REIT Inc (CIO) Expected to Post Earnings of $0.29 Per Share

Equities research analysts expect City Office REIT Inc (NYSE:CIO) to post $0.29 earnings per share for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for City Office REIT’s earnings. The highest EPS estimate is $0.32 and the lowest is $0.27. City Office REIT posted earnings per share of $0.31 in the same quarter last year, which indicates a negative year-over-year growth rate of 6.5%. The company is expected to report its next earnings report on Thursday, March 7th.

On average, analysts expect that City Office REIT will report full year earnings of $1.10 per share for the current financial year, with EPS estimates ranging from $1.08 to $1.13. For the next financial year, analysts forecast that the firm will report earnings of $1.23 per share, with EPS estimates ranging from $1.20 to $1.27. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow City Office REIT.

City Office REIT (NYSE:CIO) last posted its earnings results on Thursday, November 1st. The real estate investment trust reported ($0.08) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.08). City Office REIT had a return on equity of 15.81% and a net margin of 34.71%. The business had revenue of $33.55 million during the quarter, compared to the consensus estimate of $33.16 million.

Several analysts have recently weighed in on the company. Zacks Investment Research downgraded City Office REIT from a “hold” rating to a “sell” rating in a report on Tuesday. Boenning Scattergood set a $15.00 target price on City Office REIT and gave the company a “buy” rating in a report on Monday. TheStreet downgraded City Office REIT from a “b-” rating to a “c+” rating in a report on Thursday, October 11th. ValuEngine downgraded City Office REIT from a “hold” rating to a “sell” rating in a report on Friday, October 12th. Finally, JMP Securities assumed coverage on City Office REIT in a report on Tuesday, October 9th. They issued an “outperform” rating and a $14.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $14.17.

In other news, Director Stephen B. Shraiberg purchased 35,000 shares of the stock in a transaction dated Monday, November 5th. The shares were purchased at an average cost of $10.79 per share, with a total value of $377,650.00. Following the completion of the acquisition, the director now owns 84,185 shares in the company, valued at approximately $908,356.15. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 3.20% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. RMR Advisors LLC grew its position in City Office REIT by 2.0% during the third quarter. RMR Advisors LLC now owns 228,427 shares of the real estate investment trust’s stock valued at $2,883,000 after acquiring an additional 4,500 shares during the last quarter. Teachers Insurance & Annuity Association of America grew its holdings in shares of City Office REIT by 10.6% in the second quarter. Teachers Insurance & Annuity Association of America now owns 47,817 shares of the real estate investment trust’s stock worth $613,000 after purchasing an additional 4,593 shares during the last quarter. Dubuque Bank & Trust Co. grew its holdings in shares of City Office REIT by 2.6% in the second quarter. Dubuque Bank & Trust Co. now owns 195,809 shares of the real estate investment trust’s stock worth $2,512,000 after purchasing an additional 5,040 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of City Office REIT by 15.3% in the second quarter. Rhumbline Advisers now owns 40,236 shares of the real estate investment trust’s stock worth $516,000 after purchasing an additional 5,348 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of City Office REIT by 22.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 36,503 shares of the real estate investment trust’s stock worth $468,000 after purchasing an additional 6,700 shares during the last quarter. Institutional investors own 68.22% of the company’s stock.

Shares of City Office REIT stock traded up $0.12 on Friday, hitting $11.46. The stock had a trading volume of 432,900 shares, compared to its average volume of 277,052. City Office REIT has a 52-week low of $10.03 and a 52-week high of $13.43. The company has a debt-to-equity ratio of 1.80, a quick ratio of 2.54 and a current ratio of 2.54. The company has a market capitalization of $433.80 million, a P/E ratio of 11.71, a PEG ratio of 1.12 and a beta of 0.33.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Thursday, October 11th were issued a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a yield of 8.20%. The ex-dividend date was Wednesday, October 10th. City Office REIT’s dividend payout ratio (DPR) is presently 96.91%.

City Office REIT Company Profile

City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in mid-sized metropolitan areas with strong economic fundamentals, primarily in the Southern and Western United States. At June 30, 2018, CIO owned office complexes comprising 4.9 million square feet of net rentable area (“NRA”).

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