$33.16 Million in Sales Expected for City Office REIT Inc (CIO) This Quarter

Wall Street brokerages expect City Office REIT Inc (NYSE:CIO) to announce sales of $33.16 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for City Office REIT’s earnings. The lowest sales estimate is $32.56 million and the highest is $34.27 million. City Office REIT reported sales of $24.75 million in the same quarter last year, which would suggest a positive year over year growth rate of 34%. The business is scheduled to announce its next earnings results on Monday, November 5th.

According to Zacks, analysts expect that City Office REIT will report full-year sales of $130.89 million for the current year, with estimates ranging from $129.40 million to $133.03 million. For the next year, analysts forecast that the business will report sales of $150.92 million, with estimates ranging from $140.06 million to $160.71 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover City Office REIT.

City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, August 2nd. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.32). The firm had revenue of $30.24 million for the quarter, compared to analyst estimates of $31.09 million. City Office REIT had a return on equity of 17.42% and a net margin of 36.89%.

A number of research analysts have commented on the stock. Royal Bank of Canada assumed coverage on shares of City Office REIT in a research note on Wednesday, June 27th. They issued an “outperform” rating and a $14.00 price objective on the stock. Boenning Scattergood assumed coverage on shares of City Office REIT in a research note on Tuesday, July 10th. They set a “buy” rating and a $15.00 price target on the stock. B. Riley boosted their price target on shares of City Office REIT from $13.50 to $14.00 and gave the stock a “buy” rating in a research note on Monday, August 6th. Finally, Zacks Investment Research lowered shares of City Office REIT from a “buy” rating to a “hold” rating in a research note on Monday, September 3rd. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $14.20.

NYSE CIO traded up $0.07 during trading on Monday, reaching $12.37. The company’s stock had a trading volume of 2,665 shares, compared to its average volume of 307,532. The company has a debt-to-equity ratio of 1.75, a quick ratio of 3.45 and a current ratio of 3.45. The firm has a market cap of $447.69 million, a PE ratio of 12.78, a P/E/G ratio of 1.25 and a beta of 0.15. City Office REIT has a twelve month low of $10.03 and a twelve month high of $13.93.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 25th. Investors of record on Thursday, October 11th will be paid a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 7.60%. The ex-dividend date of this dividend is Wednesday, October 10th. City Office REIT’s payout ratio is 96.91%.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in City Office REIT in the second quarter valued at approximately $101,000. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of City Office REIT by 163.1% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,140 shares of the real estate investment trust’s stock worth $129,000 after acquiring an additional 6,906 shares during the period. Private Advisor Group LLC bought a new stake in City Office REIT in the second quarter worth approximately $185,000. Boston Advisors LLC bought a new stake in City Office REIT in the second quarter worth approximately $188,000. Finally, Nomura Asset Management Co. Ltd. increased its holdings in City Office REIT by 44.2% in the first quarter. Nomura Asset Management Co. Ltd. now owns 21,800 shares of the real estate investment trust’s stock worth $252,000 after purchasing an additional 6,680 shares in the last quarter. 69.23% of the stock is currently owned by institutional investors and hedge funds.

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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