$0.29 Earnings Per Share Expected for City Office REIT Inc (NYSE:CIO) This Quarter

Analysts forecast that City Office REIT Inc (NYSE:CIO) will announce earnings per share (EPS) of $0.29 for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for City Office REIT’s earnings, with the highest EPS estimate coming in at $0.30 and the lowest estimate coming in at $0.29. City Office REIT posted earnings of $0.26 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 11.5%. The business is expected to report its next quarterly earnings results before the market opens on Thursday, August 1st.

On average, analysts expect that City Office REIT will report full-year earnings of $1.20 per share for the current year, with EPS estimates ranging from $1.19 to $1.21. For the next financial year, analysts expect that the business will report earnings of $1.28 per share, with EPS estimates ranging from $1.24 to $1.31. Zacks Investment Research’s EPS calculations 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 quarterly earnings data on Friday, May 3rd. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.35). The company had revenue of $37.12 million for the quarter, compared to analysts’ expectations of $36.24 million. City Office REIT had a negative return on equity of 3.51% and a negative net margin of 7.39%.

CIO has been the topic of a number of recent research reports. Deutsche Bank dropped their price objective on Vornado Realty Trust from $80.00 to $73.00 and set a “hold” rating on the stock in a report on Wednesday, April 10th. Zacks Investment Research raised HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. TheStreet raised Vermilion Energy from a “d+” rating to a “c” rating in a report on Friday, March 22nd. Finally, Boenning Scattergood reissued a “neutral” rating on shares of Farmers & Merchants Bancorp, Inc. (OH) in a report on Monday, May 6th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. City Office REIT currently has a consensus rating of “Buy” and a consensus price target of $13.50.

CIO traded down $0.16 during trading on Friday, reaching $12.03. 9,026 shares of the company were exchanged, compared to its average volume of 186,636. The company has a 50-day simple moving average of $12.11. The stock has a market cap of $483.21 million, a P/E ratio of 11.14, a price-to-earnings-growth ratio of 1.31 and a beta of 0.45. The company has a debt-to-equity ratio of 2.53, a quick ratio of 2.76 and a current ratio of 2.76. City Office REIT has a 12-month low of $9.73 and a 12-month high of $13.08.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th will be paid a $0.235 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $0.94 dividend on an annualized basis and a yield of 7.81%. City Office REIT’s dividend payout ratio is currently 87.04%.

In other City Office REIT news, Director John Sweet bought 3,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were acquired at an average cost of $11.84 per share, for a total transaction of $35,520.00. Following the purchase, the director now directly owns 9,867 shares of the company’s stock, valued at $116,825.28. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 3.00% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CIO. BlackRock Inc. increased its stake in City Office REIT by 14.8% in the 4th quarter. BlackRock Inc. now owns 2,588,812 shares of the real estate investment trust’s stock worth $26,536,000 after acquiring an additional 333,963 shares during the last quarter. Northern Trust Corp increased its stake in City Office REIT by 47.9% in the 4th quarter. Northern Trust Corp now owns 597,350 shares of the real estate investment trust’s stock worth $6,123,000 after acquiring an additional 193,349 shares during the last quarter. Martingale Asset Management L P increased its stake in City Office REIT by 83.3% in the 1st quarter. Martingale Asset Management L P now owns 316,227 shares of the real estate investment trust’s stock worth $3,578,000 after acquiring an additional 143,689 shares during the last quarter. WESPAC Advisors LLC bought a new position in City Office REIT in the 1st quarter worth about $1,186,000. Finally, Dimensional Fund Advisors LP increased its stake in City Office REIT by 18.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 467,926 shares of the real estate investment trust’s stock worth $4,796,000 after acquiring an additional 72,357 shares during the last quarter. Institutional investors and hedge funds own 75.12% of the company’s stock.

About City Office REIT

City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. At December 31, 2018, CIO owned office complexes comprising 5.7 million square feet of net rentable area (“NRA”).

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