Wall Street analysts forecast that City Office REIT Inc (NYSE:CIO) will announce $40.29 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for City Office REIT’s earnings, with the lowest sales estimate coming in at $39.99 million and the highest estimate coming in at $40.60 million. City Office REIT reported sales of $34.17 million during the same quarter last year, which would suggest a positive year over year growth rate of 17.9%. The company is scheduled to announce its next quarterly earnings results on Wednesday, February 26th.
According to Zacks, analysts expect that City Office REIT will report full-year sales of $158.04 million for the current financial year, with estimates ranging from $157.23 million to $159.06 million. For the next fiscal year, analysts anticipate that the company will post sales of $178.65 million, with estimates ranging from $164.54 million to $188.80 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover City Office REIT.
CIO has been the topic of a number of recent research reports. B. Riley lifted their price target on shares of City Office REIT from $12.50 to $13.50 and gave the stock a “buy” rating in a research note on Friday, August 2nd. JMP Securities lifted their price target on shares of City Office REIT from $14.00 to $15.00 and gave the stock a “market outperform” rating in a research note on Thursday, September 12th. Finally, Zacks Investment Research upgraded shares of City Office REIT from a “sell” rating to a “hold” rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. City Office REIT presently has a consensus rating of “Buy” and an average price target of $14.00.
A number of institutional investors and hedge funds have recently bought and sold shares of CIO. FMR LLC acquired a new stake in shares of City Office REIT in the 1st quarter valued at $31,000. WINTON GROUP Ltd boosted its stake in shares of City Office REIT by 12.7% in the 2nd quarter. WINTON GROUP Ltd now owns 12,236 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 1,378 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of City Office REIT by 21.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 20,142 shares of the real estate investment trust’s stock valued at $242,000 after purchasing an additional 3,492 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of City Office REIT by 18.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 15,140 shares of the real estate investment trust’s stock valued at $181,000 after purchasing an additional 2,395 shares in the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new stake in shares of City Office REIT in the 2nd quarter valued at $2,001,000. Hedge funds and other institutional investors own 60.58% of the company’s stock.
CIO traded down $0.28 during trading on Wednesday, reaching $13.30. 420,498 shares of the company’s stock were exchanged, compared to its average volume of 357,224. City Office REIT has a fifty-two week low of $9.73 and a fifty-two week high of $14.50. The company has a quick ratio of 2.70, a current ratio of 2.26 and a debt-to-equity ratio of 1.83. The business has a 50 day moving average price of $13.73 and a 200 day moving average price of $12.75. The company has a market capitalization of $728.20 million, a P/E ratio of 12.31, a PEG ratio of 1.43 and a beta of 0.44.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, October 11th were paid a dividend of $0.235 per share. The ex-dividend date was Thursday, October 10th. This represents a $0.94 dividend on an annualized basis and a yield of 7.07%. City Office REIT’s dividend payout ratio is currently 87.04%.
City Office REIT Company Profile
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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