City Office REIT, Inc. (CIO) Expected to Announce Quarterly Sales of $29.82 Million
Analysts expect that City Office REIT, Inc. (NYSE:CIO) will post $29.82 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for City Office REIT’s earnings, with the highest sales estimate coming in at $31.27 million and the lowest estimate coming in at $28.87 million. City Office REIT reported sales of $21.30 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 40%. The firm is scheduled to announce its next quarterly earnings report on Thursday, March 1st.
On average, analysts expect that City Office REIT will report full-year sales of $29.82 million for the current financial year, with estimates ranging from $103.86 million to $107.16 million. For the next fiscal year, analysts expect that the company will post sales of $121.98 million per share, with estimates ranging from $119.02 million to $125.64 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow City Office REIT.
Several research firms have recently commented on CIO. FBR & Co reissued a “buy” rating on shares of City Office REIT in a report on Friday, October 6th. Zacks Investment Research upgraded shares of City Office REIT from a “sell” rating to a “hold” rating in a research report on Wednesday, November 15th. ValuEngine upgraded shares of City Office REIT from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. 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, BidaskClub upgraded shares of City Office REIT from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $14.50.
Shares of City Office REIT (NYSE:CIO) traded up $0.10 during trading hours on Friday, reaching $13.01. 216,704 shares of the company’s stock traded hands, compared to its average volume of 153,532. The company has a debt-to-equity ratio of 2.80, a current ratio of 3.94 and a quick ratio of 3.94. City Office REIT has a twelve month low of $11.43 and a twelve month high of $13.93. The stock has a market capitalization of $391.89, a P/E ratio of 14.37, a P/E/G ratio of 1.49 and a beta of 0.22.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th were issued a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.23%. The ex-dividend date was Tuesday, October 10th. City Office REIT’s payout ratio is presently -552.94%.
In other City Office REIT news, CEO James Thomas Farrar acquired 6,000 shares of the stock in a transaction that occurred on Tuesday, August 29th. The stock was bought at an average cost of $12.52 per share, with a total value of $75,120.00. Following the completion of the purchase, the chief executive officer now directly owns 184,789 shares in the company, valued at $2,313,558.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.20% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its position in shares of City Office REIT by 189.0% during the first quarter. Bank of America Corp DE now owns 8,557 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 5,596 shares during the last quarter. Strs Ohio lifted its position in shares of City Office REIT by 10.3% during the second quarter. Strs Ohio now owns 8,600 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 800 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of City Office REIT during the third quarter valued at about $121,000. Ameriprise Financial Inc. purchased a new stake in shares of City Office REIT during the first quarter valued at about $148,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of City Office REIT by 0.7% during the first quarter. Nomura Asset Management Co. Ltd. now owns 14,000 shares of the real estate investment trust’s stock valued at $170,000 after buying an additional 100 shares during the last quarter. 55.64% of the stock is owned by institutional investors and hedge funds.
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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