Wall Street analysts expect City Office REIT Inc (NYSE:CIO) to report $29.52 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for City Office REIT’s earnings, with the lowest sales estimate coming in at $28.07 million and the highest estimate coming in at $31.41 million. City Office REIT posted sales of $21.30 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 38.6%. The company is scheduled to announce its next quarterly earnings report before the market opens on Thursday, March 1st.
According to Zacks, analysts expect that City Office REIT will report full-year sales of $29.52 million for the current year, with estimates ranging from $103.38 million to $106.72 million. For the next financial year, analysts anticipate that the company will post sales of $126.41 million per share, with estimates ranging from $119.38 million to $135.97 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover City Office REIT.
Several equities research analysts recently issued reports on the company. Zacks Investment Research downgraded City Office REIT from a “hold” rating to a “strong sell” rating in a research note on Wednesday. ValuEngine downgraded City Office REIT from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Deutsche Bank downgraded City Office REIT from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $16.00 to $13.00 in a research note on Wednesday, January 10th. Finally, B. Riley reissued a “buy” rating and issued a $14.50 price objective on shares of City Office REIT in a research note on Tuesday, November 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $14.25.
Several institutional investors and hedge funds have recently bought and sold shares of CIO. Real Estate Management Services LLC raised its stake in shares of City Office REIT by 154.6% during the 4th quarter. Real Estate Management Services LLC now owns 1,706,875 shares of the real estate investment trust’s stock worth $22,206,000 after purchasing an additional 1,036,532 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of City Office REIT by 66.7% during the 4th quarter. Renaissance Technologies LLC now owns 1,371,549 shares of the real estate investment trust’s stock worth $17,844,000 after purchasing an additional 548,749 shares in the last quarter. Millennium Management LLC raised its stake in shares of City Office REIT by 258.0% during the 4th quarter. Millennium Management LLC now owns 681,828 shares of the real estate investment trust’s stock worth $8,871,000 after purchasing an additional 491,383 shares in the last quarter. Kennedy Capital Management Inc. raised its stake in shares of City Office REIT by 137.6% during the 4th quarter. Kennedy Capital Management Inc. now owns 655,799 shares of the real estate investment trust’s stock worth $8,532,000 after purchasing an additional 379,769 shares in the last quarter. Finally, Crow Point Partners LLC purchased a new stake in shares of City Office REIT during the 4th quarter worth about $2,610,000. 52.02% of the stock is owned by institutional investors.
Shares of City Office REIT (NYSE CIO) traded up $0.08 during trading on Tuesday, reaching $10.67. The company had a trading volume of 164,903 shares, compared to its average volume of 260,274. The stock has a market cap of $384.25, a P/E ratio of -62.76, a P/E/G ratio of 1.12 and a beta of 0.09. The company has a debt-to-equity ratio of 2.80, a quick ratio of 3.94 and a current ratio of 3.94. City Office REIT has a 1 year low of $10.15 and a 1 year high of $13.93.
The company also recently declared a quarterly dividend, which was paid on Thursday, January 25th. Stockholders of record on Thursday, January 11th were paid a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a dividend yield of 8.81%. The ex-dividend date of this dividend was Wednesday, January 10th. City Office REIT’s dividend payout ratio (DPR) is presently -552.94%.
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City Office REIT Company Profile
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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