Brokerages predict that City Office REIT (NYSE:CIO) will announce $0.26 earnings per share for the current quarter, according to Zacks. Three analysts have issued estimates for City Office REIT’s earnings, with estimates ranging from $0.25 to $0.27. City Office REIT also reported earnings of $0.26 per share during the same quarter last year. The company is expected to issue its next earnings results on Friday, May 4th.
According to Zacks, analysts expect that City Office REIT will report full year earnings of $1.12 per share for the current fiscal year, with EPS estimates ranging from $1.10 to $1.13. For the next year, analysts expect that the firm will post earnings of $1.26 per share, with EPS estimates ranging from $1.21 to $1.35. Zacks’ EPS calculations are an average based on a survey of analysts that cover City Office REIT.
City Office REIT (NYSE:CIO) last posted its quarterly earnings data on Thursday, March 1st. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.36). City Office REIT had a return on equity of 2.74% and a net margin of 5.41%. The company had revenue of $31.18 million during the quarter, compared to the consensus estimate of $29.26 million. During the same quarter last year, the firm earned $0.23 EPS. The business’s revenue for the quarter was up 46.4% on a year-over-year basis.
Several research firms recently weighed in on CIO. Deutsche Bank cut shares of City Office REIT from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $16.00 to $13.00 in a research report on Wednesday, January 10th. Zacks Investment Research lowered shares of City Office REIT from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 14th. ValuEngine lowered shares of City Office REIT from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Finally, B. Riley set a $14.00 target price on shares of City Office REIT and gave the stock a “buy” rating in a report on Friday, March 2nd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $14.13.
In other City Office REIT news, Director Stephen B. Shraiberg bought 10,000 shares of the stock in a transaction on Thursday, March 8th. The stock was purchased at an average price of $11.05 per share, with a total value of $110,500.00. Following the acquisition, the director now owns 71,681 shares of the company’s stock, valued at $792,075.05. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 3.20% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in CIO. Wedbush Securities Inc. lifted its position in City Office REIT by 42.2% in the 4th quarter. Wedbush Securities Inc. now owns 40,598 shares of the real estate investment trust’s stock valued at $528,000 after acquiring an additional 12,040 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in City Office REIT in the 3rd quarter valued at about $1,935,000. Dalton Greiner Hartman Maher & Co. grew its stake in City Office REIT by 50.7% in the 4th quarter. Dalton Greiner Hartman Maher & Co. now owns 389,906 shares of the real estate investment trust’s stock valued at $5,073,000 after buying an additional 131,197 shares during the last quarter. Lido Advisors LLC acquired a new position in City Office REIT in the 3rd quarter valued at about $593,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in City Office REIT in the 4th quarter valued at about $1,624,000. 63.58% of the stock is owned by institutional investors.
CIO stock traded down $0.04 during trading on Tuesday, hitting $11.87. The company had a trading volume of 240,879 shares, compared to its average volume of 279,586. The company has a debt-to-equity ratio of 1.98, a current ratio of 3.13 and a quick ratio of 3.13. City Office REIT has a 12 month low of $10.03 and a 12 month high of $13.93. The stock has a market capitalization of $428.72, a PE ratio of 12.24, a price-to-earnings-growth ratio of 1.23 and a beta of 0.12.
City Office REIT announced that its board has approved a share repurchase program on Thursday, March 1st that allows the company to buyback $40.00 million in shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Wednesday, April 11th will be issued a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 7.92%. The ex-dividend date is Tuesday, April 10th. City Office REIT’s dividend payout ratio is presently 96.91%.
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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 December 31, 2017, CIO owned office complexes comprising 5.2 million square feet of net rentable area (?NRA?).
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