Wall Street analysts expect that City Office REIT Inc (NYSE:CIO) will announce sales of $31.26 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for City Office REIT’s earnings. The lowest sales estimate is $30.96 million and the highest is $31.58 million. City Office REIT posted sales of $25.16 million in the same quarter last year, which suggests a positive year-over-year growth rate of 24.2%. The business is scheduled to issue its next earnings report on Thursday, August 2nd.
On average, analysts expect that City Office REIT will report full-year sales of $133.86 million for the current fiscal year, with estimates ranging from $129.39 million to $137.09 million. For the next financial year, analysts anticipate that the company will post sales of $151.95 million per share, with estimates ranging from $142.61 million to $159.04 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover City Office REIT.
City Office REIT (NYSE:CIO) last released its earnings results on Friday, May 4th. The real estate investment trust reported $1.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.99. The firm had revenue of $31.53 million during the quarter, compared to analyst estimates of $31.14 million. City Office REIT had a return on equity of 23.51% and a net margin of 48.20%.
Several brokerages have commented on CIO. ValuEngine lowered City Office REIT from a “buy” rating to a “hold” rating in a research note on Wednesday, April 11th. TheStreet upgraded City Office REIT from a “c” rating to a “b-” rating in a research note on Tuesday, May 29th. B. Riley set a $14.00 price target on City Office REIT and gave the stock a “buy” rating in a research note on Friday, March 2nd. Finally, Zacks Investment Research upgraded City Office REIT from a “sell” rating to a “hold” rating in a research note on Monday, March 12th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $14.13.
A number of large investors have recently made changes to their positions in CIO. Schwab Charles Investment Management Inc. increased its stake in City Office REIT by 17.3% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 52,180 shares of the real estate investment trust’s stock worth $679,000 after acquiring an additional 7,680 shares during the last quarter. Rational Advisors LLC purchased a new stake in shares of City Office REIT in the fourth quarter worth about $260,000. D.A. Davidson & CO. boosted its position in shares of City Office REIT by 1.1% in the fourth quarter. D.A. Davidson & CO. now owns 605,350 shares of the real estate investment trust’s stock worth $7,876,000 after buying an additional 6,681 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in shares of City Office REIT by 62.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 31,400 shares of the real estate investment trust’s stock worth $409,000 after buying an additional 12,100 shares during the period. Finally, Schroder Investment Management Group purchased a new stake in shares of City Office REIT in the fourth quarter worth about $188,000. Institutional investors own 64.24% of the company’s stock.
City Office REIT stock traded down $0.04 during trading on Wednesday, hitting $12.22. The company’s stock had a trading volume of 223,238 shares, compared to its average volume of 240,907. The firm has a market capitalization of $442.98 million, a P/E ratio of 12.60, a PEG ratio of 1.25 and a beta of 0.15. The company has a current ratio of 3.87, a quick ratio of 3.87 and a debt-to-equity ratio of 1.48. City Office REIT has a 1-year low of $10.03 and a 1-year high of $13.93.
City Office REIT announced that its Board of Directors has approved a stock buyback program on Thursday, March 1st that permits the company to buyback $40.00 million in shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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?).
Get a free copy of the Zacks research report on City Office REIT (CIO)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for City Office REIT Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for City Office REIT and related companies with MarketBeat.com's FREE daily email newsletter.