City Office REIT (CIO) Announces Earnings Results, Hits Estimates

City Office REIT (NYSE:CIO) released its quarterly earnings results on Thursday. The real estate investment trust reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08), MarketWatch Earnings reports. City Office REIT had a net margin of 36.89% and a return on equity of 17.42%. The business had revenue of $33.55 million for the quarter, compared to analyst estimates of $33.16 million. City Office REIT updated its Q4 2018 guidance to $0.27-0.28 EPS.

CIO stock traded down $0.26 during mid-day trading on Friday, hitting $10.65. The stock had a trading volume of 7,633 shares, compared to its average volume of 245,374. The company has a quick ratio of 3.45, a current ratio of 3.45 and a debt-to-equity ratio of 1.75. City Office REIT has a 52 week low of $10.03 and a 52 week high of $13.43. The firm has a market cap of $410.47 million, a P/E ratio of 10.94, a P/E/G ratio of 1.14 and a beta of 0.16.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Thursday, October 11th were issued a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 8.83%. The ex-dividend date of this dividend was Wednesday, October 10th. City Office REIT’s dividend payout ratio is currently 96.91%.

A number of hedge funds have recently added to or reduced their stakes in CIO. Schwab Charles Investment Management Inc. increased its holdings in City Office REIT by 23.0% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 64,180 shares of the real estate investment trust’s stock valued at $742,000 after buying an additional 12,000 shares during the period. Northern Trust Corp increased its holdings in City Office REIT by 16.6% in the 1st quarter. Northern Trust Corp now owns 359,561 shares of the real estate investment trust’s stock valued at $4,156,000 after buying an additional 51,108 shares during the period. BlackRock Inc. increased its holdings in City Office REIT by 16.5% in the 1st quarter. BlackRock Inc. now owns 1,811,738 shares of the real estate investment trust’s stock valued at $20,944,000 after buying an additional 256,981 shares during the period. Dimensional Fund Advisors LP increased its holdings in City Office REIT by 12.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 354,538 shares of the real estate investment trust’s stock valued at $4,098,000 after buying an additional 39,898 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its holdings in City Office REIT by 163.1% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,140 shares of the real estate investment trust’s stock valued at $129,000 after buying an additional 6,906 shares during the period. 69.05% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms recently commented on CIO. Zacks Investment Research lowered shares of City Office REIT from a “buy” rating to a “hold” rating in a research report on Tuesday. TheStreet lowered shares of City Office REIT from a “b-” rating to a “c+” rating in a research report on Thursday, October 11th. ValuEngine lowered shares of City Office REIT from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. JMP Securities began coverage on shares of City Office REIT in a research report on Tuesday, October 9th. They set an “outperform” rating and a $14.00 price target on the stock. Finally, B. Riley raised their price target on shares of City Office REIT from $13.50 to $14.00 and gave the stock a “buy” rating in a research report on Monday, August 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $14.17.

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 June 30, 2018, CIO owned office complexes comprising 4.9 million square feet of net rentable area (“NRA”).

See Also: What are retained earnings?

Earnings History for City Office REIT (NYSE:CIO)

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.


Leave a Reply