Analysts Anticipate City Office REIT Inc (CIO) Will Post Quarterly Sales of $38.19 Million

Brokerages expect City Office REIT Inc (NYSE:CIO) to announce sales of $38.19 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for City Office REIT’s earnings. The highest sales estimate is $39.36 million and the lowest is $37.47 million. City Office REIT reported sales of $30.24 million during the same quarter last year, which indicates a positive year over year growth rate of 26.3%. The business is expected to issue its next quarterly earnings results on Thursday, August 1st.

On average, analysts expect that City Office REIT will report full year sales of $155.35 million for the current year, with estimates ranging from $151.10 million to $159.06 million. For the next year, analysts anticipate that the firm will report sales of $172.33 million, with estimates ranging from $160.36 million to $184.31 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for City Office REIT.

City Office REIT (NYSE:CIO) last released its earnings results on Friday, May 3rd. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.35). The company had revenue of $37.12 million during the quarter, compared to the consensus estimate of $36.24 million. City Office REIT had a negative return on equity of 3.51% and a negative net margin of 7.39%.

CIO has been the subject of several research analyst reports. TheStreet raised shares of City Office REIT from a “c” rating to a “b-” rating in a research report on Wednesday, February 27th. Boenning Scattergood reissued a “buy” rating and issued a $14.50 target price on shares of City Office REIT in a research report on Monday, May 6th. Zacks Investment Research downgraded shares of City Office REIT from a “buy” rating to a “hold” rating in a research report on Wednesday, February 13th. Finally, Deutsche Bank dropped their target price on shares of City Office REIT from $13.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $13.58.

Shares of CIO traded up $0.14 during midday trading on Tuesday, hitting $11.97. The company had a trading volume of 221,484 shares, compared to its average volume of 196,747. The company has a market capitalization of $474.49 million, a P/E ratio of 11.08, a PEG ratio of 1.27 and a beta of 0.52. City Office REIT has a 52 week low of $9.73 and a 52 week high of $13.20. The company has a debt-to-equity ratio of 2.53, a quick ratio of 2.29 and a current ratio of 2.76.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 25th. Investors of record on Thursday, April 11th were given a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.85%. The ex-dividend date was Wednesday, April 10th. City Office REIT’s dividend payout ratio is presently 87.04%.

In other City Office REIT news, Director John Sweet acquired 3,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was acquired at an average price of $11.84 per share, with a total value of $35,520.00. Following the transaction, the director now directly owns 9,867 shares in the company, valued at $116,825.28. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO James Thomas Farrar acquired 8,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average cost of $11.39 per share, with a total value of $91,120.00. Following the transaction, the chief executive officer now owns 232,497 shares in the company, valued at $2,648,140.83. The disclosure for this purchase can be found here. 3.00% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in CIO. Cutler Group LP grew its position in shares of City Office REIT by 346.7% during the 4th quarter. Cutler Group LP now owns 2,640 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 2,049 shares during the last quarter. Princeton Capital Management LLC boosted its stake in City Office REIT by 122.4% during the 1st quarter. Princeton Capital Management LLC now owns 2,371 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 1,305 shares during the period. BNP Paribas Arbitrage SA boosted its stake in City Office REIT by 556.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,145 shares of the real estate investment trust’s stock valued at $81,000 after purchasing an additional 6,057 shares during the period. State of Alaska Department of Revenue boosted its stake in City Office REIT by 11.5% during the 4th quarter. State of Alaska Department of Revenue now owns 12,663 shares of the real estate investment trust’s stock valued at $129,000 after purchasing an additional 1,305 shares during the period. Finally, Metropolitan Life Insurance Co. NY boosted its stake in City Office REIT by 246.6% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 14,758 shares of the real estate investment trust’s stock valued at $151,000 after purchasing an additional 10,500 shares during the period. 74.46% of the stock is owned by institutional investors and hedge funds.

City Office REIT Company Profile

City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. At December 31, 2018, CIO owned office complexes comprising 5.7 million square feet of net rentable area (“NRA”).

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