Wall Street analysts forecast that City Office REIT Inc (NYSE:CIO) will post sales of $39.49 million for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for City Office REIT’s earnings. The highest sales estimate is $40.47 million and the lowest is $38.67 million. City Office REIT posted sales of $33.55 million in the same quarter last year, which suggests a positive year over year growth rate of 17.7%. The company is scheduled to issue its next quarterly earnings results on Thursday, November 7th.
On average, analysts expect that City Office REIT will report full-year sales of $157.86 million for the current year, with estimates ranging from $156.20 million to $159.06 million. For the next year, analysts expect that the company will post sales of $170.26 million, with estimates ranging from $163.27 million to $184.31 million. Zacks’ sales averages are an average based on a survey of analysts that follow City Office REIT.
City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.30). City Office REIT had a negative net margin of 5.50% and a negative return on equity of 2.84%. The company had revenue of $41.17 million during the quarter, compared to analyst estimates of $38.17 million.
In other City Office REIT news, Director John Sweet acquired 2,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was acquired at an average cost of $12.85 per share, for a total transaction of $25,700.00. Following the completion of the transaction, the director now directly owns 13,767 shares of the company’s stock, valued at $176,905.95. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.00% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the company. Citadel Advisors LLC lifted its stake in City Office REIT by 23.1% during the 2nd quarter. Citadel Advisors LLC now owns 45,544 shares of the real estate investment trust’s stock worth $546,000 after acquiring an additional 8,546 shares in the last quarter. Morgan Stanley lifted its stake in City Office REIT by 182.0% during the 2nd quarter. Morgan Stanley now owns 104,106 shares of the real estate investment trust’s stock worth $1,248,000 after acquiring an additional 67,190 shares in the last quarter. Vanguard Group Inc. lifted its stake in City Office REIT by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 4,075,233 shares of the real estate investment trust’s stock worth $48,862,000 after acquiring an additional 89,205 shares in the last quarter. Private Advisor Group LLC lifted its stake in City Office REIT by 5.1% during the 2nd quarter. Private Advisor Group LLC now owns 15,992 shares of the real estate investment trust’s stock worth $192,000 after acquiring an additional 778 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its stake in City Office REIT by 15.2% during the 2nd quarter. Asset Management One Co. Ltd. now owns 83,415 shares of the real estate investment trust’s stock worth $1,002,000 after acquiring an additional 11,000 shares in the last quarter. Institutional investors and hedge funds own 73.76% of the company’s stock.
NYSE:CIO traded down $0.11 during trading hours on Wednesday, reaching $12.97. The company had a trading volume of 529,600 shares, compared to its average volume of 227,939. City Office REIT has a 1-year low of $9.73 and a 1-year high of $13.16. The company has a market capitalization of $518.58 million, a price-to-earnings ratio of 12.01, a PEG ratio of 1.38 and a beta of 0.46. The stock has a 50 day moving average price of $12.35. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.70 and a current ratio of 2.70.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th were given a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.25%. The ex-dividend date was Wednesday, July 10th. City Office REIT’s dividend payout ratio (DPR) is presently 87.04%.
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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