Analysts Anticipate City Office REIT Inc (NYSE:CIO) Will Announce Earnings of $0.27 Per Share

Wall Street analysts expect City Office REIT Inc (NYSE:CIO) to report earnings of $0.27 per share for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for City Office REIT’s earnings. City Office REIT reported earnings of $0.34 per share in the same quarter last year, which indicates a negative year over year growth rate of 20.6%. The business is expected to report its next quarterly earnings results on Thursday, August 6th.

On average, analysts expect that City Office REIT will report full year earnings of $1.11 per share for the current fiscal year, with EPS estimates ranging from $1.09 to $1.12. For the next fiscal year, analysts forecast that the company will report earnings of $1.24 per share, with EPS estimates ranging from $1.16 to $1.32. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that follow City Office REIT.

City Office REIT (NYSE:CIO) last posted its quarterly earnings results on Thursday, May 7th. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.27). The company had revenue of $40.12 million during the quarter, compared to analysts’ expectations of $39.35 million. City Office REIT had a return on equity of 1.01% and a net margin of 2.33%.

CIO has been the topic of several analyst reports. Royal Bank of Canada dropped their price target on shares of City Office REIT from $15.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, May 22nd. TheStreet lowered shares of City Office REIT from a “c-” rating to a “d+” rating in a research report on Wednesday, April 8th. Zacks Investment Research upgraded shares of City Office REIT from a “hold” rating to a “strong-buy” rating and set a $11.00 target price on the stock in a research report on Wednesday, May 27th. B. Riley lifted their target price on shares of City Office REIT from $12.00 to $13.00 in a research report on Wednesday, June 10th. Finally, Raymond James lowered shares of City Office REIT from an “outperform” rating to a “market perform” rating in a research report on Friday, March 27th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. City Office REIT has an average rating of “Buy” and an average target price of $12.33.

Shares of City Office REIT stock traded up $0.27 during trading on Friday, hitting $10.13. 1,428,470 shares of the company’s stock were exchanged, compared to its average volume of 517,570. The company has a debt-to-equity ratio of 1.70, a quick ratio of 7.23 and a current ratio of 7.23. The business has a 50-day simple moving average of $9.64 and a 200-day simple moving average of $10.92. City Office REIT has a 52-week low of $6.50 and a 52-week high of $14.50. The stock has a market capitalization of $469.05 million, a price-to-earnings ratio of -112.54 and a beta of 1.32.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Friday, July 10th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 5.92%. The ex-dividend date of this dividend is Thursday, July 9th. City Office REIT’s dividend payout ratio (DPR) is presently 51.28%.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Alliancebernstein L.P. raised its position in City Office REIT by 5.5% during the 4th quarter. Alliancebernstein L.P. now owns 4,411,487 shares of the real estate investment trust’s stock worth $59,643,000 after buying an additional 230,653 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of City Office REIT by 5.2% in the 4th quarter. Renaissance Technologies LLC now owns 3,205,103 shares of the real estate investment trust’s stock valued at $43,333,000 after purchasing an additional 158,204 shares in the last quarter. LSV Asset Management increased its holdings in shares of City Office REIT by 24.3% in the 4th quarter. LSV Asset Management now owns 2,456,111 shares of the real estate investment trust’s stock valued at $33,206,000 after purchasing an additional 480,050 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in shares of City Office REIT by 135.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,547,949 shares of the real estate investment trust’s stock valued at $20,928,000 after purchasing an additional 891,842 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of City Office REIT by 20.3% in the 1st quarter. Victory Capital Management Inc. now owns 1,350,733 shares of the real estate investment trust’s stock valued at $9,766,000 after purchasing an additional 227,755 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

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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Earnings History and Estimates for City Office REIT (NYSE:CIO)

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