City Office REIT, Inc. (NYSE:CIO) Expected to Post Quarterly Sales of $45.04 Million

Equities analysts forecast that City Office REIT, Inc. (NYSE:CIO – Get Rating) will report $45.04 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for City Office REIT’s earnings. The highest sales estimate is $47.52 million and the lowest is $43.56 million. City Office REIT reported sales of $39.52 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 14%. The business is scheduled to issue its next quarterly earnings report before the market opens on Monday, January 1st.

On average, analysts expect that City Office REIT will report full year sales of $187.42 million for the current year, with estimates ranging from $175.69 million to $201.28 million. For the next year, analysts forecast that the firm will report sales of $195.42 million, with estimates ranging from $181.20 million to $209.53 million. Zacks’ sales calculations are an average based on a survey of research analysts that cover City Office REIT.

City Office REIT (NYSE:CIO – Get Rating) last posted its quarterly earnings results on Thursday, February 24th. The real estate investment trust reported $9.76 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $9.46. City Office REIT had a return on equity of 108.72% and a net margin of 295.29%. During the same quarter in the previous year, the company posted $0.32 earnings per share.

CIO has been the topic of a number of research reports. StockNews.com initiated coverage on City Office REIT in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research lowered City Office REIT from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 7th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.33.

CIO stock traded down $0.22 during midday trading on Tuesday, reaching $16.06. 254,255 shares of the stock were exchanged, compared to its average volume of 305,654. The stock has a market capitalization of $699.48 million, a PE ratio of 1.49, a P/E/G ratio of 1.85 and a beta of 1.59. City Office REIT has a 52 week low of $10.48 and a 52 week high of $21.70. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.68 and a quick ratio of 2.68. The company has a fifty day moving average price of $17.34 and a 200 day moving average price of $18.09.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 22nd. Investors of record on Friday, April 8th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, April 7th. This represents a $0.80 annualized dividend and a dividend yield of 4.98%. City Office REIT’s payout ratio is 7.40%.

Several institutional investors have recently made changes to their positions in CIO. FMR LLC acquired a new position in City Office REIT during the 1st quarter worth approximately $31,000. Royal Bank of Canada raised its stake in shares of City Office REIT by 15.9% in the second quarter. Royal Bank of Canada now owns 39,475 shares of the real estate investment trust’s stock worth $491,000 after purchasing an additional 5,425 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of City Office REIT in the second quarter worth approximately $139,000. Parametric Portfolio Associates LLC raised its stake in shares of City Office REIT by 8.1% in the second quarter. Parametric Portfolio Associates LLC now owns 50,897 shares of the real estate investment trust’s stock worth $633,000 after purchasing an additional 3,824 shares during the last quarter. Finally, TCW Group Inc. purchased a new stake in shares of City Office REIT in the third quarter worth approximately $7,864,000. Institutional investors own 73.56% of the company’s stock.

City Office REIT Company Profile (Get Rating)

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 September 30, 2020, CIO owned office complexes comprising 5.8 million square feet of net rentable area (NRA).

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