Analysts Anticipate City Office REIT, Inc. (NYSE:CIO) Will Post Earnings of $0.38 Per Share

Equities research analysts expect that City Office REIT, Inc. (NYSE:CIO – Get Rating) will report $0.38 earnings per share (EPS) for the current quarter, Zacks reports. Four analysts have issued estimates for City Office REIT’s earnings. The highest EPS estimate is $0.39 and the lowest is $0.37. City Office REIT reported earnings of $0.35 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 8.6%. The firm is expected to issue its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that City Office REIT will report full-year earnings of $1.57 per share for the current financial year, with EPS estimates ranging from $1.55 to $1.58. For the next financial year, analysts forecast that the business will post earnings of $1.66 per share, with EPS estimates ranging from $1.63 to $1.71. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that follow City Office REIT.

City Office REIT (NYSE:CIO – Get Rating) last released its quarterly earnings data on Thursday, May 5th. The real estate investment trust reported $0.51 EPS for the quarter, beating the consensus estimate of $0.36 by $0.15. City Office REIT had a net margin of 271.64% and a return on equity of 83.29%. During the same quarter last year, the company earned $0.33 earnings per share.

Several research firms have commented on CIO. StockNews.com upgraded shares of City Office REIT from a “hold” rating to a “buy” rating in a research report on Friday, May 6th. B. Riley lowered their target price on shares of City Office REIT from $22.00 to $20.00 in a report on Monday, May 9th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of City Office REIT from $23.00 to $18.00 and set a “hold” rating for the company in a report on Thursday, April 14th. Finally, Zacks Investment Research upgraded shares of City Office REIT from a “sell” rating to a “hold” rating in a report on Monday, May 9th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $17.83.

CIO stock opened at $13.11 on Friday. City Office REIT has a 52 week low of $10.75 and a 52 week high of $21.70. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.85. The company has a fifty day simple moving average of $16.21 and a two-hundred day simple moving average of $17.54. The firm has a market capitalization of $570.94 million, a P/E ratio of 1.28, a price-to-earnings-growth ratio of 1.49 and a beta of 1.59.

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 22nd. Investors of record on Friday, April 8th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, April 7th. This represents a $0.80 dividend on an annualized basis and a yield of 6.10%. City Office REIT’s payout ratio is 7.80%.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its holdings in City Office REIT by 0.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,618,516 shares of the real estate investment trust’s stock valued at $28,583,000 after buying an additional 10,600 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in City Office REIT by 3.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 516,394 shares of the real estate investment trust’s stock valued at $9,120,000 after purchasing an additional 15,396 shares during the period. Lazard Asset Management LLC purchased a new position in City Office REIT during the 1st quarter valued at about $39,000. Arrowstreet Capital Limited Partnership purchased a new position in City Office REIT during the 1st quarter valued at about $1,333,000. Finally, Prudential Financial Inc. increased its position in City Office REIT by 29.6% during the 1st quarter. Prudential Financial Inc. now owns 196,691 shares of the real estate investment trust’s stock valued at $3,473,000 after purchasing an additional 44,941 shares during the period. Institutional investors own 76.79% of the company’s stock.

About City Office REIT (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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