City Office REIT, Inc. (NYSE:CIO) Expected to Post Quarterly Sales of $45.72 Million

Wall Street brokerages expect City Office REIT, Inc. (NYSE:CIOGet Rating) to report sales of $45.72 million for the current quarter, Zacks reports. Four analysts have provided estimates for City Office REIT’s earnings. The lowest sales estimate is $44.21 million and the highest is $48.22 million. City Office REIT posted sales of $39.96 million during the same quarter last year, which would indicate a positive year over year growth rate of 14.4%. The business is scheduled to issue its next earnings report on Monday, January 1st.

On average, analysts expect that City Office REIT will report full year sales of $183.18 million for the current fiscal year, with estimates ranging from $175.69 million to $194.62 million. For the next financial year, analysts anticipate that the business will report sales of $193.04 million, with estimates ranging from $181.20 million to $209.53 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover City Office REIT.

City Office REIT (NYSE:CIOGet 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 return on equity of 83.29% and a net margin of 271.64%. During the same quarter in the previous year, the firm earned $0.33 EPS.

CIO has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft dropped their price objective on City Office REIT from $23.00 to $18.00 and set a “hold” rating on the stock in a research report on Thursday, April 14th. Zacks Investment Research raised City Office REIT from a “sell” rating to a “hold” rating in a research report on Monday. B. Riley dropped their target price on City Office REIT from $22.00 to $20.00 in a research report on Monday, May 9th. Finally, StockNews.com raised City Office REIT from a “hold” rating to a “buy” rating in a research report on Friday, May 6th. Four equities research 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 currently has a consensus rating of “Hold” and an average price target of $17.83.

City Office REIT stock opened at $13.65 on Tuesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.76 and a quick ratio of 3.76. City Office REIT has a one year low of $10.75 and a one year high of $21.70. The stock has a market capitalization of $594.46 million, a PE ratio of 1.33, a price-to-earnings-growth ratio of 1.48 and a beta of 1.59. The business’s fifty day moving average is $16.16 and its 200 day moving average is $17.49.

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 22nd. Stockholders of record on Friday, April 8th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, April 7th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.86%. City Office REIT’s payout ratio is currently 7.80%.

Several hedge funds have recently bought and sold shares of CIO. Alliancebernstein L.P. lifted its position in shares of City Office REIT by 4,604.9% during the 3rd quarter. Alliancebernstein L.P. now owns 1,916,289 shares of the real estate investment trust’s stock valued at $34,225,000 after buying an additional 1,875,559 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in City Office REIT during the 4th quarter valued at approximately $13,199,000. Goldman Sachs Group Inc. raised its stake in City Office REIT by 122.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 671,223 shares of the real estate investment trust’s stock valued at $11,854,000 after purchasing an additional 369,867 shares during the period. Bank of Montreal Can bought a new stake in City Office REIT during the 1st quarter valued at approximately $5,674,000. Finally, Charles Schwab Investment Management Inc. raised its stake in City Office REIT by 66.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 500,998 shares of the real estate investment trust’s stock valued at $9,880,000 after purchasing an additional 199,688 shares during the period. 76.79% of the stock is currently owned by hedge funds and other institutional investors.

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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