Wall Street brokerages forecast that City Office REIT Inc (NYSE:CIO) will post sales of $33.16 million for the current fiscal quarter, Zacks reports. Five analysts have made estimates for City Office REIT’s earnings. The lowest sales estimate is $32.56 million and the highest is $34.27 million. City Office REIT reported sales of $24.75 million during the same quarter last year, which indicates a positive year-over-year growth rate of 34%. The firm is scheduled to announce its next quarterly earnings results on Monday, November 5th.

On average, analysts expect that City Office REIT will report full year sales of $130.89 million for the current financial year, with estimates ranging from $129.40 million to $133.03 million. For the next financial year, analysts expect that the company will post sales of $150.92 million, with estimates ranging from $140.06 million to $160.71 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow City Office REIT.

City Office REIT (NYSE:CIO) last issued its quarterly earnings results on Thursday, August 2nd. The real estate investment trust reported ($0.07) EPS for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.32). City Office REIT had a return on equity of 17.42% and a net margin of 36.89%. The company had revenue of $30.24 million during the quarter, compared to the consensus estimate of $31.09 million.

A number of research analysts have issued reports on CIO shares. B. Riley lifted their target price on City Office REIT from $13.50 to $14.00 and gave the company a “buy” rating in a research report on Monday, August 6th. Boenning Scattergood started coverage on City Office REIT in a research report on Tuesday, July 10th. They issued a “buy” rating and a $15.00 target price on the stock. Zacks Investment Research cut City Office REIT from a “buy” rating to a “hold” rating in a research report on Monday, September 3rd. Finally, Royal Bank of Canada started coverage on City Office REIT in a research report on Wednesday, June 27th. They issued an “outperform” rating and a $14.00 target price on the stock. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. City Office REIT currently has an average rating of “Buy” and an average target price of $14.20.

Shares of NYSE CIO traded up $0.07 during mid-day trading on Monday, reaching $12.37. The company had a trading volume of 2,665 shares, compared to its average volume of 307,532. The company has a debt-to-equity ratio of 1.75, a quick ratio of 3.45 and a current ratio of 3.45. City Office REIT has a one year low of $10.03 and a one year high of $13.93. The stock has a market capitalization of $447.69 million, a P/E ratio of 12.78, a PEG ratio of 1.25 and a beta of 0.15.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 25th. Shareholders of record on Thursday, October 11th will be given a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 7.60%. The ex-dividend date is Wednesday, October 10th. City Office REIT’s dividend payout ratio is presently 96.91%.

Institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in City Office REIT by 0.5% during the first quarter. Principal Financial Group Inc. now owns 2,335,648 shares of the real estate investment trust’s stock worth $27,000,000 after acquiring an additional 12,400 shares during the last quarter. BlackRock Inc. grew its stake in shares of City Office REIT by 9.8% during the second quarter. BlackRock Inc. now owns 1,989,646 shares of the real estate investment trust’s stock valued at $25,527,000 after buying an additional 177,908 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of City Office REIT by 28.6% during the second quarter. Renaissance Technologies LLC now owns 1,558,500 shares of the real estate investment trust’s stock valued at $19,996,000 after buying an additional 346,900 shares during the last quarter. LSV Asset Management grew its stake in shares of City Office REIT by 5.4% during the second quarter. LSV Asset Management now owns 880,475 shares of the real estate investment trust’s stock valued at $11,296,000 after buying an additional 45,325 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of City Office REIT by 3.9% during the first quarter. Millennium Management LLC now owns 708,233 shares of the real estate investment trust’s stock valued at $8,187,000 after buying an additional 26,405 shares during the last quarter. Hedge funds and other institutional investors own 69.23% of the company’s stock.

About City Office REIT

City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in mid-sized metropolitan areas with strong economic fundamentals, primarily in the Southern and Western United States. At June 30, 2018, CIO owned office complexes comprising 4.9 million square feet of net rentable area (?NRA?).

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