Analysts expect that City Office REIT Inc (NYSE:CIO) will announce $31.14 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for City Office REIT’s earnings, with estimates ranging from $30.81 million to $31.71 million. City Office REIT posted sales of $25.40 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 22.6%. The business is expected to announce its next quarterly earnings results on Friday, May 4th.

On average, analysts expect that City Office REIT will report full-year sales of $31.14 million for the current financial year, with estimates ranging from $135.00 million to $136.89 million. For the next financial year, analysts anticipate that the company will post sales of $153.13 million per share, with estimates ranging from $142.61 million to $159.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover City Office REIT.

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City Office REIT (NYSE:CIO) last issued its quarterly earnings data on Thursday, March 1st. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.36). City Office REIT had a return on equity of 2.74% and a net margin of 5.41%. The firm had revenue of $31.18 million for the quarter, compared to the consensus estimate of $29.26 million. During the same quarter in the prior year, the firm earned $0.23 EPS. The company’s revenue was up 46.4% on a year-over-year basis.

A number of equities research analysts have recently issued reports on CIO shares. Zacks Investment Research upgraded City Office REIT from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Tuesday, January 2nd. ValuEngine cut City Office REIT from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. B. Riley set a $14.00 price objective on City Office REIT and gave the stock a “buy” rating in a report on Friday, March 2nd. Finally, Deutsche Bank cut City Office REIT from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $16.00 to $13.00 in a report on Wednesday, January 10th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $14.13.

In related news, Director Stephen B. Shraiberg purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 8th. The stock was acquired at an average cost of $11.05 per share, for a total transaction of $110,500.00. Following the completion of the purchase, the director now owns 71,681 shares in the company, valued at approximately $792,075.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.20% of the company’s stock.

Several hedge funds have recently modified their holdings of CIO. Wedbush Securities Inc. raised its position in City Office REIT by 42.2% during the fourth quarter. Wedbush Securities Inc. now owns 40,598 shares of the real estate investment trust’s stock valued at $528,000 after purchasing an additional 12,040 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in City Office REIT during the third quarter valued at approximately $1,935,000. Lido Advisors LLC acquired a new position in City Office REIT during the third quarter valued at approximately $593,000. Dalton Greiner Hartman Maher & Co. raised its position in City Office REIT by 50.7% during the fourth quarter. Dalton Greiner Hartman Maher & Co. now owns 389,906 shares of the real estate investment trust’s stock valued at $5,073,000 after purchasing an additional 131,197 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in City Office REIT by 39.6% during the second quarter. Parametric Portfolio Associates LLC now owns 30,291 shares of the real estate investment trust’s stock valued at $385,000 after purchasing an additional 8,595 shares in the last quarter. Institutional investors and hedge funds own 63.34% of the company’s stock.

Shares of City Office REIT stock traded up $0.01 during trading hours on Monday, hitting $11.41. The stock had a trading volume of 243,948 shares, compared to its average volume of 297,606. City Office REIT has a 12 month low of $10.03 and a 12 month high of $13.93. The company has a market capitalization of $416.44, a PE ratio of -228.20, a PEG ratio of 1.18 and a beta of 0.27. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 1.98.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Wednesday, April 11th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 8.24%. The ex-dividend date of this dividend is Tuesday, April 10th. City Office REIT’s dividend payout ratio (DPR) is currently -1,880.00%.

City Office REIT announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 1st that authorizes the company to repurchase $40.00 million in shares. This repurchase authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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City Office REIT Company Profile

City Office REIT, Inc is a real estate investment trust. The Company is focused on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. It conducts its operations primarily through City Office REIT Operating Partnership, L.P.

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