$38.17 Million in Sales Expected for City Office REIT Inc (NYSE:CIO) This Quarter
Equities analysts expect City Office REIT Inc (NYSE:CIO) to announce sales of $38.17 million for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for City Office REIT’s earnings, with the highest sales estimate coming in at $39.36 million and the lowest estimate coming in at $37.40 million. City Office REIT reported sales of $30.24 million during the same quarter last year, which suggests a positive year over year growth rate of 26.2%. The company is expected to issue its next earnings results before the market opens on Thursday, August 1st.
According to Zacks, analysts expect that City Office REIT will report full-year sales of $156.20 million for the current financial year, with estimates ranging from $152.71 million to $159.06 million. For the next financial year, analysts anticipate that the business will post sales of $172.02 million, with estimates ranging from $160.36 million to $184.31 million. Zacks’ sales calculations are an average based on a survey of research firms that follow City Office REIT.
City Office REIT (NYSE:CIO) last posted its earnings results on Friday, May 3rd. The real estate investment trust reported ($0.07) EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.35). City Office REIT had a negative net margin of 7.39% and a negative return on equity of 3.51%. The firm had revenue of $37.12 million for the quarter, compared to analysts’ expectations of $36.24 million.
NYSE:CIO traded down $0.15 during midday trading on Monday, reaching $12.00. 127,396 shares of the stock traded hands, compared to its average volume of 184,592. City Office REIT has a 12-month low of $9.73 and a 12-month high of $13.08. The firm has a 50-day moving average price of $12.12. The company has a debt-to-equity ratio of 2.53, a current ratio of 2.76 and a quick ratio of 2.76. The company has a market cap of $475.68 million, a PE ratio of 11.11, a PEG ratio of 1.31 and a beta of 0.45.
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th will be given a $0.235 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $0.94 annualized dividend and a dividend yield of 7.83%. City Office REIT’s dividend payout ratio (DPR) is 87.04%.
In related news, Director John Sweet bought 3,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were acquired at an average price of $11.84 per share, for a total transaction of $35,520.00. Following the completion of the transaction, the director now directly owns 9,867 shares in the company, valued at $116,825.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.00% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of City Office REIT by 14.8% in the fourth quarter. BlackRock Inc. now owns 2,588,812 shares of the real estate investment trust’s stock worth $26,536,000 after buying an additional 333,963 shares in the last quarter. LSV Asset Management lifted its stake in shares of City Office REIT by 0.6% in the first quarter. LSV Asset Management now owns 2,115,926 shares of the real estate investment trust’s stock worth $23,931,000 after buying an additional 12,973 shares in the last quarter. Northern Trust Corp lifted its stake in shares of City Office REIT by 47.9% in the fourth quarter. Northern Trust Corp now owns 597,350 shares of the real estate investment trust’s stock worth $6,123,000 after buying an additional 193,349 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of City Office REIT by 18.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 467,926 shares of the real estate investment trust’s stock worth $4,796,000 after buying an additional 72,357 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of City Office REIT by 2.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 411,060 shares of the real estate investment trust’s stock worth $4,649,000 after buying an additional 9,440 shares in the last quarter. 75.12% of the stock is currently owned by hedge funds and other institutional investors.
About City Office REIT
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 December 31, 2018, CIO owned office complexes comprising 5.7 million square feet of net rentable area (NRA).
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