City Office REIT Inc (NYSE:CIO) Expected to Post Earnings of $0.24 Per Share

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Equities analysts expect City Office REIT Inc (NYSE:CIO) to announce $0.24 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for City Office REIT’s earnings, with estimates ranging from $0.21 to $0.26. City Office REIT reported earnings of $0.26 per share in the same quarter last year, which would indicate a negative year over year growth rate of 7.7%. The firm is expected to announce its next quarterly earnings results on Wednesday, February 26th.

On average, analysts expect that City Office REIT will report full year earnings of $0.99 per share for the current fiscal year, with EPS estimates ranging from $0.89 to $1.15. For the next year, analysts forecast that the company will post earnings of $1.01 per share, with EPS estimates ranging from $0.93 to $1.16. Zacks’ earnings per share averages are a mean average based on a survey of analysts that follow City Office REIT.

CIO has been the subject of a number of research reports. Zacks Investment Research raised shares of City Office REIT from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. JMP Securities upped their price objective on shares of City Office REIT from $14.00 to $15.00 and gave the company a “market outperform” rating in a research note on Thursday, September 12th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $14.00.

CIO stock remained flat at $$13.26 during midday trading on Wednesday. 323,200 shares of the company’s stock were exchanged, compared to its average volume of 363,071. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 1.83. City Office REIT has a fifty-two week low of $9.73 and a fifty-two week high of $14.50. The company has a market cap of $726.88 million, a P/E ratio of 12.28 and a beta of 0.44. The company’s 50-day moving average is $13.37 and its 200-day moving average is $12.95.

A number of large investors have recently bought and sold shares of CIO. Keeley Teton Advisors LLC boosted its position in City Office REIT by 155.4% during the 2nd quarter. Keeley Teton Advisors LLC now owns 618,974 shares of the real estate investment trust’s stock valued at $7,421,000 after buying an additional 376,646 shares during the period. BlackRock Inc. grew its holdings in City Office REIT by 10.2% in the 2nd quarter. BlackRock Inc. now owns 2,984,736 shares of the real estate investment trust’s stock worth $35,787,000 after acquiring an additional 275,354 shares during the last quarter. Millennium Management LLC grew its holdings in City Office REIT by 499.0% in the 3rd quarter. Millennium Management LLC now owns 304,426 shares of the real estate investment trust’s stock worth $4,380,000 after acquiring an additional 253,606 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of City Office REIT by 33.0% in the second quarter. Nuveen Asset Management LLC now owns 914,554 shares of the real estate investment trust’s stock valued at $10,965,000 after acquiring an additional 226,921 shares during the period. Finally, AXA purchased a new position in shares of City Office REIT in the second quarter valued at about $1,535,000. Institutional investors own 67.60% of the company’s stock.

City Office REIT Company Profile

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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Earnings History and Estimates for City Office REIT (NYSE:CIO)

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