Wall Street analysts expect that City Office REIT Inc (NYSE:CIO) will report $29.68 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for City Office REIT’s earnings. The lowest sales estimate is $28.87 million and the highest is $31.27 million. City Office REIT posted sales of $21.30 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 39.3%. The firm is scheduled to announce its next quarterly earnings results on Thursday, March 1st.
According to Zacks, analysts expect that City Office REIT will report full year sales of $29.68 million for the current year, with estimates ranging from $103.86 million to $107.16 million. For the next fiscal year, analysts expect that the company will report sales of $123.08 million per share, with estimates ranging from $119.02 million to $128.27 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for City Office REIT.
Several brokerages have commented on CIO. Zacks Investment Research raised City Office REIT from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Tuesday, January 2nd. Deutsche Bank downgraded City Office REIT from a “buy” rating to a “hold” rating in a report on Wednesday. FBR & Co reaffirmed a “buy” rating on shares of City Office REIT in a report on Friday, October 6th. B. Riley reaffirmed a “buy” rating and set a $14.50 target price on shares of City Office REIT in a report on Tuesday, November 7th. Finally, ValuEngine raised City Office REIT from a “hold” rating to a “buy” rating in a report on Friday, December 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $14.75.
Shares of City Office REIT (CIO) traded down $0.03 on Wednesday, reaching $12.86. The company’s stock had a trading volume of 304,100 shares, compared to its average volume of 279,500. The firm has a market cap of $433.02, a P/E ratio of -75.65, a PEG ratio of 1.39 and a beta of 0.22. City Office REIT has a 52-week low of $11.43 and a 52-week high of $13.93. The company has a debt-to-equity ratio of 2.80, a current ratio of 3.94 and a quick ratio of 3.94.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Thursday, January 11th will be given a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 7.31%. The ex-dividend date is Wednesday, January 10th. City Office REIT’s dividend payout ratio (DPR) is presently -552.94%.
About City Office REIT
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for City Office REIT Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for City Office REIT and related companies with MarketBeat.com's FREE daily email newsletter.