Zacks: Analysts Expect City Office REIT Inc (CIO) Will Announce Quarterly Sales of $25.98 Million

Equities analysts predict that City Office REIT Inc (NYSE:CIO) will report $25.98 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for City Office REIT’s earnings. The highest sales estimate is $26.06 million and the lowest is $25.92 million. City Office REIT posted sales of $16.09 million during the same quarter last year, which suggests a positive year-over-year growth rate of 61.5%. The business is expected to announce its next quarterly earnings report on Thursday, August 3rd.

On average, analysts expect that City Office REIT will report full year sales of $25.98 million for the current fiscal year, with estimates ranging from $107.14 million to $109.69 million. For the next year, analysts expect that the company will post sales of $125.63 million per share, with estimates ranging from $120.11 million to $129.44 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover City Office REIT.

City Office REIT (NYSE:CIO) last announced its earnings results on Friday, May 5th. The real estate investment trust reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.22 by $0.33. The business had revenue of $25.40 million for the quarter, compared to the consensus estimate of $24.54 million. City Office REIT had a net margin of 1.33% and a return on equity of 0.79%. City Office REIT’s revenue was up 55.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 EPS.

A number of equities research analysts recently issued reports on the company. Raymond James Financial, Inc. assumed coverage on City Office REIT in a research note on Wednesday, March 1st. They set a “market perform” rating for the company. TheStreet raised City Office REIT from a “d” rating to a “c-” rating in a research note on Thursday, March 2nd. Deutsche Bank AG raised their price target on City Office REIT from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, May 25th. Finally, Zacks Investment Research raised City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research note on Monday, May 8th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $14.70.

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In related news, CEO James Thomas Farrar purchased 10,000 shares of City Office REIT stock in a transaction dated Wednesday, March 15th. The stock was purchased at an average cost of $11.55 per share, with a total value of $115,500.00. Following the transaction, the chief executive officer now owns 184,789 shares in the company, valued at approximately $2,134,312.95. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mark Wilhelm Murski purchased 5,000 shares of City Office REIT stock in a transaction dated Thursday, March 16th. The stock was bought at an average cost of $12.01 per share, with a total value of $60,050.00. Following the completion of the transaction, the director now owns 9,000 shares in the company, valued at approximately $108,090. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 20,000 shares of company stock valued at $235,340. 8.60% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LSV Asset Management raised its position in City Office REIT by 65.0% in the first quarter. LSV Asset Management now owns 670,665 shares of the real estate investment trust’s stock valued at $8,148,000 after buying an additional 264,263 shares during the last quarter. Emerald Mutual Fund Advisers Trust bought a new position in City Office REIT during the first quarter valued at approximately $3,038,000. Principal Financial Group Inc. raised its position in City Office REIT by 28.6% in the first quarter. Principal Financial Group Inc. now owns 987,936 shares of the real estate investment trust’s stock valued at $12,003,000 after buying an additional 220,000 shares during the last quarter. Orinda Asset Management LLC raised its position in City Office REIT by 47.4% in the first quarter. Orinda Asset Management LLC now owns 613,653 shares of the real estate investment trust’s stock valued at $7,456,000 after buying an additional 197,271 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in City Office REIT by 18.6% in the first quarter. Vanguard Group Inc. now owns 1,037,380 shares of the real estate investment trust’s stock valued at $12,605,000 after buying an additional 162,735 shares during the last quarter. 36.86% of the stock is owned by hedge funds and other institutional investors.

Shares of City Office REIT (CIO) traded down 1.89% during trading on Friday, hitting $12.49. The company had a trading volume of 40,113 shares. The company has a market capitalization of $377.91 million, a P/E ratio of 260.21 and a beta of 0.18. The stock’s 50-day moving average price is $12.36 and its 200 day moving average price is $12.54. City Office REIT has a 52 week low of $11.43 and a 52 week high of $13.93.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “CIO”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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