Wall Street brokerages expect that City Office REIT Inc (NYSE:CIO) will post earnings per share (EPS) of $0.25 for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for City Office REIT’s earnings, with estimates ranging from $0.25 to $0.26. City Office REIT posted earnings of $0.21 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 19%. The business is expected to issue its next quarterly earnings results on Thursday, August 2nd.
According to Zacks, analysts expect that City Office REIT will report full year earnings of $1.12 per share for the current fiscal year, with EPS estimates ranging from $1.11 to $1.13. For the next year, analysts anticipate that the business will report earnings of $1.23 per share, with EPS estimates ranging from $1.15 to $1.36. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that follow City Office REIT.
City Office REIT (NYSE:CIO) last issued its quarterly earnings results on Friday, May 4th. The real estate investment trust reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.99. The company had revenue of $31.53 million during the quarter, compared to analysts’ expectations of $31.14 million. City Office REIT had a return on equity of 23.51% and a net margin of 48.20%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its stake in City Office REIT by 66.7% in the fourth quarter. Renaissance Technologies LLC now owns 1,371,549 shares of the real estate investment trust’s stock valued at $17,844,000 after acquiring an additional 548,749 shares during the period. Millennium Management LLC grew its stake in City Office REIT by 258.0% in the fourth quarter. Millennium Management LLC now owns 681,828 shares of the real estate investment trust’s stock valued at $8,871,000 after acquiring an additional 491,383 shares during the period. Kennedy Capital Management Inc. lifted its holdings in shares of City Office REIT by 137.6% in the fourth quarter. Kennedy Capital Management Inc. now owns 655,799 shares of the real estate investment trust’s stock valued at $8,532,000 after purchasing an additional 379,769 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of City Office REIT by 16.5% in the first quarter. BlackRock Inc. now owns 1,811,738 shares of the real estate investment trust’s stock valued at $20,944,000 after purchasing an additional 256,981 shares in the last quarter. Finally, Deutsche Bank AG lifted its holdings in shares of City Office REIT by 294.0% in the fourth quarter. Deutsche Bank AG now owns 237,952 shares of the real estate investment trust’s stock valued at $3,092,000 after purchasing an additional 177,554 shares in the last quarter. 64.24% of the stock is owned by institutional investors and hedge funds.
Shares of CIO stock traded up $0.14 on Monday, hitting $12.29. The company had a trading volume of 1,109 shares, compared to its average volume of 267,088. The stock has a market cap of $446.95 million, a price-to-earnings ratio of 12.56, a PEG ratio of 1.26 and a beta of 0.15. The company has a current ratio of 3.87, a quick ratio of 3.87 and a debt-to-equity ratio of 1.48. City Office REIT has a twelve month low of $10.03 and a twelve month high of $13.93.
City Office REIT announced that its board has approved a stock repurchase program on Thursday, March 1st that allows the company to buyback $40.00 million in shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
About City Office REIT
City Office REIT, Inc(NYSE: CIO) invests in high-quality office properties in mid-sized metropolitan areas with strong economic fundamentals, primarily in the Southern and Western United States. At December 31, 2017, CIO owned office complexes comprising 5.2 million square feet of net rentable area (?NRA?).
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