FY2016 EPS Estimates for City Office REIT Inc. (CIO) Lifted by Analyst
City Office REIT Inc. (NYSE:CIO) – Equities researchers at DA Davidson upped their FY2016 earnings per share (EPS) estimates for shares of City Office REIT in a research report issued on Tuesday. DA Davidson analyst B. Oxford now anticipates that the firm will earn $0.52 per share for the year, up from their prior forecast of $0.49. DA Davidson currently has a “Buy” rating and a $15.00 price target on the stock. DA Davidson also issued estimates for City Office REIT’s Q1 2017 earnings at $0.28 EPS, Q2 2017 earnings at $0.29 EPS, Q3 2017 earnings at $0.30 EPS, Q4 2017 earnings at $0.31 EPS, FY2017 earnings at $1.17 EPS and FY2018 earnings at $1.24 EPS.
Other analysts also recently issued research reports about the company. Zacks Investment Research downgraded City Office REIT from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Compass Point lifted their price objective on City Office REIT from $13.00 to $14.50 and gave the stock a “buy” rating in a research note on Friday, August 5th. Wunderlich lifted their price objective on City Office REIT from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and issued a $15.00 price objective (up previously from $14.50) on shares of City Office REIT in a research note on Monday, July 18th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. City Office REIT currently has an average rating of “Buy” and a consensus target price of $14.92.
Shares of City Office REIT (NYSE:CIO) opened at 12.14 on Friday. The company has a 50-day moving average price of $12.50 and a 200-day moving average price of $12.52. City Office REIT has a 52 week low of $10.65 and a 52 week high of $13.93.
City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Monday, November 7th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.02. City Office REIT had a return on equity of 0.79% and a net margin of 1.33%. The company earned $18.79 million during the quarter, compared to analyst estimates of $7.98 million. During the same quarter last year, the firm posted $0.33 earnings per share. The firm’s revenue was up 28.5% on a year-over-year basis.
Several institutional investors have recently added to or reduced their stakes in CIO. DIAM Co. Ltd. increased its position in City Office REIT by 66.1% in the second quarter. DIAM Co. Ltd. now owns 49,480 shares of the company’s stock valued at $630,000 after buying an additional 19,690 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in City Office REIT during the second quarter valued at $878,000. Wedbush Securities Inc. increased its position in City Office REIT by 0.9% in the second quarter. Wedbush Securities Inc. now owns 29,488 shares of the company’s stock valued at $383,000 after buying an additional 261 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in City Office REIT by 13.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 288,000 shares of the company’s stock valued at $3,738,000 after buying an additional 35,000 shares in the last quarter. Finally, California State Teachers Retirement System bought a new position in City Office REIT during the second quarter valued at $512,000. 42.61% of the stock is currently owned by hedge funds and other institutional investors.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th were given a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 7.74%. The ex-dividend date of this dividend was Thursday, October 6th. City Office REIT’s dividend payout ratio is currently -335.70%.
City Office REIT Company Profile
City Office REIT, Inc is focused on acquiring, owning and operating Class A and B office properties located within its target markets in the United States. The Company operates in the office properties segment. The Company has over 10 primary target markets, which are located in metropolitan areas in the Southern and Western United States.
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