Analysts expect that City Office REIT Inc (NYSE:CIO) will post sales of $40.48 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for City Office REIT’s earnings, with estimates ranging from $39.99 million to $41.17 million. City Office REIT reported sales of $34.17 million in the same quarter last year, which would suggest a positive year over year growth rate of 18.5%. The firm is scheduled to issue its next quarterly earnings results on Wednesday, February 26th.
According to Zacks, analysts expect that City Office REIT will report full year sales of $158.05 million for the current financial year, with estimates ranging from $157.23 million to $159.06 million. For the next fiscal year, analysts expect that the firm will report sales of $182.02 million, with estimates ranging from $174.64 million to $188.80 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for City Office REIT.
A number of brokerages have recently issued reports on CIO. JMP Securities boosted their price target on shares of City Office REIT from $14.00 to $15.00 and gave the stock a “market outperform” rating in a research note on Thursday, September 12th. Zacks Investment Research raised shares of City Office REIT from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $14.00.
A number of institutional investors have recently bought and sold shares of CIO. Phocas Financial Corp. acquired a new position in shares of City Office REIT during the 2nd quarter worth $2,547,000. FMR LLC acquired a new position in shares of City Office REIT during the 1st quarter worth approximately $31,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in City Office REIT by 31.9% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 8,273 shares of the real estate investment trust’s stock valued at $99,000 after buying an additional 2,000 shares in the last quarter. Wiley BROS. Aintree Capital LLC purchased a new stake in City Office REIT in the 3rd quarter valued at approximately $126,000. Finally, Hancock Whitney Corp purchased a new stake in City Office REIT in the 3rd quarter valued at approximately $152,000. 67.60% of the stock is currently owned by institutional investors.
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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