City Office REIT (NYSE:CIO) Posts Earnings Results, Misses Expectations By $0.30 EPS

City Office REIT (NYSE:CIO) posted its earnings results on Thursday. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.30), Fidelity Earnings reports. City Office REIT had a negative return on equity of 2.79% and a negative net margin of 5.50%. The business had revenue of $41.17 million during the quarter, compared to the consensus estimate of $38.17 million. City Office REIT updated its FY 2019 guidance to $1.23-1.26 EPS.

NYSE:CIO traded down $0.02 during mid-day trading on Friday, hitting $12.65. 400,908 shares of the stock traded hands, compared to its average volume of 194,576. The stock has a market cap of $502.18 million, a PE ratio of 11.71, a price-to-earnings-growth ratio of 1.37 and a beta of 0.46. City Office REIT has a 52 week low of $9.73 and a 52 week high of $13.06. The stock has a 50 day moving average price of $12.23. The company has a quick ratio of 2.76, a current ratio of 2.76 and a debt-to-equity ratio of 2.53.

The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were issued a dividend of $0.235 per share. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $0.94 annualized dividend and a yield of 7.43%. City Office REIT’s payout ratio is 87.04%.

CIO has been the topic of a number of research reports. B. Riley boosted their target price on shares of City Office REIT from $12.50 to $13.50 and gave the stock a “buy” rating in a report on Friday. Deutsche Bank reduced their target price on shares of City Office REIT from $13.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, April 10th. Zacks Investment Research downgraded shares of City Office REIT from a “buy” rating to a “hold” rating in a report on Wednesday, July 3rd. Finally, Boenning Scattergood restated a “buy” rating and issued a $14.50 target price on shares of City Office REIT in a report on Monday, May 6th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $13.40.

In other news, Director John Sweet purchased 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were bought at an average cost of $11.84 per share, for a total transaction of $35,520.00. Following the acquisition, the director now owns 9,867 shares of the company’s stock, valued at approximately $116,825.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.00% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Wedbush Securities Inc. boosted its holdings in City Office REIT by 11.3% during the second quarter. Wedbush Securities Inc. now owns 44,663 shares of the real estate investment trust’s stock worth $536,000 after buying an additional 4,520 shares in the last quarter. Aperio Group LLC boosted its holdings in City Office REIT by 15.8% during the second quarter. Aperio Group LLC now owns 63,778 shares of the real estate investment trust’s stock worth $765,000 after buying an additional 8,722 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in City Office REIT by 2.0% during the second quarter. Janney Montgomery Scott LLC now owns 118,942 shares of the real estate investment trust’s stock worth $1,426,000 after buying an additional 2,288 shares in the last quarter. ICM Asset Management Inc. WA boosted its holdings in City Office REIT by 70.1% during the second quarter. ICM Asset Management Inc. WA now owns 129,580 shares of the real estate investment trust’s stock worth $1,554,000 after buying an additional 53,400 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in City Office REIT by 91.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 42,263 shares of the real estate investment trust’s stock worth $507,000 after buying an additional 20,193 shares in the last quarter. Institutional investors own 74.49% of the company’s stock.

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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Earnings History for City Office REIT (NYSE:CIO)

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