City Office REIT Inc (CIO) reported quarterly earnings results on Thursday, May-5-2016. The company said it had a profit of $0.32 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.31. The company posted revenue of $16.30 million in the period, compared to analysts expectations of $16.33 million. The company’s revenue was up 44.2% compared to the same quarter last year.
Many Wall Street Analysts have commented on City Office REIT Inc. Compass Point Resumed City Office REIT Inc on Apr 21, 2016 to “Buy”, Price Target of the shares are set at $12.50.Shares were Reiterated by Compass Point on Mar 4, 2016 to “Buy” and Lowered the Price Target to $ 13.50 from a previous price target of $15.50 .
City Office REIT Inc opened for trading at $11.08 and hit $11.26 on the upside on Wednesday, eventually ending the session at $11.23, with a gain of 0.18% or 0.02 points. The heightened volatility saw the trading volume jump to 77,749 shares. Company has a market cap of $144 M.
In a different news, on Mar 9, 2016, William R Flatt (director) purchased 1,500 shares at $12.16 per share price. According to the SEC, on Mar 9, 2016, Stephen B Shraiberg (director) purchased 5,000 shares at $12.01 per share price. On Nov 12, 2015, James Thomas Farrar (CEO) purchased 8,650 shares at $11.18 per share price, according to the Form-4 filing with the securities and exchange commission.
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 has 12 primary target markets which are located in metropolitan areas in the Southern and Western United States. As of December 31 2014 then Company owned nine office complexes which include 21 office buildings in the metropolitan areas of Boise (ID) Dallas (TX) Denver (CO) Portland (OR) Tampa (FL) Allentown (PA) and Orlando (FL). Eight of the nine properties of the Company owned as of December 31 2014 are managed by local third-party real estate operators six of which have invested equity with management and three of which continue to hold a minority equity interest in the property.