City Office REIT Inc (NYSE:CIO) declared a quarterly dividend on Monday, September 16th, Zacks reports. Stockholders of record on Friday, October 11th will be given a dividend of 0.235 per share by the real estate investment trust on Friday, October 25th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 6.69%. The ex-dividend date of this dividend is Thursday, October 10th.
City Office REIT has a dividend payout ratio of 85.5% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect City Office REIT to earn $1.25 per share next year, which means the company should continue to be able to cover its $0.94 annual dividend with an expected future payout ratio of 75.2%.
CIO stock traded down $0.03 during trading on Wednesday, reaching $14.05. 2,529 shares of the company traded hands, compared to its average volume of 723,128. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.70 and a current ratio of 2.70. The company has a market capitalization of $545.94 million, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.46 and a beta of 0.42. The business has a 50 day simple moving average of $13.23 and a 200 day simple moving average of $12.10. City Office REIT has a 12 month low of $9.73 and a 12 month high of $14.12.
City Office REIT (NYSE:CIO) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.30). City Office REIT had a negative net margin of 5.50% and a negative return on equity of 2.84%. The firm had revenue of $41.17 million during the quarter, compared to analyst estimates of $38.17 million. As a group, research analysts forecast that City Office REIT will post 1.18 EPS for the current year.
In other City Office REIT news, Director John Sweet acquired 2,000 shares of the stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $12.85 per share, for a total transaction of $25,700.00. Following the completion of the acquisition, the director now owns 13,767 shares in the company, valued at approximately $176,905.95. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 3.00% of the company’s stock.
CIO has been the subject of a number of analyst reports. JMP Securities lifted their price objective on shares of City Office REIT from $14.00 to $15.00 and gave the company a “market outperform” rating in a research report on Thursday, September 12th. Zacks Investment Research raised shares of City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a report on Monday, August 12th. Finally, B. Riley lifted 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, August 2nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. City Office REIT presently has an average rating of “Buy” and an average target price of $13.80.
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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