City Office REIT Inc (NYSE:CIO) announced a quarterly dividend on Friday, June 12th, Zacks reports. Investors of record on Friday, July 10th will be paid a dividend of 0.15 per share by the real estate investment trust on Friday, July 24th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.00%. The ex-dividend date is Thursday, July 9th.
City Office REIT has a dividend payout ratio of -333.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect City Office REIT to earn $1.19 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 50.4%.
Shares of NYSE CIO opened at $10.00 on Tuesday. The company has a debt-to-equity ratio of 1.70, a quick ratio of 7.23 and a current ratio of 7.23. The firm has a market capitalization of $476.19 million, a price-to-earnings ratio of -111.10 and a beta of 1.33. The stock has a 50 day moving average price of $9.76 and a 200 day moving average price of $10.78. City Office REIT has a 52-week low of $6.50 and a 52-week high of $14.50.
City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, May 7th. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.27). The firm had revenue of $40.12 million during the quarter, compared to analysts’ expectations of $39.35 million. City Office REIT had a net margin of 2.33% and a return on equity of 1.01%. Analysts forecast that City Office REIT will post 1.06 earnings per share for the current year.
Several research firms recently issued reports on CIO. Raymond James downgraded City Office REIT from an “outperform” rating to a “market perform” rating in a research report on Friday, March 27th. Royal Bank of Canada cut their price target on City Office REIT from $15.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, May 22nd. Compass Point lowered shares of City Office REIT from a “buy” rating to a “neutral” rating and set a $9.00 target price on the stock. in a research note on Thursday, March 26th. Zacks Investment Research raised shares of City Office REIT from a “hold” rating to a “strong-buy” rating and set a $11.00 price target on the stock in a research note on Wednesday, May 27th. Finally, TheStreet lowered shares of City Office REIT from a “c-” rating to a “d+” rating in a research note on Wednesday, April 8th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. City Office REIT currently has a consensus rating of “Buy” and an average price target of $12.33.
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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