City Office REIT Inc (NYSE:CIO) announced a quarterly dividend on Friday, June 12th, Zacks reports. Stockholders 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 of this dividend is Thursday, July 9th.
City Office REIT has a 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 City Office REIT stock opened at $10.00 on Tuesday. The firm has a fifty day simple moving average of $9.76 and a 200-day simple moving average of $10.78. The company has a current ratio of 7.23, a quick ratio of 7.23 and a debt-to-equity ratio of 1.70. City Office REIT has a 1-year low of $6.50 and a 1-year high of $14.50. The stock has a market capitalization of $476.19 million, a price-to-earnings ratio of -111.10 and a beta of 1.33.
City Office REIT (NYSE:CIO) last announced its earnings results on Thursday, May 7th. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.27). City Office REIT had a return on equity of 1.01% and a net margin of 2.33%. The company had revenue of $40.12 million for the quarter, compared to the consensus estimate of $39.35 million. As a group, research analysts predict that City Office REIT will post 1.06 earnings per share for the current year.
CIO has been the topic of several analyst reports. TheStreet lowered shares of City Office REIT from a “c-” rating to a “d+” rating in a report on Wednesday, April 8th. B. Riley boosted their target price on shares of City Office REIT from $12.00 to $13.00 in a research note on Wednesday, June 10th. Royal Bank of Canada reduced their target price on shares of City Office REIT from $15.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, May 22nd. Raymond James downgraded shares of City Office REIT from an “outperform” rating to a “market perform” rating in a research note on Friday, March 27th. Finally, Compass Point downgraded shares of City Office REIT from a “buy” rating to a “neutral” rating and set a $9.00 price target on the stock. in a research report on Thursday, March 26th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $12.33.
About City Office REIT
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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