City Office REIT Inc (NYSE:CIO) declared a quarterly dividend on Friday, June 12th, Zacks reports. Shareholders of record on Friday, July 10th will be given a dividend of 0.15 per share by the real estate investment trust on Friday, July 24th. This represents a $0.60 annualized dividend and a yield of 6.00%. The ex-dividend date is Thursday, July 9th.
City Office REIT has a payout ratio of -333.3% meaning 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%.
NYSE:CIO opened at $10.00 on Tuesday. The stock’s fifty day moving average price is $9.76 and its two-hundred day moving average price is $10.78. City Office REIT has a 52-week low of $6.50 and a 52-week high of $14.50. 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 company has a market cap of $476.19 million, a price-to-earnings ratio of -111.10 and a beta of 1.33.
City Office REIT (NYSE:CIO) last posted its quarterly earnings data on Thursday, May 7th. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the 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 firm had revenue of $40.12 million for the quarter, compared to analyst estimates of $39.35 million. On average, equities analysts predict that City Office REIT will post 1.06 EPS for the current fiscal year.
Several research analysts have issued reports on CIO shares. Zacks Investment Research raised City Office REIT from a “hold” rating to a “strong-buy” rating and set a $11.00 price objective on the stock in a report on Wednesday, May 27th. B. Riley upped their target price on shares of City Office REIT from $12.00 to $13.00 in a research report on Wednesday, June 10th. Raymond James cut shares of City Office REIT from an “outperform” rating to a “market perform” rating in a research report on Friday, March 27th. TheStreet cut shares of City Office REIT from a “c-” rating to a “d+” rating in a research report on Wednesday, April 8th. Finally, Royal Bank of Canada dropped their target price on shares of City Office REIT from $15.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, May 22nd. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. City Office REIT presently has a consensus rating of “Buy” and an average 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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