City Office REIT, Inc. (CIO) Declares $0.24 Quarterly Dividend
City Office REIT, Inc. (NYSE:CIO) announced a quarterly dividend on Friday, September 15th, RTT News reports. Stockholders of record on Wednesday, October 11th will be paid a dividend of 0.235 per share by the real estate investment trust on Wednesday, October 25th. This represents a $0.94 annualized dividend and a dividend yield of 7.25%.
City Office REIT has a dividend payout ratio of 96.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect City Office REIT to earn ($0.43) per share next year, which means the company may not be able to cover its $0.94 annual dividend with an expected future payout ratio of -218.6%.
Shares of City Office REIT (NYSE CIO) traded up 0.08% during midday trading on Friday, hitting $12.96. The stock had a trading volume of 242,605 shares. The firm’s 50 day moving average price is $12.64 and its 200 day moving average price is $12.46. The firm’s market cap is $392.20 million. City Office REIT has a 52-week low of $11.43 and a 52-week high of $13.55.
City Office REIT (NYSE:CIO) last released its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.03. The firm had revenue of $25.16 million for the quarter, compared to analyst estimates of $26.18 million. City Office REIT had a net margin of 3.70% and a return on equity of 1.91%. During the same quarter in the previous year, the company earned $0.22 EPS. On average, equities research analysts expect that City Office REIT will post ($0.21) earnings per share for the current year.
Several research firms have recently commented on CIO. Zacks Investment Research raised shares of City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a research report on Tuesday, July 25th. BidaskClub lowered City Office REIT from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. ValuEngine lowered City Office REIT from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. TheStreet raised City Office REIT from a “d” rating to a “c” rating in a research report on Thursday, May 18th. Finally, Deutsche Bank AG boosted their target price on City Office REIT from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, May 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $14.63.
In other news, CEO James Thomas Farrar bought 6,000 shares of the business’s stock in a transaction on Tuesday, August 29th. The shares were bought at an average price of $12.52 per share, with a total value of $75,120.00. Following the completion of the transaction, the chief executive officer now directly owns 184,789 shares in the company, valued at $2,313,558.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.20% of the stock is owned by insiders.
About City Office REIT
City Office REIT, Inc is a real estate investment trust. The Company is focused on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. It conducts its operations primarily through City Office REIT Operating Partnership, L.P.
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