City Office REIT Inc (NYSE:CIO) announced a quarterly dividend on Monday, September 17th, Wall Street Journal reports. Stockholders of record on Thursday, October 11th will be paid a dividend of 0.235 per share by the real estate investment trust on Thursday, October 25th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.49%. The ex-dividend date of this dividend is Wednesday, October 10th.
City Office REIT has increased its dividend by an average of 31.0% per year over the last three years. 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 fall. Equities analysts expect City Office REIT to earn $1.21 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 77.7%.
NYSE:CIO opened at $12.55 on Tuesday. The company has a market capitalization of $456.00 million, a P/E ratio of 12.94, a PEG ratio of 1.27 and a beta of 0.16. City Office REIT has a 1-year low of $10.03 and a 1-year high of $13.77. The company has a quick ratio of 3.45, a current ratio of 3.45 and a debt-to-equity ratio of 1.75.
An institutional investor recently raised its position in City Office REIT stock. Bank of New York Mellon Corp raised its stake in City Office REIT Inc (NYSE:CIO) by 16.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 199,191 shares of the real estate investment trust’s stock after purchasing an additional 28,569 shares during the quarter. Bank of New York Mellon Corp owned 0.55% of City Office REIT worth $2,556,000 at the end of the most recent quarter. 69.23% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts recently weighed in on the company. Boenning Scattergood assumed coverage on City Office REIT in a research report on Tuesday, July 10th. They issued a “buy” rating and a $15.00 target price for the company. Zacks Investment Research downgraded City Office REIT from a “buy” rating to a “hold” rating in a research report on Monday, September 3rd. Royal Bank of Canada assumed coverage on City Office REIT in a research report on Wednesday, June 27th. They issued an “outperform” rating and a $14.00 target price for the company. Finally, B. Riley boosted their target price on City Office REIT from $13.50 to $14.00 and gave the stock a “buy” rating in a research report on Monday, August 6th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $14.20.
City Office REIT Company Profile
City Office REIT, Inc (NYSE: CIO) invests in high-quality office properties in mid-sized metropolitan areas with strong economic fundamentals, primarily in the Southern and Western United States. At June 30, 2018, CIO owned office complexes comprising 4.9 million square feet of net rentable area (?NRA?).
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