City Office REIT Inc (NYSE:CIO) Announces Quarterly Dividend of $0.24

City Office REIT Inc (NYSE:CIO) announced a quarterly dividend on Monday, September 16th, Zacks reports. Shareholders of record on Friday, October 11th will be paid a dividend of 0.235 per share by the real estate investment trust on Friday, October 25th. This represents a $0.94 dividend on an annualized basis and a yield of 6.86%. The ex-dividend date of this dividend is Thursday, October 10th.

City Office REIT has a dividend payout ratio of 85.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect City Office REIT to earn $1.25 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 75.2%.

Shares of NYSE:CIO opened at $13.70 on Wednesday. The business’s fifty day moving average price is $13.81 and its two-hundred day moving average price is $12.41. City Office REIT has a fifty-two week low of $9.73 and a fifty-two week high of $14.50. The stock has a market capitalization of $671.35 million, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.50 and a beta of 0.45. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.70 and a quick ratio of 2.70.

City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.30). The company had revenue of $41.17 million during the quarter, compared to the consensus estimate of $38.17 million. City Office REIT had a negative net margin of 5.50% and a negative return on equity of 2.84%. Research analysts expect that City Office REIT will post 1.18 EPS for the current fiscal year.

In other news, Director John Sweet purchased 2,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were acquired at an average price of $12.85 per share, with a total value of $25,700.00. Following the completion of the purchase, the director now directly owns 13,767 shares of the company’s stock, valued at approximately $176,905.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.00% of the company’s stock.

A number of equities analysts have commented on the company. B. Riley boosted their price objective on City Office REIT from $12.50 to $13.50 and gave the stock a “buy” rating in a research note on Friday, August 2nd. JMP Securities boosted their price objective on City Office REIT from $14.00 to $15.00 and gave the stock a “market outperform” rating in a research note on Thursday, September 12th. Finally, Zacks Investment Research raised City Office REIT from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $13.80.

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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Dividend History for City Office REIT (NYSE:CIO)

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