City Office REIT Inc (NYSE:CIO) declared a quarterly dividend on Monday, September 16th, Zacks reports. Investors of record on Friday, October 11th will be given 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 dividend yield of 6.68%. The ex-dividend date of this dividend is Thursday, October 10th.

City Office REIT has a 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. 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 CIO stock traded down $0.01 during trading on Wednesday, reaching $14.07. 1,662 shares of the company’s stock were exchanged, compared to its average volume of 723,128. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 2.68. The stock has a market capitalization of $545.94 million, a PE ratio of 13.03, a PEG ratio of 1.46 and a beta of 0.42. City Office REIT has a twelve month low of $9.73 and a twelve month high of $14.12. The firm’s fifty day moving average price is $13.23 and its 200-day moving average price is $12.10.

City Office REIT (NYSE:CIO) last posted its 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 business had revenue of $41.17 million for the quarter, compared to analyst estimates of $38.17 million. City Office REIT had a negative return on equity of 2.84% and a negative net margin of 5.50%. As a group, analysts anticipate that City Office REIT will post 1.18 EPS for the current fiscal year.

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

In related news, Director John Sweet purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was bought 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 owns 13,767 shares in the company, valued at approximately $176,905.95. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.00% of the stock is owned by corporate insiders.

City Office REIT Company Profile

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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