City Office REIT Inc (NYSE:CIO) declared a quarterly dividend on Monday, December 18th, Wall Street Journal reports. Shareholders of record on Thursday, January 11th will be given a dividend of 0.235 per share by the real estate investment trust on Thursday, January 25th. This represents a $0.94 dividend on an annualized basis and a yield of 7.84%. The ex-dividend date is Wednesday, January 10th.
City Office REIT has raised its dividend by an average of 31.0% per year over the last three years. City Office REIT has a payout ratio of 98.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect City Office REIT to earn $1.03 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 91.3%.
Shares of City Office REIT (CIO) opened at $11.99 on Tuesday. The company has a current ratio of 3.94, a quick ratio of 3.94 and a debt-to-equity ratio of 2.80. City Office REIT has a 1-year low of $11.43 and a 1-year high of $13.93. The stock has a market cap of $431.79, a price-to-earnings ratio of -70.53, a PEG ratio of 1.29 and a beta of 0.22.
Several analysts have recently issued reports on CIO shares. Zacks Investment Research cut shares of City Office REIT from a “hold” rating to a “sell” rating in a research report on Wednesday, November 8th. FBR & Co reaffirmed a “buy” rating on shares of City Office REIT in a report on Friday, October 6th. ValuEngine raised shares of City Office REIT from a “hold” rating to a “buy” rating in a report on Friday, December 1st. B. Riley reaffirmed a “buy” rating and issued a $14.50 target price on shares of City Office REIT in a report on Tuesday, November 7th. Finally, Deutsche Bank lowered shares of City Office REIT from a “buy” rating to a “hold” rating and dropped their price target for the company from $16.00 to $13.00 in a research note on Wednesday, January 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. City Office REIT currently has an average rating of “Hold” and a consensus price target of $14.25.
City Office REIT Company Profile
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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