City Office REIT, Inc. (NYSE:CIO – Get Rating) declared a quarterly dividend on Thursday, June 16th, Zacks reports. Stockholders of record on Friday, July 8th will be paid a dividend of 0.20 per share by the real estate investment trust on Friday, July 22nd. This represents a $0.80 annualized dividend and a dividend yield of 6.86%. The ex-dividend date is Thursday, July 7th.
City Office REIT has decreased its dividend payment by an average of 11.6% per year over the last three years and has raised its dividend every year for the last 1 years. City Office REIT has a dividend payout ratio of 421.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect City Office REIT to earn $1.57 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 51.0%.
Shares of CIO stock opened at $11.66 on Friday. City Office REIT has a 12-month low of $11.05 and a 12-month high of $21.70. The firm has a market capitalization of $507.79 million, a price-to-earnings ratio of 1.14, a price-to-earnings-growth ratio of 1.27 and a beta of 1.60. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.85. The firm has a fifty day moving average of $14.18 and a 200-day moving average of $16.69.
Large investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its position in shares of City Office REIT by 6.0% during the 1st quarter. Bank of America Corp DE now owns 208,796 shares of the real estate investment trust’s stock worth $3,687,000 after acquiring an additional 11,803 shares in the last quarter. Point72 Hong Kong Ltd boosted its position in shares of City Office REIT by 1,557.5% during the 1st quarter. Point72 Hong Kong Ltd now owns 3,779 shares of the real estate investment trust’s stock worth $67,000 after acquiring an additional 3,551 shares in the last quarter. First Republic Investment Management Inc. acquired a new stake in shares of City Office REIT during the 1st quarter worth approximately $388,000. Goldman Sachs Group Inc. boosted its position in shares of City Office REIT by 122.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 671,223 shares of the real estate investment trust’s stock worth $11,854,000 after acquiring an additional 369,867 shares in the last quarter. Finally, State Street Corp boosted its position in shares of City Office REIT by 3.0% during the 1st quarter. State Street Corp now owns 1,376,131 shares of the real estate investment trust’s stock worth $24,302,000 after acquiring an additional 40,105 shares in the last quarter. Hedge funds and other institutional investors own 76.79% of the company’s stock.
Several brokerages have commented on CIO. StockNews.com raised shares of City Office REIT from a “hold” rating to a “buy” rating in a research report on Friday, May 6th. B. Riley cut their price target on shares of City Office REIT from $22.00 to $20.00 in a research report on Monday, May 9th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of City Office REIT from $23.00 to $18.00 and set a “hold” rating on the stock in a research report on Thursday, April 14th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $18.25.
About City Office REIT (Get Rating)
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 September 30, 2020, CIO owned office complexes comprising 5.8 million square feet of net rentable area (NRA).
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