City Office REIT Inc Declares Quarterly Dividend of $0.24 (CIO)
City Office REIT Inc (NYSE:CIO) announced a quarterly dividend on Thursday, March 22nd, Wall Street Journal reports. Stockholders of record on Wednesday, April 11th will be given a dividend of 0.235 per share by the real estate investment trust on Wednesday, April 25th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 8.19%. The ex-dividend date of this dividend is Tuesday, April 10th.
City Office REIT has increased its dividend by an average of 31.0% annually over the last three years. City Office REIT has a dividend payout ratio of 98.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect City Office REIT to earn $1.16 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 81.0%.
City Office REIT (NYSE CIO) traded up $0.07 during trading hours on Friday, hitting $11.48. 124,945 shares of the stock were exchanged, compared to its average volume of 292,692. The company has a debt-to-equity ratio of 1.98, a quick ratio of 3.13 and a current ratio of 3.13. City Office REIT has a 12 month low of $10.03 and a 12 month high of $13.93. The company has a market cap of $411.75, a price-to-earnings ratio of -228.00, a P/E/G ratio of 1.17 and a beta of 0.27.
In related news, Director Stephen B. Shraiberg bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 8th. The shares were bought at an average price of $11.05 per share, for a total transaction of $110,500.00. Following the transaction, the director now directly owns 71,681 shares of the company’s stock, valued at $792,075.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.20% of the stock is owned by insiders.
A number of equities research analysts have recently commented on the stock. Zacks Investment Research raised shares of City Office REIT from a “strong sell” rating to a “hold” rating in a research note on Monday, January 29th. Deutsche Bank downgraded shares of City Office REIT from a “buy” rating to a “hold” rating and dropped their target price for the company from $16.00 to $13.00 in a research report on Wednesday, January 10th. ValuEngine upgraded shares of City Office REIT from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, B. Riley set a $14.00 target price on shares of City Office REIT and gave the company a “buy” rating in a research report on Friday, March 2nd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. City Office REIT has an average rating of “Hold” and an average price target of $14.13.
City Office REIT announced that its board has approved a share buyback plan on Thursday, March 1st that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
About City Office REIT
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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