City Office REIT, Inc. (NYSE:CIO – Get Free Report) announced a quarterly dividend on Friday, March 14th, RTT News reports. Shareholders of record on Thursday, April 10th will be given a dividend of 0.10 per share by the real estate investment trust on Thursday, April 24th. This represents a $0.40 dividend on an annualized basis and a yield of 7.90%.
City Office REIT has decreased its dividend by an average of 22.0% per year over the last three years. City Office REIT has a payout ratio of -133.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect City Office REIT to earn $1.01 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 39.6%.
City Office REIT Stock Performance
CIO traded up $0.19 on Friday, hitting $5.06. The company’s stock had a trading volume of 255,631 shares, compared to its average volume of 155,831. The firm has a market cap of $204.29 million, a P/E ratio of -8.16, a price-to-earnings-growth ratio of 0.86 and a beta of 2.00. City Office REIT has a 12 month low of $4.09 and a 12 month high of $6.50. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 1.02. The company’s 50 day simple moving average is $5.14 and its 200-day simple moving average is $5.45.
About City Office REIT
City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located predominantly in Sun Belt markets. City Office currently owns or has a controlling interest in 5.7 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S.
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