CyrusOne Inc (NASDAQ:CONE) Increases Dividend to $0.51 Per Share

CyrusOne Inc (NASDAQ:CONE) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Shareholders of record on Friday, September 25th will be given a dividend of 0.51 per share by the real estate investment trust on Friday, October 9th. This represents a $2.04 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Thursday, September 24th. This is an increase from CyrusOne’s previous quarterly dividend of $0.50.

CyrusOne has raised its dividend payment by an average of 26.3% annually over the last three years and has raised its dividend every year for the last 6 years. CyrusOne has a payout ratio of 1,818.2% 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 analysts expect CyrusOne to earn $4.11 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 48.7%.

CONE stock traded down $0.88 during mid-day trading on Friday, reaching $82.29. The company had a trading volume of 9,461 shares, compared to its average volume of 786,163. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of $9.50 billion, a P/E ratio of 494.73, a P/E/G ratio of 0.96 and a beta of 0.41. CyrusOne has a one year low of $43.72 and a one year high of $84.13. The stock’s 50-day simple moving average is $75.93 and its two-hundred day simple moving average is $67.88.

CyrusOne (NASDAQ:CONE) last posted its earnings results on Wednesday, July 29th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.54). The company had revenue of $256.40 million during the quarter, compared to the consensus estimate of $251.59 million. CyrusOne had a net margin of 2.01% and a return on equity of 3.34%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 earnings per share. On average, research analysts forecast that CyrusOne will post 3.83 EPS for the current fiscal year.

In related news, EVP Kevin L. Timmons sold 5,000 shares of CyrusOne stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $73.45, for a total value of $367,250.00. Following the transaction, the executive vice president now owns 48,492 shares of the company’s stock, valued at approximately $3,561,737.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael Klayko sold 5,515 shares of CyrusOne stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $73.60, for a total value of $405,904.00. The disclosure for this sale can be found here. Insiders sold a total of 48,595 shares of company stock worth $3,619,096 in the last three months. 0.55% of the stock is currently owned by company insiders.

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets restated a “hold” rating and set a $70.00 price objective on shares of CyrusOne in a research note on Wednesday, April 29th. Morgan Stanley lifted their price objective on shares of CyrusOne from $71.00 to $79.00 and gave the company an “overweight” rating in a research note on Wednesday, June 3rd. KeyCorp lifted their price objective on shares of CyrusOne from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Citigroup lifted their price objective on shares of CyrusOne from $52.00 to $74.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Finally, Wells Fargo & Co lifted their price objective on shares of CyrusOne from $76.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, July 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $78.67.

About CyrusOne

CyrusOne (NASDAQ: CONE) is a high-growth real estate investment trust (REIT) specializing in highly reliable enterprise-class, carrier-neutral data center properties. The Company provides mission-critical data center facilities that protect and ensure the continued operation of IT infrastructure for approximately 1,000 customers, including 212 Fortune 1000 companies.

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Dividend History for CyrusOne (NASDAQ:CONE)

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