City Office REIT (NYSE:CIO) Issues Quarterly Earnings Results, Misses Expectations By $0.41 EPS

City Office REIT (NYSE:CIO) released its earnings results on Thursday. The real estate investment trust reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41), Zacks reports. City Office REIT had a negative net margin of 4.02% and a negative return on equity of 1.06%. The business had revenue of $42.34 million during the quarter, compared to analyst estimates of $43.27 million. During the same period last year, the business earned $0.35 EPS. City Office REIT updated its FY 2024 guidance to 1.140-1.180 EPS.

City Office REIT Stock Performance

Shares of NYSE CIO traded down $0.25 during mid-day trading on Friday, hitting $5.46. The company had a trading volume of 161,836 shares, compared to its average volume of 221,156. City Office REIT has a 12 month low of $3.45 and a 12 month high of $6.70. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.23 and a quick ratio of 3.23. The firm has a market cap of $219.22 million, a P/E ratio of -19.50, a PEG ratio of 0.90 and a beta of 1.93. The business’s 50-day simple moving average is $5.18 and its 200-day simple moving average is $4.93.

City Office REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Wednesday, July 10th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 7.33%. The ex-dividend date of this dividend was Wednesday, July 10th. City Office REIT’s dividend payout ratio is currently -142.85%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of City Office REIT from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th.

City Office REIT Company Profile

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.